The foreign exchange market has experienced spectacular growth in recent years. We can assure that it is an ambit as lucrative as it is complex, hence the importance of having the best forex brokers to guide us and maximise our profits.
Forex trading is an international and decentralised currency exchange market. It is very useful to facilitate all kinds of worldwide operations and investments and is strongly digitised. In order to obtain benefits, we must buy currencies when we think their value will rise and sell them when we believe it will decrease.
The importance of working with a trusted Forex broker
Correctly predict the behaviour of currencies is not a question of divination, but of analysis. There are many factors that influence the value of currencies (GDP, unemployment, elections …), hence the importance of having a good broker to advise us properly.
The Forex broker is a person or company in charge of advising and carrying out operations of purchase and sale of currencies for its clients (traders). It’s about a specialised professional who has a license to practice and who interacts with its clients online.
When our money is at stake, it is essential to put ourselves in the hands of the best professionals to avoid ending badly. A trustworthy broker will act with total transparency and will give us the best advice to invest in currencies in the most profitable and safe way.
How to choose the best Forex expert?
A successful broker is the one who knows how to correctly analyse the market… and an intelligent trader is the one who knows how to choose the broker correctly. Here are some key points for selecting the best financial intermediary:
- Year of foundation: the more seniority the broker has, the greater experience and good reputation will have.
- Regulation: brokers must always be properly regulated and capitalized, as well as having a stable trading platform that incorporates good analysis and graphics packages.
- Opinions: the valuations of their traders are very effective in order to know about their customer service, transparency and effectiveness.
- Payment methods: credit cards, electronic payment platform, checks, bank transfers…
- Maximum leverage: the higher it is, the riskier your investment will be (in terms of profit and loss).
- Spread: If you frequently trade Forex, a broker with a low spread is convenient in order to reduce your expenses.
- Broker type: they are classified according to their speed and efficiency to process the trader’s orders (MM, ECN and ECN + STP).
- Minimum deposit: the lower be the better. Some brokers offer bonuses to their traders to incentivize their hiring.
- Account type: if you have a demo mode, you can experiment with their services without risking your money
There are many companies dedicated to operating as Forex brokers. In fact, to decide which of them is the most convenient for us seems an overwhelming task. Luckily we have online tools like Topbrokers: a comprehensive and objective broker comparator that is able to make our choice as easy as possible.
