The first thing anyone looking to start trading forex has to do is find a reliable forex broker. Without a broker, you won’t have access to a trading platform or any of the tools needed to plan and execute trades.
Finding A Broker Doesn’t Have to Be Difficult
Unfortunately, finding a broker feels like a daunting experience to many and instead of spending the time needed to find a good broker, many beginners pick the first broker they find. This is a big mistake and should be avoided at all costs since it can seriously hurt your chances of making it.
Instead of rushing the decision, you have to ensure that the broker you pick is a good choice for you, your trading style, and your goals.
In the following post, we’ll walk you through the process to ensure that you find a broker that you can thrive with.
The Easiest Way To Find a Great Forex Broker
There are two different ways one can go about finding a forex broker. You can either do it the easy and quick way by listening to what other traders have to say, or you can search for one yourself.
The easy way includes following other professional forex traders’ recommendations.
BullMarketz.com is one leading provider of broker recommendations on the market, and their list of the best forex brokers is the number one resource on the internet. In addition, they also offer other lists of the best brokers for beginners, the best trading apps, and a range of other specific lists for your convenience.
Finding A Broker on Your Own
If you would rather find a forex broker on your own, you have to evaluate and review the following criteria.
- Regulation
Every trustworthy forex broker in the industry is regulated with licenses from leading regulatory bodies. Any broker without a license is not to be considered safe and has to be avoided. CySEC and FCA are the two regulatory bodies that are most respected within this industry.
- Platform
After you’ve made sure that the broker is safe to use, you have to check out the platform offered. For example, as a beginner, you want to find a broker with a beginner-friendly platform that’s easy to get started with.
- Assets
Next, you want to make sure that the broker offers the instruments you’re interested in trading. At a minimum, a good forex broker should offer a mix of major and minor currency pairs as well as a couple of exotic ones.
- Fees and Transactions
It’s also important to ensure that the broker you’re interested in offers fair fees and competitive prices. Additionally, you want to look for transaction limits that suit your budget. Some brokers have low limits suitable for beginners, while other brokers have higher limits aimed at day traders.
- Demo Account
Lastly, before you register and deposit money to your trading account, you should take the broker for a test spin. Today all leading forex brokers offer a demo account that allows you to use the platform with virtual money. This is the last step in the process and when you confirm that the broker offers everything you’re looking for and that you like the platform.
Final Thoughts
Finding a good forex broker that you can trust is fundamental to succeeding. The easiest way to do so is by following recommendations from professional traders with extensive experience, and you can find links to the best forex brokers at the beginning of this article.
However, if you feel like finding a broker on your own, you need to follow the guidelines provided above.
