There are many Forex broker reviews out there, ranging from broker comparison to listing 10 or 20 top Forex brokers, but most of them are simply trying to sell you their favorite, trusted Forex broker. We want to have a little bit of that as well, but also try to provide you with a mix between instructions on how to find a good Forex broker and what constitutes the best Forex broker for beginners.
So, here you will find no favorites or anything of this sort. Only objective reviews on some of the legitimate Forex brokers we could find out there, complete with their pros and cons. And you will be the one who chooses a broker that suits your needs and trading style the best.
Of course, the list of Forex broker reviews is far from finite and will be updated from time to time, so it might be a good idea to check out this list from time to time and see what is new.
Forex Broker Reviews | Picking The Best Ones
Every broker has its own advantages and disadvantages, so it really comes down to staying appraised on all that is out there and selecting the one with the right set of pros and cons. As there are no two identical Forex traders, there can be no two identical Forex brokers, or Forex broker reviews for that matter.
A good read: What is Forex?
Ideally, a rookie Forex trader should strive towards a solid, reliable and regulated broker that meets two crucial conditions:
- You need to be certain the broker is legit, so you don’t get robbed or swindled.
- You should make sure they know what they are doing. Be certain that your orders will be met in a timely and expedient manner, regardless of other issues.
Of course, there are no absolutes in this business, but some brokers are simply more reliable and expedient than others.
Other Factors to Reconsider
Other factors come into play at a later date, although they are quite important as well – such as the honesty and professionalism of your chosen broker. As well as their spreads, commissions and other perks, bonuses and promotions that they have to offer.
The thing is, just because a broker is legitimate and operates within the boundaries of the law, it does not necessarily mean that their clients are treated fairly. A good broker will be honest and forewarn you of any risks and misconceptions, even encouraging you to read the small printing. This is especially true when it comes to the cost of doing business.
A broker which is not clear on their fees, spreads and other financial matters is not necessarily doing anything illegal, but this is a serious cause for suspicion. Luckily, these kinds of dishonest brokers do not even survive in this business for long, as they are quickly discovered and lose all their clients.
A good read: How to Start Trading
This is why they have to change names and other data every so often. For that reason most of the legitimate brokers have been in this business for several years at least, although this does not mean that new-bloods out there have nothing to show for as well.
Finally, we come to the promotions and bonuses that some brokers offer while others do away with such distractions altogether. Now, these bonuses can be used in a variety of manners and there are even trading strategies centered around them.
But for the most part, one should not base their choice of brokers on how much free money and stuff they decide to throw at their clients. Still, if two brokers are tied in terms of perks and conditions, bonuses might be a nice tie-breaker and they certainly factor in. Albeit in a limited fashion…
The Perfect Choice
If pressed to come up with an ideal broker – in theory, of course – it would have to be a regulated one, with a long and successful practice and a solid reputation for honest dealings. Such a broker would be employing seasoned professionals capable of executing any kind of order in the shortest amount of time, and offer the tightest spreads possible. Finally, there should be a generous bonus policy to stimulate trading, but this is entirely optional.
In short, go for regulated brokers that have been in this business for at least three years or more, with some sort of regulatory body guaranteeing your business is done in a safe manner and that your funds are secure. Also, make sure to check the spreads they offer, alongside bonuses, promotions and demo accounts if you are new to this game and want to learn the ropes. Or, find the next best thing.
That can be a hard task to accomplish and we are going to help you. In the next articles you will find reviews of some of the most well known brokers.
Don’t just go for lucky guesses, it’s just not fun. Finally, learn what types of brokers exist as well.