How to Composite a Forex Brokers List of the Best

Posted by sophiamilller on March 17th, 2013

When trying to find a broker that will help you learn all the tips and tricks of the trade it is highly recommended that you first make a Forex brokers comparison between all the professionals you find. After all that comparing, you can composite a short Forex brokers list and decide between the best remainders.

When comparing the brokers there are a few factors that will help you make your decision regarding which broker has the best offers pertaining to leverage, the amount of the deposits, number of trading pairs, and so on.

Before you start your Forexbrokers comparison you should decide what kind of account you want to work with and only select those brokers who provide them for your comparison. If you are a beginner, you should check if the brokers offer unlimited or free demo accounts, because these will help you if you want to test new trading platforms or strategies. You may also find the idea of micro-accounts appealing. If this is your case, make sure you compare only brokers that provide such accounts.

First of all, you should know that most of the Forex companies are registered with legal organizations or some other regulatory firms. For example, in the United States most reliable brokers are registered with the Commodity Futures Trading Commission (CFTC). Those who are registered with the CFTC are also members of the National Futures Association (NFA). Of course, these regulatory organizations are different in every country, for example, in the United Kingdom they have the Financial Services Authority. But whatever they may be called, remember that they were built as a form of protection from fraud, abuse and manipulation. So please remember to check if the companies from your Forex brokers list are registered with such authorities because it will only make you sleep better at night.

Another thing that can be really important, and can even make or break a decision regarding a Forex broker is the feedback it receives from other people. But, you have to careful who is giving this feedback, because you may receive biased opinions. A well respected company will have a forum where people can express whatever they feel and you can be sure that they are true and not one-sided. A company that has such a forum definitely deserves to get on that list of Forex brokers comparison. 

Another aspect that you need to take into account when you are compiling your Forexbrokers comparison, especially if you are a beginner, can be the customer support on their platform. The best in the business usually offer a 24/7 assistance to their clients, taking care of all their needs and answering all of their questions. The operators have to be friendly, kind, have a lot of patience and of course, they should be able to help you with your problem. So take into consideration the aspect of customer care when you are compiling your Forex brokers list.

When you are compiling a Forex brokers list for a Forex brokers comparison, remember that customer care, the type of the account, the feedback from other people and whether they are registered with an authority are key aspects.