Finding the best Forex broker always depends on an individual liking. It may come down to the currency pairs you need to trade, the platform or simple use of requirements. Tradingcritique.com have listed the comparison factors, everything is considered to be important for trading online.
Minimal Trading Costs
The profit generated on a single trade can be cut down through spread, commission or overnight fees. To compare the best low fees among your brokers choice. Inactivity or Withdrawal fees also should be considered while selecting the broker of your choice.
Trading Platform
The trading platform needs to suit you. You have to choose whether you want simple cut down interface or multiple built-in features, widgets and tools. Demo accounts are a great way to try out multiple platforms and see which works best for you.
Mobile Trading
Trading forex while moving will be best for some people. Most brokers offer a mobile app, normally adaptable to IOS, Android and Windows. The App is a full version just like the website and there won’t be any features missed out.
Customer Service
Check for customer care whether they have language you prefer, live chat, email and telephone support. Check there availability by day time and hour. It should all be based upon your priority.
Asset List
You have to check for the assets or currency pairs you wish to trade. Every broker platform will have the major currency pairs but if you wish to trade on unfamiliar currency pairs you have to go through the platform’s asset lists.
Regulation
Looking for the broker regulated by a particular body like FCA, SEC or ASIC? European regulation might impact some of your leverage options, so this may impact more than just your peace of mind.
Spreads or Commissions
The spreads are often a comparison factor on their own. If you trade 3-4 different currency pairs and no single broker has the tightest spread for all of them. Instead, you can have multiple accounts to take advantage of the best spreads on each trade.
Payment Acceptance
There are so many deposit methods in forex broker platforms like Skrill, Neteller and Paypal. You can also use Credit or Debit card for making a deposit. Nowadays brokers accept bitcoin or crypto for deposits.
Security
Every broker follows regulatory demands to separate client and company funds and they promise a certain level of security for user data. Security should be looked into consideration as Forex also have some unregulated brokers.
Demo Accounts
Try before you start. Many brokers offer demo account for easy access to the traders when they start with their real accounts. This gives some training for the traders at the start.
Account types
Account type can be varied like cash, margin or PAMM accounts to Bronze, Silver, Gold and VIP Levels. The differences can be reflected in costs, minimal spreads, settlement or different leverage. Retail forex and professional accounts will be treated very differently by brokers and regulators.
Leverage
Forex leverage is capped at 1:30 by most of the brokers in Europe. Assets like Gold, Silver and Oil are capped separately. In countries like Australia, forex leverage is capped at 1:500 so this makes a huge difference in deposits and potential profits or losses.
Tools or Features
Brokers offer a range of tools like future pricing or bespoke trading robots to appreciate the better trading experience for traders. Here the broker choice purely depends on the individual. Level 2 data is also an important tool, so you can give preference to the brokers who deliver it.
Education
Brokers also offer education to their traders through e-books, pdf documents, live webinars and expert advisors. So you have to analyse these things before opening an account.
Bonus
The broker offers cashback, no-deposit bonus or free trades as a promotion. Regulatory bodies have changed all that. Bonuses are now few and far between. Check for the terms and conditions before you accept a bonus from the brokers and decide whether to over trade or not.
Execution Speed
Desktop platforms perform excellent speed of delivery in results rather than a mobile app. But you can check before proceeding by testing with the broker.