Forex trader success can often be directly correlated to the Forex Broker a Forex Trader chooses. Forex trading can result in substantial losses for a trader who picks a bad broker, read more?
Forex brokers may be hard to judge until traders have actually traded money. The trader, however, may already have lost any money invested.
Fortunately, you can find online Forex broker reviews which will help you select the perfect firm for your trading requirements. Sites like these have used real accounts to test the Forex platforms of brokers, and also their trading conditions. These sites have tested the Forex brokers’ platforms and conditions using actual money accounts.
In their evaluations, these websites use criteria such as the honesty and safety of the broker. The trader is able to conduct online research, including asking questions about the specific broker, or contacting the appropriate authorities. It is important for the trader to find out whether the broker’s firm is regulated. If the firm is using the latest technology to secure the account and personal information of traders from unauthorised entry, that’s another thing you should look for. Forex broker evaluation sites provide quick access to this crucial information.
A trader will also need to decide on what commissions or spreads they want their broker to get for trading in the Forex markets. For you, the lower the commission level is the better. Finding another broker is necessary if the commission in EURUSD trading exceeds 3-pips. Many quality firms will only charge 1 pip for EURUSD transactions. To make the best Forex decisions, you should know the commissions and the spreads the brokers charge. They are often explained on a firm’s site.