Foreign Exchange Brokers
If you want to trade forex, you have to choose from one of the hundreds of foreign exchange brokers out there to
work with. Since brokers are something that you  preferably want to stick to for as long as possible so that you can dedicate your
time to concentrate on your trading, it’s important that you choose the most suitable online forex broker from
the start to prevent any unnecessary disruptions to your trading. Here are some of the details you need to
look out for when comparing between foreign exchange brokers:
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Platform:
Some brokers offer proprietary platforms while others use commonly available ones. If you wish to use an automated
forex trading system such as FAPTurbo or Forex Megadroid,
then you absolutely need to select an online forex broker that supports the MetaTrader 4 platform. This is because
MetaTrader supports the usage of Expert Advisors which are scripts that automate certain functions, which is what
FAPTurbo and Forex Megadroid essentially are.
Forex Charting Software
All good online foreign exchange brokers should offer forex charting software with a wide variety of indicators
such as Bollinger bands, stochastics, MACD, etc
Forex Economic News
Your online forex broker should keep you updated whenever there are economics news releases, whether major or
minor.
Free Demo Account
Good foreign exchange brokers will provide a free demo account that you can sign up for easily and quickly so that
you can test your online forex trading strategies before implementing them live.
Islamic Accounts
Muslim forex traders need to select one of the foreign exchange brokers that allow them to open accounts without
overnight interest since the Islamic law prohibits interest payment. These are also known as swap-free
accounts.
Helpdesk and Hotline Support
It’s important to have fast and responsive support especially if things go wrong. It would be best if the online
forex broker has an office or support hotline in your country or region.
Ease of Deposit and Withdrawal of Funds
This is an often overlooked point. Good foreign exchange brokers provide a wide variety of methods for you to
deposit capital and to withdraw your profits. You don’t want to wait until you’re making money to realise that it
isn’t so easy to take them out. After all, we’re all in this for the money.
Community
Many online forex brokers try to cultivate a community by hosting forums for traders to meet and discuss with each
other their latest trades and strategies. Some even organise competitions to make online forex trading that extra
bit more exciting.
Others
These are other factors that might sway you in the direction of a particular broker. For example, eToro has a unique platform that presents forex trading in a fun way rather than having the
traditional boring charts. FXOpen on the other hand has promotions such as a $100
bonus after you’ve made cumulative trades of 10 lots.
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