When choosing a broker, you should follow a simple plan. First off, make a list of forex broker interests. When done, compare forex broker with a number of options. Second, choose a few vendors that will appeal to you the most and open demo accounts with them to try.
Along with marketing, it is not necessary to look at customer support services to determine if this support is sufficient to meet your daily needs and if support is able to respond to your questions quickly and efficiently. If bad configuration is performed, finalize your broker options. List all the pros and cons as well.
Once a well-established solution is formed, it is time to start a real trading: you now have all the skills needed to register a real account with that forex broker.
Basically, the biggest challenge when choosing the best forex brokers are to define which trading platforms are most important to you. Each private company offers brokerage services with both strong and back points, and you are the one who decides which ones are the most important, and which can be overlooked.
There is an effective way to help you make the right decision. Think about the issues below before considering in favor of forex brokerage. Perhaps forex ratings reviews and comments will be valuable in formulating your views. So, repeat:
- The company type: is a broker or broker? What is corporate capitalization?
- Trading platform (s) provided: may be popular, well- or less well-known; are they honest, what are the mistakes?
- Types of trading accounts. Are there merchant accounts with different levels of expertise, investment rate, and sales preferences?
- Fees and commission forms: increased amount that the seller must pay.
- What kind of bonuses and promotions does a company offer?
- Company measures regarding expansion and margin phones.
- Customer support: reliable, efficient, and available whenever you need help?
- Regulation: What are the licenses owned by the company, authorized?
- Each of these points is very important. To avoid misunderstandings of these statements, we invite you to agree with their explanation below.
Check out our Forex Brokers’ comparison tool to get all the initial information about the best forex broker you would like. With us you can see the strengths and weaknesses of different forex companies at once.
- The Company Type
Retail forex trading is offered by different types of companies: traders, traders, ECN brokers.
Forex brokers are a mediator between forex traders and market developers. They are also classified as NDD (Non Dealing Desk), which means that customer orders are processed automatically, without the hassle of any touch desk.
The brokers are making STP (Straight Through Corruption) a way to send orders to be executed by another party. As a rule, retailers pay a fee; in some cases the fee is paid by the market maker agreeing to trade on their sales desk.
The distribution size depends on the system used (solid or fixed) and at prices set by market manufacturers or retailers that run the trade.
Whether they are retailers, or sales desks, they are an important part of the market maker, an important factor used in making money.
Market developers are consulting with global banks to continue to keep forex trading under control and to reduce complete risks in terms of currency and exchange rates.
Throughout the day forex broker receive two options from their brokerage firms. “Fixed” quotation means that the price remains unchanged until the end of the day, while the “dynamic” spread system refers to a quote change following a change in inflation in some currency pairs.
Comparing the daily business of different market makers you will quickly see that each of them offers their price in all currencies, which is slightly different from the prices offered by other forex market agents.
ECN is a term used in forex trading. ECN in forex is completely different from ECN as it is understood in the equities market. In the forex market ECN acts as a broker and works with various market makers and touch desks. ECN receives prices and quotation fees from traders and distributes them to buyers. As for the spread, at ECN they are distinguished by the difference between the best bid and the best given at any given time.
At that time ECN only expects to send an order, but it does not carry the burden of making an order. ECN earns by collecting customer fees and receiving refunds from traders. The larger the volume of system flow provided by the ECN, the higher the reward. Market makers set their trading volume as they see fit according to the amount of money they have at a time.
What trading platforms are currently available with forex market leaders? Check out our shorting aksjer Forex Brokers’ comparison tool and make your decision.
- Marketing platforms
Vendors are free to decide which types of hardware and marketing applications are best for them. Some vendors prefer web-based application, while others stick to desktop software. Choosing the right marketing platform is important for marketers based on their marketing preferences.
Any sales platform that comes in the view of potential customers should be proven to be reliable enough to prevent freezing or collapse of the system, which can occur during breaches of news or events. Therefore, we consider loyalty to be the # 1 character of any platform, whereas design and location come next. This is especially important for aggressive traders (intraday or scalpers) who trade frequently in long segments and at any time within 24 hours.
- Types of Trading Accounts
Trading accounts depend on the number of lots sold and thus fall into the category of types: common, mini, and small accounts.
Common lots are 100,000, mini accounts ten times (10,000 units), and micro accounts a hundred times smaller and only 1,000. And, with some brokers, it is possible to set up a personal size account.