Brokers are companies that provide intermediary services between private traders and the Forex market. Since the trade executions with direct access to the international currency market require vast amounts of funds, brokers act as the main link in this chain.
Brokers provide their clients with leverage, thanks to which a trader can operate in the foreign exchange market with impressive sums of money, which are several times higher than his deposit.
Also, the speed and quality of trade execution, and, accordingly, your potential profit, depends on brokers and the order execution technology that they practice.
How to choose a broker – essential points
Today, there are a lot of brokers who offer their services in the Forex market. It is very easy for an ordinary trader to get confused and make the wrong choice among this variety.
Here we will figure out which criteria are better for choosing the best Forex broker for beginners:
Broker reliability criteria: the presence of a reputable license from a regulatory organization and a contract, a risk insurance program, positive feedback on working with him on various sites and forums, leading positions in independent and authoritative ratings.
First, decide which currency pair you will trade and compare the size of the spreads from different brokers. Since there is a lot of competition among brokers, each strives to offer the most profitable and lowest spreads to attract new clients.
Number of instruments for trading
The broader the broker’s list of trading instruments (raw materials, oil, precious metals, cryptocurrency, etc.), the better for you.
Trade execution speed
The higher the order execution speed, the better. Failures indicate that the broker is unreliable, and it is better not to trade with him.
Deposit/withdrawal of funds
Replenishment and withdrawal of funds from the deposit should be carried out as soon as possible and without interruption.
Determining the correct amount of leverage is very important. It is logical that the larger the size, the more profit you can get in a successful transaction.
High-quality, and most importantly, prompt technical support is a significant indicator of a broker’s reliability.
It is best to start trading in the foreign exchange market on a demo account. So, you will get acquainted with the principles of trading on the Forex market, choose a suitable trading strategy, and do not risk losing real money and losing your deposit.
Best Forex Brokers for Beginners
Alpari, one of the world’s largest Forex brokers, was founded in 1998. Offices are located in more than 20 major cities, a vast set of tools for traders and investors. Thanks to its considerable experience in brokerage activities, Alpari offers six types of accounts, daily analytics, training, and much more. Alpari also proposes to invest in PAMM accounts, and for traders, this is an excellent opportunity to earn money from investor deposits.
FxPro broker was founded in 2006. Customers have access to 280 trading instruments, including currency pairs and CFDs on futures, stocks, metals, energies, indices. Trading is possible through the terminals MetaTrader 4, MetaTrader 5, cTrader, and Edge.
AvaTrade is several award-winning brokers operating around the world. Regulated in six jurisdictions, AvaTrade has established itself as a trusted and respected broker. The tradable instruments available are currency pairs, cryptocurrencies, ETFs, commodities, indices, stocks, and bonds.
RoboForex has been providing intermediary services in the financial markets since 2009. Regardless of the chosen type of account, you can start trading from 10 USD. The company offers free access to VPS server, allowing it to use advisors almost around the clock, while it is unnecessary to keep the terminal open.