This year has seen a whole new generation of traders enter the FX markets. Global lockdowns, record volatility on all asset classes and zero-fee trading apps like Robinhood, proving a gateway to hundreds of thousands of new forex traders onboarded in 2020.
So, how does someone looking at everybody else investing in the fx markets choose the best forex broker to trade with? Here are few quick pointers which should help everyone choose the best forex broker for them.
Choosing a broker with a) regulation and b) the right regulation should be a key factor in choosing a forex broker. Licenses to run an fx broker are available all around the world, but the levels of protection and jurisdiction vary considerably. The strongest regulations for an FX broker to have and for a trader to be protected by are the UK’s FCA and the European regulated CySec.
2. The Platform
In today’s technologically advanced society, the platforms used to trade are important to the user. MetaTrader 4, MetaTrader 5 and a fully functioning mobile platform are the most popular platforms for traders and when choosing an Forex broker, it is highly recommended that you make sure the forex broker has a strong mobile platform and that you get to try the platforms out on a demo
3. Use the Demo
As mentioned above, it is highly recommended to use a demo of the forex broker. The best forex brokers will offer a demo, like the one found at this forex broker here. The Demo gives you the opportunity to really test out the platform, the customer service, trading strategies and the company as a whole. All for free.
4. Check the fees/Read the small print
I may sound obvious, but it is imperative that you read any small print or terms and conditions. Hidden fees, transaction costs, deposit and withdrawal restrictions all can impact a bottom line and should be checked and checked again.