Confused about which broker to trade with? And what features should you even be looking at when deciding… ?
The fees? Spread? Charting? Analysis option? Minimum deposit? Do they offer demo accounts?
It’s easy to get overwhelmed with the amount of information you’re supposed to be looking at. Especially if you’re not even sure what to look for.
But worry not, that’s what I am here for; to make your life easier and help you decide.
Every year, the team at HowToTrade and I, spend a great amount of time testing the biggest names in the online brokerage game and assemble a guide highlighting the best and most trusted forex brokers around.
Below, are some of the most important features we are and you should be looking at when choosing a broker.
Our recommended brokers below have been verified by our professional mentors and our expert team.
We’d never suggest a broker we didn’t believe in.
The first and most important characteristic that a good broker must offer is a high level of security for your funds. After all, you’re not just going to hand over hundreds of dollars to a person who simply claims they’re legit, right? In this case we’re looking at their regulatory bodies, liquidity providers and backing banks, among other things.
Every single time you enter a trade, you will have to pay for either the spread or a commission so it is only natural to look for the most affordable rates.
Sometimes you may need to sacrifice low transactions for a more reliable broker. But trust us, it’s always worth it in the long run!
Good forex brokers will allow you to deposit funds and withdraw your earnings hassle-free. You should make sure that your broker’s withdrawal process is smooth and speedy.
Some brokers also offer more methods of funding than others, it’s important for a good broker to offer a wide range of deposit and withdrawal methods.
It is critical that your broker fills you at the best possible price for your orders.
For example, assuming you have a stable internet connection, if you buy GBP/USD for 1.3100, you should get filled at that price or within micro-pips of it. The speed at which your orders get filled is super important.
Surprise, surprise, brokers ain’t perfect. So it’s important you pick a broker that you could easily contact when problems arise. The competence of brokers when dealing with support issues is just as important as their performance on executing trades.
If you’re still not sure what broker to choose and would like some more guidance, let me know in the comments below or message me directly through the Contact Us section.