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What Is The Best Forex Broker?
This is one of the questions I have always encountered during my 8 years of trading experience in forex. This question is raised especially for those who have just started trading in forex. In fact answer to this question is so important because it can help traders a lot to have a successful trading. Here I try to share with you these 8 years experience of forex trading with tens of different brokers.
To be honest there is no best forex broker. We can’t actually introduce any broker as the best broker. Why? Because traders’ criteria for choosing their brokers are totally different from each other. In general the criteria for choosing a broker include: 1- Trading Criteria 2- Personal Criteria 3- Security and Trustworthy
1- Trading Criteria:
One of the most important criteria for choosing the best broker is the trading terms and conditions of that broker. Trading criteria depend totally on the trading strategy of that trader. As an example; Alex is a long term trader with only one or two trades per week and Oliver is a scalper who may make hundreds of positions per day. For Alex 0.5 or 1 pip additional spread is totally acceptable, while for Oliver this is not only unacceptable but can be his nightmare!
Alice is a fundamental trader who trades only when some economic news is going to be published, therefore her broker should have the least spread and slippage in that specific time, or Olivia is employing autotrading strategies and EAs in her trades, so the platform her broker offers should have the possibility for autotrading.
Below are some of the most important trading criteria which most of traders are nowadays considering: spread, speed of order execution, reqoute, slippage, leverage, platform, autotradiong and scalping possibility. Typically these are the main items every trader considers in choosing a broker.
2- Personal Criteria:
Another effective factor in choosing a forex broker is the personal criteria of that trader which may be different from trader to trader but does not affect his/her trades at all. Consider Alex who lives in London and likes the broker he is working with have office in London to have a face to face contact with them. Oliver likes his broker to have the possibility to deposit/withdrawal via PayPal and Alice likes to work with a broker who has the privilege to give her bonus on her deposits!
3- Security and trustworthy:
It is obvious that this is one of the most important factors in choosing a broker. You have to trust and make sure the place where you are going to put your money is safe and trustworthy. Safe; so that you can withdraw your money any time you wish with no problem and Trustworthy; To be sure that you will not encounter any problem during your trading from their side.
Is it necessary for a broker to be regulated?
Many traders say Yes to this question. They will never choose a broker who is not regulated, but for me this is not the case! To be regulated for sure is a good privilege a broker can have, but I myself have worked and now am working with many unregulated brokers (or those who don’t have famous regulations) and the fact is that the profits I have gained from the unregulated brokers have been much more than those who have been regulated brokers.
But notice that when I am saying to be regulated is not that much important for me, does not mean that you can work with any broker! I strongly recommend that you should work with a broker that has a good fame and reputation and its traders are satisfied working with it.
Now taking into consider all these points I told you, you all can confirm that no broker can be introduced as an absolute the Best Forex Broker! The fact is that different brokers can be the best for different traders! What is important in choosing a broker is to be compatible with your trading strategy, meet your personal criteria and above all is to have enough credit and security.
An important point for novice traders:
If you are recently introduced to the forex world, now after enough practicing in a demo account you want to open a real account, I suggest you not to waste your time looking for a broker; because most of the famous and credible brokers can meet your current needs. Instead you should spend more time on your trading strategy and try to improve it.