Online forex trading has become extremely popular over the past decade and lots of online brokerages have sprung up in response. The problem is, with so much competition in the industry, how do you know which one is the best forex broker? In this quick piece we will guide you through what to look for in a forex broker and help you find the best one to meet your forex trading goals.
The Best Forex Brokers are Regulated
The first thing you need to find out when researching brokers, is whether or not the broker you’re looking at is regulated in a reputable jurisdiction. Brokers based in Australia and the UK are a great choice, because these nations have a solid regulatory framework for protecting traders, but at the same time don’t impose ridiculous restrictions on traders like the US regulators. When you trade with a broker in Australia or the UK, you know your money is safe and you’ll be free to trade whatever strategy you like.
You should never trade with an unregulated forex broker, if something goes wrong, you have no avenue of recourse. They could honestly just steal your money and there would nothing you could do!
The Best Forex Brokers Have Great Support Around the Clock
This is very easy to check, but also extremely important. You’d be surprised how many brokers just employ economics students who’ve never actually placed a trade. When you call your broker, the last thing you want is to know more about trading than they do. You should also be able to contact your broker whenever the market is open – some brokers try to save money by only offering support during local business hours. If you want to test this out, simply contact your broker out of local business hours and ask them what RSI stands for (or some other basic trading lingo). If you get a message saying they aren’t around or the chat agent has no idea what you’re talking about – run the other way!
The Best Forex Brokers Offer an ECN Solution Through the MT4 Platform with Super Tight Spreads
The best forex brokers use the MT4 platform and have supercharged this with an ECN bridge solution in order to offer you the tightest spreads, while placing your trades in the real forex market. The ECN brokerage model removes conflicts of interest, ensuring the forex broker and trader are on the same team. Traditional forex brokers make money when they’re clients lose. When you trade with a true ECN forex broker, your broker offers you the tightest spreads, because they want you to win. The best type of forex broker is one that only makes money as you trade volume, not when you lose.
Don’t Look Any Further for the Best Forex Broker
Now you know what to look for, go through the Vantage FX website and see what we offer all our clients. We are an Australian regulated ECN forex broker, with round the clock support from knowledgeable, professional staff. We tick all the best forex broker boxes.
Open a RAW ECN account today with forex broker, Vantage FX and never look back!
Source: Vantage FX Blog