Forex broker. How to choose a forex broker reviews?
Do you need a reliable forex broker? No problem! Come to us, we have collected useful tips on finding a reliable broker! Analyze and apply!
In order to trade in the foreign exchange market, any trader (we are with you) needs an intermediary, i.e. legal entity that has access to financial markets and has the authority to grant this access to others. Such intermediaries in the international currency trading market are forex brokers. Unlike very large participants in the financial market, traders are not able to participate in international currency trading on Forex directly. This is due, firstly, to the fact that they have no direct access to the international market, and, secondly, because of the rather modest financial opportunities of traders. Reviews of each forex broker we provide.
Which broker to choose for Forex trading reviews
The ratings give some insight into the leaders of the Forex market, but experienced traders know that when choosing, you need to be guided by some specific criteria, which can only be assessed directly when working with a particular broker (or learn from the reviews). We give the main of these criteria.
Reliability and safety
An important characteristic of the reliability of a forex broker is the duration of its work in the market, financial performance, the availability of reliable liquidity providers, the conditions for withdrawing and storing customer money. In particular, customer funds should be kept in safe banks separately from company funds (reviews from the community should confirm this). As we can see, professional ratings of stock market brokers give a very limited picture of forex brokers, because many global dealing centers are not under the jurisdiction of the Russian Federation, but nevertheless provide favorable conditions and high-quality service for trading Forex brokers.
The reputation of forex brokers is based primarily on reviews from real users. For the evaluation of this criterion, the above-mentioned user ratings (or live reviews from friends) may be useful, but they also can`t always give a complete picture, because reviews on the Internet are not always written by real customers of a company.
Trading conditions are one of the most important criteria for experienced traders. Here both the size of the deposit, the leverage, the minimum value of the lot, as well as commissions and additional fees matter. For example, for beginners, the minimum deposit size matters – not all Forex brokers are ready to offer a fee of up to $ 100. The same applies to the size of the minimum lot – a lot in the amount of 0.1, and even less, 0.01 is a rarity. For example, MTrading forex broker offers a lot size of 0.01. Leverage 1 to 1000 is not common and provides traders with great trading opportunities, although it increases personal risks. The size of the commission for the transaction is also important – the lower it is, the more profitable it is for the trader. All this should converge with reviews from people on the forums.
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