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What Makes a Good Forex Broker?

By Edited Apr 22, 2014 0 0

There are a handful of very specific things you need to look for when selecting a Forex broker. Good Forex brokers are difficult to find and can make or break your trading plan if you have to argue with them. So what are the specific things to watch out for when looking for a great Forex broker to build your trading business on? The answer is a lot simpler and easier to understand than you might think.

The most important and essential of all things to look for in a broker is the Forex spreads you are getting, especially on the majors and on currency pairs you are trading. I don't ever recommend trading on a spread higher than 3 pips on any of the majors, so if your broker doesn't allow you to trade this low, especially during peak trading volume, kick them to the curb and get a new broker. You need to increase Forex profits by decreasing the spread, especially if you are a beginner with little risk capital to start out with.

Next up, you want to consider the intuitive and easy to use nature of the Forex trading platform they offer and the expert advisors they have to offer their traders. This is important because it is what you are going to use to navigate turbulent markets. Keep this in mind when trading, especially if you are using a platform you don't seem successful with. I recommend a broker that uses Meta Trader as they have one of the most intuitive interfaces with excellent support for expert advisors.

Finally, when looking for a great Forex broker, be sure to find a team with excellent customer service. You may occasionally need to dispute a trade or a charge on your account, and for this reason, having great service from your broker can make a world of difference. Forex trading is hard enough, even with a great broker, so don't make it worse by signing up with a broker that has bad reviews from other traders in terms of customer service.

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