5 tips for finding the best FX brokers

The popularity of Forex trading has been on the upward trend over the past few years. Nevertheless, it has even accelerated recently due to the COVID pandemic.

Massive number of people were forced to work from home uncertain about the future with time on their hands. Therefore, starting the trading journey has found numerous volunteers and their number has been still increasing since the pandemic outbreak.

However, to become a successful and wealthy Forex trader, you need to find the best FX brokers and choose the one most suitable for your trading experience and needs. Therefore, what must-have features should you look for in the best ones?

Regulated brokers only

Forex brokers provide their services via the Internet which enhance the possibility of fraudulent activities due to numerous bad actors online. Consequently, many countries have imposed measures to protect traders from falling victim of frauds.

Once you choose the best FX brokers, check if they are regulated. The regulators are different depending on the country (for example in the USA it is mainly NFA and CFTC and in the EU ESMA). Therefore, you should always visit your country’s regulatory website and check whether the companies of your choice are on the list.

No fees recommended

Most brokers do not charge a fee for their services and just earn by the spreads (the difference between the bid and ask prices). Therefore, once you search for the best FX brokers, you should check whether they charge any fee as it would be additional cost which overtime can add up to a hefty sum.

Various assets available

In spite of the fact that you are a Forex trading novice or a big fish, you need a diversified group of assets you can trade with. The more assets, the more opportunities to earn you have.

Obviously, if you wish, you can be a pure currency trader and only trade with currency pairs. Nevertheless, once the FX broker of your choice provides you with others like stocks, indices or commodities, you always have some alternatives to consider.

Impeccable Forex broker history

Along with an increasing number of trading novices, more Forex brokers appear on the market. Nevertheless, the Forex brokerage is a sensitive industry, so it is highly recommended to choose a FX broker who has been in the trading for years and possess a hands-on experience.

It will not only reduce the risk of poor customers service and rookie mistakes fresh Forex brokers can make, but will also allow you to check out the credibility and the customers feedback of the FX broker of your choice.

Multiple tools

Last but not least, once you choose the one from the best FX brokers available, you should verify the number of tools they provide you with. The tools at their disposal is not only a trading platform, but also:

·        market performance dashboard,

·        in-depth analysis,

·        economic calendar,

·        various payment methods,

·        fast and carefree execution,

·        leverage.  

Although, many of the above can be found online for free, it is good if your Forex broker will provide you with them all. Moreover, they should also offer you multiple trading platforms like for example MetaTrader 4 or MetaTrader 5.

Summing up, to become a successful and wealthy Forex trader, you need a reliable broker. Once you check whether the broker of your choice exhibits the above-mentioned qualities, you can be sure you have chosen the right one.