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10 Points To The Best Currency Trading Broker (Part 1)
from:You will need a brokerage account as soon as you start forex trading, and you may as well get with the best currency trading broker from the get go. Your broker is your means of access to the markets and is also your provider of leverage so that you can trade on margins and control position sizes large enough for it all to be worthwhile.
So how do you select the best forex broker? There is a lot to take into account. Here are the first five of our top 10 points that you will certainly want to consider.
1. Funds Required
This is usually the first thing that traders look at when they are considering a broker so maybe you don't need us to tell you, but there is a very wide range of minimum investment sizes among brokers. You will see the old style broker offering standard accounts for traders who have $10,000, $50,000 or more to invest, others with mini forex accounts which might typically require around $1,000 minimum, and micro accounts which can start around $100 or even as low as $25 in one or two cases.
You are usually best advised to go for a broker whose client base is mainly other traders with similar sized accounts to yours. That way there is a good chance that services and costs will be a good match for you.
2. Market Access
Do they provide 24 hour access to their trading platform? Most do, but you could be caught out if you make assumptions. How about support? Is that available 24 hours too, in case you have a technical problem?
3. Pairs
You will also need to check that the broker offers all the currency pairs that you are likely to want to trade. If you are a beginner, look for a broker that covers all the major pairs (USD paired with EUR, JPY, GBP, CHF, CAD and AUD) plus some cross pairs (combinations of the last six of those currencies).
4. Technical Services
You will want to look at the charts and indicators that are provided, and whether the broker includes forex news alerts. These services are less important for experienced and professional traders who probably have accounts with dedicated news and charting service providers, but a beginner can save money by choosing a broker who offers a lot here.
5. Software
Check out the broker's software platform. Most firms offer a demonstration account so that you can test the system and services on the live market without risk. This also gives you a chance to test new systems. You may want to run in demo mode for several months, especially if you plan to test more than one system, so look for a currency trading broker who gives unlimited time on demo accounts.
See the next 5 points in Part 2.
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