If you are interested to take part in online currency trading, one of the first things you need to do is to register with an foreign exchange 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 user interface and the ease in which you can execute trades, obtain the most updated economic news, and perform technical analysis. The user interface should be easy to use as you do not want to spend too much time finding out how it works. You should definitely be able to register for a demo account at no charge so that you can play around with the software since often the best forex broker is the one you feel the most comfortable with.
Charting Feature:
A good foreign exchange broker should have a charting facility and most of the common indicators such as stochastics, MACD, etc for you to execute technical analysis.
Minimum deposit:
This is important especially if you have limited initial trading capital. A few online forex brokers require a bare minimum of only $1 to begin trading but others require quite a bit more.
Leverage:
Leverage is an important consideration for some traders but not for all. Some online forex brokers can offer leverage as high as 1:500.
Support:
An important criteria of a good online foreign exchange broker is a good support team. They should preferably have multiple methods in which you can reach them displayed prominently on their website, because you do not want to be left in the lurch when you are facing difficulties.
Islamic accounts:
This is an important factor for Muslim traders as they have to sign up with a online foreign exchange broker that offers swap free accounts.
MetaTrader 4 support:
If you plan to use automated forex software like FAPTurbo, then an online foreign exchange broker that supports the MT4 platform is essential. Forex traders sometimes have not decided on the strategy they'll employ when they register for an online forex broker and subsequently when they decide on using automated forex software, they realise that their broker doesn't support it. I suggest signing up for a broker that supports the MT4 platform even if you don't plan to use an automated forex robot.
Remember, the best forex broker for your friends may not be the best foreign exchange broker for you. A lot depends on your forex trading strategies and requirements.
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