If you are interested to take part in forex trading online, one of the first things you need to do is to register with an online forex broker. However there are so many brokers out there, how do you know the best forex broker for you?
Here are some factors that are useful to know:
User Interface:
You need to be comfortable with the way the online trading system is presented and the ease in which you can execute trades, check out the most updated economic news, and use the charting sofware. The user interface should be idiot proof and you should not have to search high and low for that trade button. You should definitely be able to sign up for a free demo account so that you can familiarise yourself with the interface and determine if you’re comfortable with it.
Charting Facility:
A good online forex broker should have a charting feature and all the common indicators such as MACD, stochastics, etc for you to work on your technical analysis.
Minimum deposit:
This is necessary especially if you have very little initial trading funds. Some online forex brokers require just $1 to begin trading while others require substantially more.
Leverage:
Depending on your forex trading strategies, you may or may not require high leverage. Some online forex brokers can offer leverage as high as 1:500.
Support:
One of the most overlooked factors is support. A good online forex broker should have preferably multiple methods in which you can reach them displayed prominently on the contact us portion of their webpage, because you do not want to be left in the lurch when you need help.
Islamic accounts:
This is an important factor for Muslim traders as they need to register with a online foreign exchange broker that offers interest free accounts.
MT4 support:
If you plan to use an automated forex trading system like FAPTurbo, then an online forex broker that supports the MT4 platform is essential. Forex traders sometimes don’t know which strategy they’ll employ when they sign up for a broker and after sometime when they decide on using an automated forex trading system, they realise that their broker doesn’t support it. I recommend registering for a broker that supports the MT4 platform even if you don’t plan to use automated forex software.
One of the most highly recommended online forex broker is fxopen.com. You can read an FXOpen review here.
Finally, the best forex broker for your friends is not necessarily the best forex broker for you. Quite a bit depends on your forex trading strategies and requirements.