Forex trading can be complex and risky, yet extremely lucrative. To maximize the return from your trades, select a broker with competitive fees and an established track record.
The best forex brokers should provide traders with an array of trading tools and features, including advanced trading platforms with reduced transaction costs and regulation from an independent body.
Reputation of a forex broker is of vital importance for traders and investors. A reliable broker should be well-regulated with strong customer support departments, offering competitive trading fees with user-friendly platforms.
An effective starting point when looking for a broker is checking their regulatory body. You should find this information on their website; however, be wary of brokers claiming they are regulated when in reality they aren’t. For your own safety it may be beneficial to go directly to their regulator’s site and ensure your broker appears there.
One key consideration in selecting the ideal broker is whether they offer a demo account. This enables traders to practice trading strategies without investing real money and many brokers provide no-deposit bonuses as a great way to test out forex trading before making major investments.
When selecting a forex broker, it’s essential to carefully consider their available trading platforms, fees (such as spreads and commissions) as well as available markets. Some brokers also provide special order types like trailing stops and OCO (one-cancels-the-other). This may prove particularly beneficial depending on your trading style.
A reliable forex broker should offer a demo account so you can test their platform without risking your real funds. Many brokers also provide virtual trading simulators so you can practice various strategies without placing your own capital at stake.
IG, for instance, is a regulated broker open to American investors founded in 1974 that offers multiple trading platforms (MetaTrader 4 included). CFDs on 17,000+ financial markets can be traded with over 80 currency pairs available through its web platform; mobile apps; access to charting software as well as low spreads and transparent commissions make IG an excellent option.
Many forex brokers require traders to deposit a minimum amount when opening an account, due to operational fixed costs associated with accepting new clients. Luckily, there are some forex brokers with lower minimum deposits that make opening accounts much simpler for beginners or those with limited capital. Furthermore, these brokers usually provide useful tutorials, tips and guides that aid trading strategies.
Traders can use the table below to quickly and easily identify brokers with low minimum deposits, while also comparing them by their overall ratings, pricing ratings and maximum leverage. Furthermore, the chart displays which funding methods each broker supports such as e-wallets.
XTB provides South African traders with numerous advantages, including access to its MT4 and MT5 platforms, hundreds of major, minor, and exotic currency pairs with low spreads starting at 0.8 pips – plus no trading commissions! Meanwhile GO Markets allows them to trade CFDs and indices commission-free with leverage up to 1:500 and competitively-priced spreads.
The best forex brokers provide 24-hour customer support. Since Forex markets never close, you need a broker who is awake and available to answer your inquiries at any hour of day or night.
Searching for a broker with an expansive array of tradeable assets – not only foreign currency pairs but also commodities, indices, binary options and other financial instruments. The more trading assets there are available for purchase, the higher your chances of making money will be.
Another factor to take into account when selecting a broker is whether they are regulated. A broker that complies with financial regulations should operate transparently; their website should display details about who their regulators are as well as provide verification documents upon request.