Best Forex Broker, Which One Do I Choose?

By Adam

Hi friends,

It’s a fish market out there. Big fish, small fish, colourful ones, spiky ones and cute ones. Which forex broker should you choose? Which is the Best Forex Broker out there?

Personally, you have to break it down to a few main points:

  • How reliable is the broker’s trading platform?
    • MT4 (Meta Trader 4) is the name you’ve been hearing. The best forex brokers use it and there’s a reason for it. Depending on an individual’s hardware and software characteristics, one might prefer a desktop application or a web-based (java) application. Understanding which type of platform suits you best is critical for trading. It is also important to make sure that the trading platform does not crash or freeze often, especially during times of global economic news or events, when traders needs stability. The reliability of a platform should be more of a concern than its look and feel. An aggressive trader, or one who likes to make large, frequent trades, will always have to look for a stable platform that never or very rarely crashes. On the other hand, a passive and conservative trader who does not watch the market round-the-clock could be more flexible. In trading terms, user-friendly means that placing an order or closing a trade can be done immediately. One-click trading and management of stop-loss, limit and other order types are advantages that a trader may want to take into account.In addition, it is helpful for the overall navigation of a platform to be user-friendly. If a platform offers additional charts and tools, they should be fairly simple to access and apply. This is a critical point for an aggressive trader (intraday/scalp) whose dependence on the trading platform is far greater than a moderate or conservative trader.

 

  • Is the broker or dealer regulated? If so, in which country is it regulated?
    • Not all countries regulate the same way, nor do they have the same regulatory environment and requirements when it comes to financial registration. Therefore, it is important for any investor/trader to choose a foreign exchange broker that is based in a country where their activities are monitored by a regulatory agency. It is also important to know if the broker or dealer is regulated in an on- or off-shore country, as the latter can be more liberal with registration requirements. Countries with dedicated regulatory agencies include:
      • USA
      • UK
      • Eurozone
      • Japan
      • Australia
      • Switzerland

      All the best forex brokers are regulated by these countries with their dedicated regulatory agencies.

  • Customer support
    • One of the most imporant thing you should check in a broker is the support service. Forex is a 24-hour market, so ideally, the broker you choose should offer support at anytime. Does it has support in your language? Which medium is used to contact the help desk: email, chat, or can you speak by phone to a live person? Do the representatives seem knowledgeable? How they respond to your questions can be key in gouging how they will respond to your needs in a real situation. While trading you can run into technical problems. Therefore try to anticipate those critical situations and simulate those questions and requests to your broker. You can do this while experimenting on a demo account. The website should already explain things clearly, but be sure to check the quality and efficiency of their support before opening an account.

 

  • Is the broker offering any added-value services?
    • Easy access to real-time charts, news and economic data is a must for any trader. However, a trader must think of these and any other added-value service as part of the broker’s package rather than as the most important feature on which to base a decision. This is a point a trader of any nature should address correctly to make sure the firm complies with the basic standards of providing real-time charts, news and economic events.

Next, compare brokers. Which one is the best forex broker out there? Just search online and you’ll be drowning with an endless list of forex brokers. Take this one from me because I’ve been using the list below for quite some time and compared to the I’ve tried before (not listed here), they’re personally the best for us Malaysians:

  1. [clink id=”2″ target=”_blank”]FXPRIMUS[/clink] or here: https://bit.ly/fx-my-signup
  2. [clink id=”6″ target=”_blank”]XM[/clink]
  3. [clink id=”4″ target=”_blank”]Instaforex[/clink]

Why? Well because all of them meet what is required in being the best forex broker and have been used by a lot of forex traders (especially Asians, just check out online forums). Payment’s done without any hiccups, customer service’s top notch, MT4’s user-friendly, and most importantly, they’re regulated by government bodies of countries.

Hope that helps.

Your friend,

AdamFX

 

ps/ Want to trade forex with arguably the safest broker in Asia? Register with FXPrimus here! -> https://bit.ly/fx-my-signup

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