Forex Brokers - Finding the Right Broker

Forex brokers are a diverse group. There's commission and non-commission brokers, Meta 4 brokers, various types of trading platforms, special managed accounts offer, the list can go on and on. With all the hype and advertising, it's hard to make an educated decision when choosing a choosing your Forex broker. Trading with the right broker is very important and a broker's specific features can mean the difference between huge trading profits and losing your initial investment.

There's three main factors the experts use when making the decision, if you go by these three, you can choose the broker that's right for you, without having to navigate all the useless hype.

1.) Find a broker you're comfortable with.

This one sounds generic and almost cliche, but in reality it's a very important factor in your trading success, or lack of it. In order to trade successfully you have to be comfortable with your broker, open a demo account, check out the trading platform, the news feeds, the buy/sell button, charts and graphs and customer service. Do they have 24/7 live chat? Is the broker regulated in your country? Being comfortable with all of these factors is key. Once you've chosen your broker, spend a day or two just navigating the platform so, by the time you are ready to trade, you can do it with your eyes closed.

2.) Read Reviews

There are a wealth of free, unbiased reviews of brokers all over the internet, especially on forums. The truth is that some brokers are scams and some brokers aren't very user friendly or profitable. Be sure to read as many reviews as you possibly can regarding the broker you're planning to trade with.

3.) Make a List of Pros & Cons

Making a list of pros & cons for each broker you're considering really helps, especially when you simply can't decide between two of them. Factors like trading deposit bonuses, customer service quality, comfortability, independent reviews, market feed quality, the ability to freeze your rate should all come into play.

The problem for most new traders is they choose a broker too quickly, based on an advertisement or single promotion, without realizing the full features, or lack of features, that the broker offers. Once you have your list of pros & cons, you'll know which Forex broker offers the features you need, and which ones aren't up to your standards.