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Which Broker is the Best for You?


With the great variety of brokers present today and the high accessibility ensured by the Internet, choosing the right company for you might be an overwhelming experience. We have therefore prepared a guide that is aimed at helping you make the optimal decision.

Initial Capital

Without a doubt, the amount of funds you have available at the beginning of your trading career is one of the most important factors regarding your choice of broker. As a rule of thumb, most brokers are oriented towards clients who plan on making deposits of around $1000-2000. However, you can easily check the minimum deposit requirements of each company in order to learn whether they accept smaller sums. Indeed, some companies allow you to start with as little as $1 (though admittedly it would be difficult to make something out of that one dollar). If you are looking for big-time profits and are willing to invest substantial capital, your best bet might be one of the big international banks. There are options for any amount of starting capital. Nevertheless, you should remember not to deposit more than you can afford to lose.

Reputation

Try and gather information about the broker companies you’re interested in. Our website aims to provide reviews by the clients of each broker as well as ratings, but you should also inspect the broker’s own website. Additionally, investigating on Forex-related forums could be invaluable. Usually the older broker companies that have established themselves on the market are a good bet. However, new companies often offer better conditions in an attempt to crush the established competition, so a new broker might also work for you.

Commission

Forex brokers make their income from spreads - the difference between the buy and sell price of a trading instrument. Banks and professional brokers trading on behalf of you may charge additional commission. Always compare what deal execution would cost you with different brokers.

Fixed vs. Floating Spread

Some companies offer a fixed spread, which means you can always predict what you need to pay your broker for each deal. This is safe and reliable, as floating spreads are not static and may grow quite high in a volatile market. However, a floating spread can also be good as sometimes it would drop below what most fixed spreads are.

Special Conditions

Brokers sometimes have additional special conditions, pertaining to minimum order volumes, monthly activity, etc. Read the client agreements carefully before signing and compare points of interest. If you are not sure, contact the broker and ask them to explain a confusing policy.

Contact

Does this broker offer reliable live support that are eager to provide the information you need? Do they respond to questions posted on their Facebook page? Inquire what communications channels each broker uses; try contacting them to get a better idea of how quickly they react and how much attention they pay to their clients. Their attitude towards you might be the deciding factor for your choice of broker.

Promotions

Brokers offer various bonuses, contests and other types of promotions. Get familiar with what each broker can offer you and be sure to check the conditions. Do not be fooled by promising titles without reading the actual terms and conditions of each product or service. Some brokers try to provide encouragement for modest traders, while others’ offers are clearly oriented towards big spenders.

Software

Do you prefer MetaTrader 4 or 5? Are you looking for an ECN broker? Does the broker offer any free EAs (expert advisors) and if yes, how reliable are they? Learn about the software each company uses so you can identify the one that is right for you.

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