How to Choose the Best Forex Brokers

Posted by sophiamilller on March 17th, 2013

When you have decided to start in online foreign currency exchange trading you will find out that you first need an account with some Forex brokers. The currency trading broker is your connection into the markets and they will provide you with essentials so that you can trade. The trick is to find a Forex broker that you can actually trust.

Almost every day now, a new forex company is being born online and they all claim to be the best, they promise a lot of services and features. But how does one find a Forex broker that can actually be trusted?At what do you have to look so that you know you are making the right choice?

First and foremost, you need to check if the company is dependable. That is why it is highly recommended that, when you research about Forex brokers, you look to see if they are in any way regulated. This means that in every country there should be a regulatory body, for example United Kingdom has the Financial Services Authority, while the United States of America has the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Normally, on these association’s websites you should find any complaints lodged against the companies you are researching.

Another thing to take into consideration when trying to find a Forex broker is to see whether the Forex trading platform is reliable. The Forex trading platform is the actual software you will use to connect with the markets whenever you want to trade. If this platform goes offline often, than you are going to miss a lot of opportunities, like opening or closing a trade at the perfect moment.

Furthermore, you should check if the Forex trading platform you are considering is available from Sunday evening to Friday afternoon, Eastern Standard Time. The best Forex markets trade every hour between the days listed above and they will also offer customer support around the clock. Moreover, when trying to find a Forex broker, be sure that they deal with the seven main currencies: USD, JPY, AUD, CAD, EUR, GBP and CHF, because the best companies always cover them. Also, the best companies will offer you instant execution of your Forex trade at the price displayed, technical analysis and financial trading charts and most will even offer a training program so that you can learn to use these tools mentioned above.

The best Forex brokers will give you the opportunity to ask questions and will offer you responses too. Customer service is very important, especially if you are the new kid on the block, still trying to learn all the tricks of the trade. That is why the best companies offer this kind of support and offer you the opportunity to get all the information you are seeking for.

When trying to Find a Forex Broker remember that you need to do extensive research on them. Furthermore, remember that the best Forex Brokers try to help you in any way they can.