Best Forex Broker Reviews 2015
The Forex Exchange Market is one of
the largest traded market in the world, trading an average of $5.3 trillion per
day in April 2013 ( WikipediaA). Therefore, as it’s the largest traded
market one has to be careful when choosing the Best Forex Broker.
Choosing the right trading account is very important to trade the Forex
market and be profitable. Whether you are a beginner, intermediary or an
advanced trader using the best Forex broker account to meet your required
trading needs is utmost critical.
What is a broker?
A broker is one who allows you to open a trading account, where you can
place a trade either to buy or sell if the market is going up or down.
Due to the large liquidity in the Forex Market, the broker has
several providers who can trade against you as there are two sides to a trade,
a buyer and a seller.
There are two types of brokers Electronic Communications Networks (ECNs)
and Market Makers. An ECN broker provides more liquidity as they offer currency
prices from various participant in the market such as banks, market makers and
other traders.
Before deciding on a broker, there certain factors you need to
consider. This review will list the criteria with the pros and cons.
Pros
· Regulated by a
regulating agency (ensure your money is protected)
· Types of leverage
available to trade large lot size
· Minimum Deposit
· Variety of
currencies with low spreads
· Different trading
platforms
· Inclusive customer
support
· Percentage bonus
offer
· Comprehensive
Online training resources
· Efficient trading
execution rate
· Demo account
· Low commission and
spread
· Easy deposit and
withdrawal methods
Cons:
·
· Paid commission for
each transaction
·
· Trading platforms
are less user-friendly
·
· Stops are difficult
to calculate
·
· Bid/ask variable
spreads
·
· Limited customer
service
Conclusion:
The review is not a comprehensive list and by all means, your trading
style may not need all the requirements above to open a trading account. To ensure that you open the
correct account, some brokers may not meet all these criteria. Therefore,
if you want to open a Forex Trading account with a Forex Broker there are
certain rules and regulation they have to adhere to. Open an account with
a broker will enable you to take part in the largest traded market in the
world.
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