Do you want to compare forex brokers? Then it’s an advise you to do this carefully. There are many forex brokers online. Some of these brokers offer you a free demo-account, to test their platform before trading in real.
Factors to consider
When you compare Forex brokers, you need to be aware of many factors:
- Don’t look to the discount: ignore the discount, because this isn’t the answer. It’s better to choose a full-service broker with a trustable, reliable image and a regulation, like FCA (UK), CySEC (Cyprus) or ASIC (Australia). Never open an account from an unregulated broker, because it is scam.
- The availability: a brokers website must be available 24/7. If you compare Forex brokers, don’t forget to check the websites very carefully. Check a brokers website at different times of the day. Check a website also during peak trading hours and control how fast the website loads and how the links are working
- The price: the price from an online broker, gives you a good indication of the service. Don’t open an account with a broker because they offer you the lowest costs. Mostly the fees for limit orders will be very high
- The support: check how you can contact the helpdesk of the online broker. Most brokers have a helpdesk that you can contact 24/5 via telephone, e-mail and the contact form at their website.
- The functions on the trading platform: a platform must be user-friendly and easy to use
- The minimum deposit: check what the minimum deposit is, a broker requires. Some companies require a deposit from $100 and others require a deposit from $200 or $500
- The diversity of instruments: Check if a broker gives you access to the CFD’s and instruments you want to trade, like forex pairs, commodities, shares and indices.
A free demo account
Many brokers offer a free demo account, which you can use to practise with trading. After learning enough, you can open a real account and start trading. Some brokers also offer education and free webinars and seminars.
Another way to compare Forex brokers, is reading reviews. Reviews gives you an insight what other people experienced using a broker. Real and genuine reviews give you the right information. It is the information that you were looking for. If you read brokers reviews, you will discover what customers like or dislike about a Forex broker. Many websites are specialized in broker reviews. A reliable website only list brokers that operate in an officially regulated environment.
Did you compare Forex brokers? And did you find a suitable broker? Than open a free demo-account or open a real traders account right away.