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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