For those new to forex trading, a forex broker is a company that provides you with a trading account and platform for trading online. Anyone can open an account and trade forex currencies, CFD’s on stocks, indices, commodities, cryptocurrencies, precious metals, energies and more.
The majority of forex brokers will provide clients with the popular and widely used MetaTrader 4 (MT4) platform free of charge for desktop, web and mobile devices. MetaTrader 4 is well known for its intuitive interface and abundance of trading tools. Its user friendliness makes it a popular choice for beginners whilst it has plenty of advanced functionality to satisfy the needs of most seasoned traders.
You can choose to open a demo account if you wish to practice your trading strategies with virtual funds until you feel confident enough to open a real account. This is common practice amongst new traders as it enables them to familiarise themselves with the trading platform and how trading online works.
Brokers charge a fee for using their services. This can include a spread and commission on each trade you place with them. It is generally considered that the lower the spread and commission, the cheaper your trading costs can be.
In addition to broker fees, there are other factors worth considering such as the regulation, account funding options, minimum deposit, leverage, educational resources, trading tools, market analysis and customer service.
Whilst there are many forex brokers to choose from, I would personally choose a regulated and established brokerage that has tight spreads, competitive commissions with plenty of liquidity providers (LP’s) for reliable execution speeds at the best possible prices. I would also opt for a regulated broker to help give me peace of mind that my funds should be safe in the case something should go wrong.
FinPros is a forex broker that is focused on providing cheaper, faster and more transparent trading. If you are looking to save on trading fees and improve your execution speeds, they can help you to save up to 53% on your trading costs and get your trades executed up to ..Read More
Founded way back in 2008, NordFX is an established online broker that offers very competitive forex and CFD trading conditions to clients from across the globe. They give you the opportunity to trade on a generous selection of financial instruments across different asset classes, including forex, stocks and commodities such ..Read More
Pepperstone have been around for many years and have rightly earned a fantastic reputation amongst the forex trading community as one of the best forex brokers, if not the best. Pepperstone is a name that I have often seen popping up during my many years of forex trading. I have ..Read More
Based in Mahe, Seychelles, PU Prime (Pacific Union) is an online trading broker that was launched in 2015 and has continued to provide traders with competitive trading conditions, such as low spreads from 0.0 pips, zero commission accounts, quick trade execution speeds, multiple payment methods, flexible account types, multiple methods ..Read More
Hugo’s Way is an online forex and CFD brokerage that provides traders all around the globe with very good trading conditions including tight spreads and low commission fees. Clients can trade an impressive selection of over 150+ tradable instruments, including FX pairs, cryptocurrency, indices, stocks, commodities, metals, energies, and futures. ..Read More