No Deposit Required – T&Cs Apply
Up to $1,000
* Individual Brokers T&Cs Apply
Risk Warning: Trading Forex (FX), Commodities, Options, and CFDs are a high-risk activity and you may lose more than your initial deposit.
Please be sure you thoroughly understand the risks involved and do not invest money you cannot afford to lose. Your capital is at risk.
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Because there’s so much competition in the Forex (FX) market as well as having countless brokers to choose from, it can be difficult to know which online FX Broker will be best for you. Beginners have different needs than more advanced traders, so these are a few key points we suggest keeping in mind when making your decision:
Each country has its own regulatory body such as the Financial Conduct Authority (FCA), here in the UK. The regulatory body develops rules, services and programs to protect the integrity of the market, traders, and investors as well as the brokers themselves, and to help members meet regulatory responsibilities. Due to potential safety concerns regarding deposit, accounts should exclusively be opened with firms that are regulated.
Online FX Trading takes place 24 hrs a day, so customer support should be available at all times. Ideally, you will want to speak with a live support person rather than a time-consuming auto-attendant. Perhaps give a quick call to the customer service center so you can get an idea of the type of customer service provided. Check on wait times and find out the representative’s ability to answer questions regarding spreads and leverage, their trade volume, as well as company details.
Your ideal FX broker should be able to offer either multiple account options or an element of customizability. Look for an online Forex Broker that offers competitive spreads and easy deposits/withdrawals.
Find out if there are account options specifically for beginners and if so what that account offers to benefit new traders.
An online Forex Broker can provide a huge selection of forex pairs. However, it is most important is that they provide the variety of pairs that interest you. While there are many currencies available for trading, there are only a few get the majority of the attention, and as the result, trade with the highest liquidity.
While selecting the best FX Trading Broker for you, it’s possible just to concentrate on Forex trading. However, you should keep in mind there are many types of investment alternatives offered as well, such as Bitcoin, Stocks, CFDs, ETFs, or trading in options or futures.
The trading platform is the investor’s portal to the markets. So with that in mind, look for a platform that is easy to use, straightforward and offers an advanced collection of analytical and technical and tools, to enhance your trading experience.
For more information, please see our tutorial: What is Forex?