For forex traders, there is no one online forex broker that towers above the rest in terms of traffic, trade-volume and services provided. There are a number of good ones out there, but there are also a number of bad brokers.
Forex.com, forexyard.com, easy-forex.com and forexwebtrader.com are some of the more popular ones.
What to Look For
There are a number of common aspects that are important. First, look to see what kind of leverage is available and what the spreads will be on the currency pairs you plan on trading on a regular basis. For the USD/EUR, the typical spread is between three and four pips.
Similarly, what are the rollover fees? And, are there any other fees associated with broker? High fees are not necessary, and should be avoided. See the “What is a rollover?” article for more information.
Then, look into what their trading platform looks like. Does it look like well-written software? Does it have the features you are concerned with and plan on using? For instance, can you trade currencies from your phone? That's not important if you don't plan on doing that, but if it's something you might eventually be interested in, then of course, go with a trader that offers this service, or just get a phone with high speed internet access.
Most brokers offer pretty extensive charting services. One big question should be, How customizable are the charts? As time goes on, you'll probably want to tweak some of the settings, and the ability to do so to great detail will matter more than you think.
If you sign up for a demo account, does the broker let you play around with its trading platform? It's certainly not a good sign if it doesn't.
Next, after you've answered all these questions, once you've got a couple of brokers you are considering, look into them. See what other traders have to say online, and if there's been any shady business with them in the past. A little research will pay dividends over the long term in a myriad of ways.
Forex.com, forexyard.com, easy-forex.com and forexwebtrader.com are some of the more popular ones.
What to Look For
There are a number of common aspects that are important. First, look to see what kind of leverage is available and what the spreads will be on the currency pairs you plan on trading on a regular basis. For the USD/EUR, the typical spread is between three and four pips.
Similarly, what are the rollover fees? And, are there any other fees associated with broker? High fees are not necessary, and should be avoided. See the “What is a rollover?” article for more information.
Then, look into what their trading platform looks like. Does it look like well-written software? Does it have the features you are concerned with and plan on using? For instance, can you trade currencies from your phone? That's not important if you don't plan on doing that, but if it's something you might eventually be interested in, then of course, go with a trader that offers this service, or just get a phone with high speed internet access.
Most brokers offer pretty extensive charting services. One big question should be, How customizable are the charts? As time goes on, you'll probably want to tweak some of the settings, and the ability to do so to great detail will matter more than you think.
If you sign up for a demo account, does the broker let you play around with its trading platform? It's certainly not a good sign if it doesn't.
Next, after you've answered all these questions, once you've got a couple of brokers you are considering, look into them. See what other traders have to say online, and if there's been any shady business with them in the past. A little research will pay dividends over the long term in a myriad of ways.
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