Forex Brokers: Choosing The Right One

One of the most important first steps to being successful in Forex is choosing the right broker. The potential for profit in Forex is unprecedented but let's face it, Forex trading comes with a high level of risk as well. When investing your hard earned money in this market, it's essential to choose a broker which allows you to most effectively minimize your losses & maximize your profits.

However, many traders are not sure what to look for when choosing a broker. There's so many advertisements, promotions & bonuses being offered by various brokers, it's difficult to tell which brokers are really worth trading with. Here are some things to look for when making this important decision:

1.) First & foremost, check online reviews for this broker.

Independent reviews sites, Forex message boards, forums & rating sites can be excellent sources of information on brokers. Individual traders visit these sites and post their experiences with a specific broker, positive or negative.

2.) What does this broker offer that makes it unique?

You want to choose the best broker out there right? Have a look at what each broker is offering that makes it fit to your trading needs. Is it MT4? Do they offer managed accounts? Is it a commission or non-commission broker? Are there micro/mini accounts? etc.

Along with the different features, have a look at the promotions that broker is running. Deposit bonuses have become common so I would recommend choosing a broker that offers one.

3.) Does this broker have a forum?

Ok, this one is very important. A forum indicates that a broker has nothing to hide and is very open to traders questions & concerns. A forum is a place for traders to congregate & voice their opinions, only a legit broker would provide one because, let's face it, a low quality broker wouldn't want it's traders conversing about all of it's problems on it's own site.

4.) Try the demo account

All legit brokers offer a demo account so you can try their trading platform and see if the broker's specific style & feel fits your trading techniques. Use the demo account to test your trading strategies & methods.

5.) The essentials

Any Forex broker worth their salt provides:

* Live market news feeds
* 24/7 customer service
* Charts & graphs for your trading convenience
* Instant Execution of Order(sounds obvious)
* Execution of stop loss rate

Once you’ve chosen the right broker, the odds are in your favor & your chances of succeeding in Forex increase greatly.