How to Select the Best Forex Broker – top forex brokers list

Doing trading in the Forex trading market is regarded to be an exciting career choice. How do you select the right type of Forex broker? The article discusses the things that should be considered when selecting a Forex trading broker.
The traders in the forex market have over fifty brokers to select from, but selecting a best one is a bit challenging for uninitiated, mainly considering wealth of services and features that traders can provide. However, with the fact that the fee structure of the broker, offerings of software and general levels of service can affect the profitability of a trader seriously, choosing the right broker is of greatest significance.
Here are certain things that should be considered while selecting a proper broker
Trading Spreads: It is a difference between “ask” and “bid” costs of the trading instrument. As Forex losses and profits are calculated on the basis of lower spreads, pips that translate into low trading prices and more gains. For instance, a cost of making an entry into a trade of 100, 0001 unit with spreads of one pip is ten dollar. On the contrary, a trade of 100,000 units entered while the spread is three pips will cost nearly $30. Some of the traders might vary in the spreads on several holidays and also in the news releases, based on the liquidity of the market. Look around for best spread of trading as they vary between the brokers in a great manner.
Broker Regulation and Registration
Make sure a broker, you consider is registered with the regulating authority like National Futures Association, Commodity Future Trading Commission. These agencies make sure that their members stand by certain rules that protect the integrity of the market and safeguard the interests of the investor.
Charting Features and Package
Does a broker provide a charting pack that has features and technical pointers you will want to execute the strategy of trading? If the features that you are looking for are not offered by a broker, one might have to make the payment for add-on the charting package. Select a Forex broker that comes with a total pack with things you are looking for, so that one has to make the payment for add-on the charting package. Select a trader that has a total package with things you want, so there is no need to pay extra.
Leverage
This does not have any reply. Generally, trading with a high leverage is dangerous but is totally regarded as the call of a trader. If the strategy of trading calls for a leverage of nearly 100:1, you should make sure that any likely Forex trading broker provides that amount of leverage. If you do not want to get tempted for using high leverage, you might have the desire to move with a Forex broker having a large amount of leverage of nearly 20:1.
Least Amount for Opening a Trading Account
Till nineties, Forex trading was just open to individuals and institutions that have deep pockets. Today, some of the Forex brokers will permit the traders to start a trading account with as few as one dollar. Still, others might have a deposit needs that are into tens of thousands. There is no need to waste your time in doing research about the broker having a minimum deposit need. In certain cases, the requirement of minimum deposit might depend on whether one opens a “mini” or the “average” account.
Mini accounts: Brokers suggest starting the mini account if one wants to do the trading less than two thousand dollar. These accounts generally provide high leverage for compensating low profits which can be predictable from the working with few capitals. You will also be asked for upgrading a mini account to the standard one, when one grows balance to an important amount.
Standard accounts: It is the actual starting capital for the standard accounts are more than that for the mini accounts and generally provide less leveraging.
Minimum Sizes of trade
Some of the brokers only permit lot size trading. For trading that figure in a safe manner, you will demand a large amount of money, mainly if one is not utilizing a lot of leverage. Still, other Forex brokers permit one to do the trading whichever size you want, even a single unit. This is also significant to check whether the broker takes a certain amount of fee for executing small deals, but make sure that you understand the trading deal properly.
Demo accounts
The demo accounts permits one to test the platform of trading and environment prior to the plunge you take. The demo accounts are the setup with fake cash. They are one of the best ways to involve live trading without any risk of real cash. Seasoned dealers might also utilize accounts for developing new strategies of trading, before they actually risk actual money in trading the particular strategy.
Rollover Interest
This is an amount that one pays or receives, if one holds a trade overnight. A rollover interest is net of the rate of interest of currencies which is traded. For instance, if the interest rate of Australia is four percent and U.S is one percent, holding the long trade on UISD/AUD will cost 3% pa. You will come across certain Forex brokers who calculate the interest on the basis of per second. There are chances that the payment of interest might not be a large amount of money, compared to the profits which can be understood from the currency movement. The payment of interest or gain can become important, mainly when pair of currency trading with large differences of rate.
Hidden Fees
Make sure that the broker does not make one broke, by being conscious of the several ways by which they extract money from one. This is not a secret; Forex brokers attain most of the revenue from charging a large amount of fees. Ensure that you understand things about the charges your Forex broker charges from you. Some of them are:
1. News services
2. Maintenance of account
3. Advanced package of charting
4. Minimum amount of balance
Options of Account Deposit
Does a broker accept certain deposits by Pay Pal, paper check, debit and credit cards? This might be a thing of ease, but in various ways it can find the amount it costs for transferring money in and also out of the trading account. Utilizing the credit cards could be the easiest way to attain money into the trading account, if the broker offers this choice.
On the contrary, it could become costly for depositing a huge amount into the account of trading utilizing a credit card, mainly when it is compared with the flat charges charged for doing the wire transfers. Still, now utilizing the credit cards or Paypal might be regarded as the cheapest alternative, if few amounts of money is transferred.
Facility of Mobile Trading
Are you planning to check the trades when you are not in front of your desk? Using a movable feature of trading is an important tool for traders who want to do trading seriously. Whether you will make important trading decision or not on the road, collecting information about this tool will help you take important decisions of trading.
Before You Take a Decision
Before one commits to a trader and open the actual trading account, join in for the demo account. It will offer an actual sense of how one should deal with a Forex broker and how is the trading platform. In most of the cases, demonstration act like an actual accounts of trading. If you are a fresher in Forex trading, the demo account or stimulator of Forex can actually assist you in learning how one should do trade in the Forex market.
One might want to explore the forums of trading, to learn about the issues that the traders might have with a specific broker or seek replies to the lingering queries. For more strategies and tips, make sure to check other items in the trading guides by the collection of Bright Hub.

Here are our list of Top forex Brokers :

Forex brokers

Broker name Payment methods  Autotrading platform Forex reviews


Avafx Wire transfer

Credit Card

Zulutrade

Tradency



Avafx
HotForex Pamm Hotforex Wire transfer

Credit Card

Moneybookers

PayPal

 

 

PAMM

 


Hotforex
 Etoro Bank Wire, Visa, Credit Card, Paypal, Moneybookers,
Neteller
Pamm

Etoro
instaforex Instaforex
Bank Wire Transfer
Credit Card
Liberty Reserve
MoneyBookers
RuPay
WebMoney

 

Pamm

InstaForex
Forex.com Forex.com Credit Card

Bank wire

Zulutrade

Tradency

 



Forex.com – GAIN capital
instaforex Alpari Ru Bank Transfer, Credit card, Moneybookers, WebMoney,
RBKMoney
Zulutrade

Tradency

Pamm



Alpari
Fxopen Bankwire, Creditcards, Moneybookers, RBK Money, Pecunix,
AlertPay, Liberty Reserve, Weboney, PerfectMoney, c-Gold, CashUk
Zulutrade

Pamm


Fxopen
Dukascopy Bank Wire Zulutrade  
Dukascopy