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Forex Brokers Guide

Every trader no matter if experienced, beginner or total newbie is facing the same dilemma. Which broker to choose? It's very difficult to find the top broker for your taste and trading methods. We will provide you with some basic information to help you find a good broker

Most traders are looking for brokers with:

  1. Regulation
  2. Tight spreads
  3. Low transaction costs
  4. Good platform (usually meta trader 4 or 5)
  5. Fast execution
  6. Customer service and support

But traders that want to earn the maximum possible also look for

  1. Rebate rate (amount of rebate for every trade)
Some trading brokers are kind enough to provide "welcome bonuses" for new traders. This will let you test drive a broker before transferring big amounts of money their way. You can check here for Free No Deposit Bonuses. The good part is that you can withdraw the profits.
 

Broker regulation: Regulation means that the broker is watched (regulated) by protection agencies. Basically the investor has more comfort in where they put their money. But don't give too much credit to regulated brokers compared to unregulated ones. Regulation will not guarantee you that the broker will not play any tricky things against you.

Spreads: This is the price in points between the bidding and asking price. Brokers will offer you accounts with fixed and floating spreads. Spreads will vary and can be raised usually during news and Asian session. It's great if you find a broker with very low spreads but this is not a guarantee that the broker offers good trading conditions.

Transaction cost: Micro, mini and standard accounts usually don't have any transaction costs but you just pay the spread. Transaction costs or commissions are charged for ECN accounts and are payed per every lot traded. So if a broker has $5/lot commission this means you'll pay $5 when you open 1lot position and $5 when you close your 1lot position. So the total cost is $10 per round turn lot. This can be sometimes a bit misleading. Commissions can really crush you if you're a hardcore scalper.

Platform: Most traders prefer trading on Meta Trader. It's a nice platform allowing automated trading with using of expert advisors (forex robots). But other traders prefer the ECN platforms that are usually faster and easier to use.

Execution: This is the time that will pass from when you click on the Buy/Sell button to when the position actually gets accepted by server. A lot can happen during this small gap that will appear. Sometimes it can take up to 2seconds or even longer.

Customer service: For some traders important for others not. But it's always nice if you face problem that it will get resolved as quick as possible. No one likes to wait 2 days just to get an answer that they will look into the problem.

Rebate rates: Traders are searching for brokers with great trading conditions and highest rebates possible. For some brokers you can get very high rebates up to 1.5pips cash back on every trade. So this will make a huge difference at the end of month if you open a lot of positions.