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How to Choose the Best Forex Broker

The Forex market is the largest trading market in the world. The decentralized currency market has more than 13 million traders from all parts of the world, actively engaged in buying and selling of international currency pairs. The most liquid market on earth can be easily accessed by anyone who opens a trading account with a forex broker. And choosing a forex broker is one of the most crucial decisions for a trader and it has to be done with a lot of consideration. Here is a list of our top 3 forex brokers with the most favorable trading conditions.

Introduction to Forex Brokers

A forex broker functions as a connecting link between forex traders and foreign exchange market. Or in other words, they bridge the gap between retail traders and liquidity providers such as banks. They also provide a platform to traders to place buy/sell orders. The broker you choose for trading activity will play a huge part in your overall trading experience. The trading conditions offered by your chosen broker needs to be good enough to complement your trading style well.

Now, let’s have a look at some important points one needs to consider while selecting a broker for forex trading.

  • Regulation: Regulations or license are not compulsory for operating as a forex broker. However, opting for a regulated broker is something that gives a trader a sense of security. It is totally optional to look for regulations but many traders tend to feel at ease while trusting their funds with a regulated forex broker.
  • Spreads: Spreads are the differences between bid/ask prices or buy/sell prices in forex. Some brokers offer fixed spreads while some offer variable spreads depending on the trade volume, currency pair etc. This difference in buy/sell orders adds up to the trading cost. Hence, one needs to find a broker who offers tight spreads in all situations.
  • Commission: Forex brokers will also be charging a commission for every trade that gets executed on their platform. This also forms a part of the trading cost and is a factor that one needs to pay attention to while opting for a broker.
  • Trading Platform: The functionality of the trading platform offered by your forex broker needs to be checked before going live with them. This can be done by opening a demo account with the broker for free.
  • Customer Support: A responsive customer support team is something to look for while choosing a broker. Make sure they will answer your queries in time and will be there to help you out as and when needed.
  • Deposit and Withdrawal Policy: You need to check the minimum deposit requirement stated by the broker to make sure they fit well with your budget. Also make sure they are quick to process withdrawals of clients without any restrictions.

Here’s a list of top 3 forex brokers who became the first choice of many traders because of their favorable trading conditions and fully transparent functioning.

Fxview

They are a CySEC regulated, pure ECN broker offering tight spreads to facilitate fast paced trading. The spreads start from 0.1 pips on major pairs and they charge a commission of $1/100k per side only. The trading activity takes place with no dealing desk intervention through an electronic communication network, which ensures minimal slippage even during the volatile hours.  They have a responsive customer support team to answer and assist clients 24/5 through live chat, e-mail and call. You can read a detailed Fxview Review here.

  • Minimum deposit: $50 for global users
  • Trading platforms: MT4, MT5,ActTrader
  • Trade forex, stocks, indices, commodities and crypto CFDs
  • 100% deposit bonus on minimum deposit of $200

FxPro

They are regulated by FCA and CySEC, and offer fixed/variable spreads depending on the account type chosen by the user. They charge a commission of $35 for every 1 million traded. They offer their own trading terminal along with MT4, MT5 and cTrader. You can reach out to their customer support 24/5 on live chat, email or by requesting a call back.

  • Minimum deposit: $100
  • Choose among MT4/5, cTrader or Fxpro’s own trading platform, Fxpro app
  • Trade Forex, shares, futures, indices, metals, energy & crypto CFDs

AAAFx

They are one of the leading brokers regulated by FSCA and HCMC, which allow traders to access live markets with a low minimum deposit of $10 and spreads starting from 0.0 pips. They charge a low commission of $0.99/ 100k per side on their regular ECN accounts. Traders also have a bunch of different funding and withdrawal options to choose from including instant crypto withdrawals. They also have 24/5 customer support for clients through live chat, email and call. Can read a detailed AAAFx Review here.

  • Minimum deposit: $10
  • Trading platforms: MT4, MT5, ActTrader
  • 100% deposit bonus when depositing $100 or more
  • Trade forex, stocks, indices, commodities and crypto CFDs

These 3 brokers have established themselves on a global level with their transparent pricing and earned the trust of traders by providing them a seamless trading experience on their platform. But in the end choosing the broker is like choosing a partner. It is about finding the perfect match based on your requirements. You are free to explore and experiment as a trader as everyone will have their own preferences based on their trading style. You can refer to this write-up as a guide to find what you have to look for while choosing a broker, so that you can easily find the most suitable one for yourself.

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