More and more people decide to join the foreign exchange market, and it is not surprising: it is the world’s largest financial market trading several trillions of dollars each day. What to do if you want to give it a try but lack essential knowledge?
Since there is no centralized marketplace in this field, each trader should find themselves a suitable forex broker before they start.
This task might be demanding for the newcomers as there are myriads of offers, and usually, the choice becomes a result of hours sifting through advertisements and reviews with caution. However, a competitive foreign exchange market is tricky: that’s why it is not recommended to rely on the ads in the Web exclusively when in the search. So how to tell the responsible and trustworthy broker from a shady one?.
Luckily, selecting an appropriate forex broker requires a similar procedure wherever on the globe you are, so ForexN is here to provide several tips. For this article, our team has gathered all the necessary factors to keep in mind when deciding on the broker. Stay tuned to learn what to bear in mind to minimize the risks and select the most suitable forex broker that will help you to make the most profitable deals.
Criteria To Pay Attention To
Surfing the Web in order to find some useful information on forex trading, you will probably stumble upon various offers from the brokers. All of them promise the top-quality service and immediate profit, but sometimes it is far from the truth.
Note the criteria below: if the broker follows them, it will guarantee you safety and stable income.
- Trade Experience
Always choose the organizations with an experience of many years. The more actual clients they serve and the more experience they possess – the better. Having more clients from all around the world and decades of work in the domain, such services will become the most successful choice.
- Trading Technology
There is a lot of analytics, knowledge, and experience besides each successful deal, but modern technologies give a chance even to the newbies. Algorithmic forex trading software programs, the recent breakthrough of the field, can calculate the successful deals and the latest trends. Thus, having such an option as an advisor will be beneficial, especially for those who lack experience.
- Usability
As you will spend a lot of time on the platform, it should be convenient for you to use. Pay attention to all the buttons and menus: the design should be user-friendly and easy to understand intuitively. You should be able to navigate through the website and find everything you need effortlessly. Plus, each function must work properly.
- Mobile
The world is moving to digitalization, and nowadays, it is not surprising that you can communicate, play, study, and even work via your smartphone. To make the trading even more accessible, make sure that the forex broker you are considering offers mobile application for smartphones. The user-friendly app will make the process more convenient, which will end up in a bigger number of deals.
- Range of Offerings
Brokers practice different trading strategies and broaden their offerings by adding CFDs on different underlying tools and stocks. As a result, you can profit from price dynamics, even without owning any related physical assets. Moreover, a big variety of currency pairs also matters – so it is recommended to give preference to companies with a wider list of services.
- Research and News
Forex broker is your primary source of information and professional guidance. Therefore, they should provide you with the latest news on the topic and significant research needed to develop your competence.
- Portfolio Analysis and Reports
To advance, you need to see your dynamics. Many companies provide their traders with the reports and thorough analysis of their deals. It is a great opportunity to gather more knowledge and indicate your own mistakes to avoid them in the future.
- Customer Service and Support
The best broker will supply you with good conditions, such as effortless depositing and withdrawal, tight spreads, and good leverage. Plus, they will often reward you with bonuses and incentives. The matter of customer support is crucial as well: you should be able to reach the company at any time.
- Education and Security
Each country has a specific government body that regulates the work of the foreign exchange market; for example, it could be the Central Bank of Ireland or the Federal Securities Commission in Mauritius. When the broker company is properly regulated by the authorities, it is the sign of security – so cooperate only with the licensed companies.
Plus, it is recommended to prefer those brokers that have educational content for the traders: articles, masterclasses, and reviews will be a great plus.
- Costs
In foreign currency trading, the cost is comprised of commissions charged by a broker or spreads on every trade. Each platform calculates them in their own way. Some have fixed spreads, while others adjust the commission for every single trade separately, depending on the market conditions. Fixed spreads are usually less affordable, so check this aspect before cooperation.
The Biggest Forex Brokers Database Worldwide
While these pieces of advice can ease the burden of choosing the appropriate broker, there is still very little objective information about the forex trading on the Internet. Today our team is working on the launch of ForexN – the service which will gather all the information that is significant for any trader. We offer educational materials, and, what is even more essential, provide comprehensive research on all the most popular and reliable forex brokers from all around the world.
Our team, consisting of financial markets analysts, has developed a comprehensive analytical framework to review and rate each broker. Our reviews have already been accessible in more than 10 languages, and we are planning to increase this number in the nearest future so that traders worldwide will be able to get the most recent information about the market.
This is what ForexN can offer:
- ratings based on the criteria above and our exclusive ForexN score;
- the freshest information on each broker and regular updates;
- the most comprehensive data on each country;
- convenient filters and the ability to compare the brokers regarding the most vital parameters.
Now you don’t need to spend hours looking for the forex broker, which suits your requirements best: ForexN has already done it, so all you need to do is just to choose.
Conclusion
Finding the best forex broker is a challenging yet important task as it will result in your future profit. To get only the best experience with foreign currency trading and choose the most suitable broker, the one is advised to consult with the researches and ratings published online. This will enrich your knowledge of the market. However, it is also vital to pay attention to the publisher of the rating: if it is the forex broker themselves, then their conclusions might not be objective.
ForexN is an independent project aimed at helping the traders, especially the beginning ones, to find exactly what they need. While Forex trading might be challenging to understand at first, keep calm: international forex broker research from ForexN will keep you covered.