For those who are interested in Forex trading, it is important to find the right brokers. There are several key factors that you should compare before selecting one though your needs may be different from someone else’s, so it is important to understand fully.
One way to compare is to use the helpful compare feature of many available websites. This feature should list all Forex brokers by name while providing helpful information in a comparison form. You may also be able to get more information from specific brokers that you are interested in.
Brokers and Reviews
Each broker will be listed with a special review so that you can read in depth about that broker. This is helpful for many, but some people don’t want to go through the entire list and read multiple reviews. It may be better to consider the finer points of each broker through a compare and contrast and then read reviews of those you think are a good choice, allowing you to make an initial decision and read more in depth for later comparisons.
Demo
When comparing Forex brokers, it is important to note whether they have a free demo or not. Many brokers offer a free demo option, so that you can learn the basics and all the tools available before spending and trading real money. If you are new to Forex trading, you should definitely consider a broker with a free demo.
Deposits
It is required on almost every broker website to have a minimum deposit of real money. While there are some websites that require up to $5,000, some only require $1 or $5. If you are new to the trading world, consider a low minimum amount. You can always sign up for and use other sites that require a higher minimum deposit after you have learned the trade and feel more comfortable.
Platforms
Many Forex brokers use the same platform, though some use a different version. If you are already familiar with the platform, you may want to consider using those. Make sure to note whether the platform is downloaded or web-based; some platforms can be either.
Leverage
When you deposit money, the broker can provide you with a percentage of your total deposit, providing you more money for each trade. This is usually to your benefit, so consider leverage ratios carefully.
