Forex Series: Why You Should Choose The Right Brokers

In order to attain the earnings you hope for with Forex, you have to choose a middle-entity – an online portal that will facilitate your trading activities so that the exchange of currency will take place.

Just as a good transportation vehicle will ensure a safe journey for you, a broker can really either make or break the trading success you’re aspiring for. It is the reason why having enough knowledge about Forex brokers is one of the most crucial steps that you must undergo.

So what does a Forex broker do? Its task mainly revolves around accommodating your online trading profile, storing your personal information, holding your trading capital, and facilitating your trading activities at any time of your choosing.

Requirements you need to comply

Once you have chosen your broker, you will need to sign up to them and register some credentials. This includes submitting photographs of valid pertinent documents such as a valid ID, residence certifications, or any piece of paper that can prove your identity. Of course, you need to be at least 18 years old when you engage in Forex trading.

The exact list of the necessary documents is highly dependent on the online platform you choose, so the requirements can greatly vary. The only thing you need to remember is that you have to be prepared to present the needed legal documents.

If you are below the legal age bracket, you may still participate in Forex but only by using a demo account. In there, you can have access to practice accounts which can really appear like a real account. After having sufficient knowledge of it and once you have reached 18, you can then use the skills you learned. You will then have the expertise you need that most adults will be very envious of.

But before you do any of that, you have to identify first if your chosen broker is worthy of your trust, your time, and your investment.

The Most Popular Forex Brokers

Here are the best brokers as recommended by investopedia.com – one of the most trusted authorities in any investment-related source of information on the internet.

CMC Markets – Established in 1989, it is very popular among seasoned Forex traders because of the reputation it has garnered over the years. Investopedia ranks this platform as the “overall best trading platform.”

London Capital Group – It started in 1996, and got rebranded in 2016. It is known for its downloadable platform which can be installed on mobile phones and personal computers. Its reputation is etched in its integration of seamless trading for newbies and experts alike.

Saxo Capital Markets – With its focus on multi-asset trading and investments, it has been known to offer quality “banking as a service” to its clients which are comprised of people from all over the globe. This platform caters to the needs of advanced traders. It was established in 1992.

XTB Online Trading – If you are looking for a platform with the lowest costs, this one is for you. XTB is most notable for its reputation of being the most recommended platform for those who want to minimize the fees that their trading exploits will give them. It is founded in 2002.

IG Group – Here’s one thing that might surprise you, most Forex brokers don’t accept traders from the US. But if you are someone who lives in that very powerful country, IG Group has the answer to your trading needs which other platforms above refused to cater to. It is founded in 1974.

If you are someone who lives in western countries, the above-mentioned brokers should be your top choice. If you live in Asia, the following would be ideal for you:

LiteForex – Having established a strong reputation in Asia during its initial stages, it is now known to cater to over 15 global languages. It is also known for its user-friendliness and for the built-in tools that anyone can use for the analysis of prices and trading charts.

XM – The fact that it is regulated with two tier-1 jurisdictions and one tier-2 jurisdiction, is one of the best choices for aspiring traders. Because of its capacity of handling 30 languages worldwide, as well as its top-notch services, it is an award-winning platform which makes it an ideal choice for Asian and 2nd/3rd-world countries.

Avatrade – Just this year, this platform is hailed as “Best in Class for Commissions and Fees.” Even though its targets these days are mostly Asian traders, it can be highly classified to be as good as the UK-based brokers mentioned above like Saxo, LCG, and CMC.

These brokers are just among the best as ranked by experts, as published on web articles. To further widen your search, you may proceed to investopedia.com, or forex-ratings.com where a long list of the options are offered and updated regularly.

In doing your own research, don’t just listen to what the experts are saying. Check out the given platform by yourself because they could be offering you some options and services that are very specific to your needs. There might even be new brokers that even the experts are not aware of yet.