Modest Money Blog | How to Find a Great Forex Broker | Talkmarkets
Modest Money
Contributor's Links: Modest Money

ModestMoney is your source for breaking investment news, including stock market developments, currency trading reports, and the latest commodities events. Modest Money provides insightful investment analysis from a diverse array of investment and financial minds.

Our more

How to Find a Great Forex Broker

Date: Monday, May 27, 2019 6:43 PM EDT

Thinking of getting started with Forex trading?

It's one of the most popular ways to trade today, and one of the easiest options to learn too. Of course, whether you're new to the market or a veteran trader, it's safe to say that you won't get far without the right broker in your corner.

Your broker is the person or company that makes sure that your trades go off without a hitch every time, so you can focus on making as much money as possible for your future and your family. While there are plenty of brokerages out there, not all of them were created equal. That's why it's so important to make sure that you're choosing the right forex broker for your needs.


Don't Cut Corners with your Broker

While it's tempting to go it alone to reduce the costs of running a Forex trading account, a Forex broker is more valuable than you might think. After all, your Forex broker is the person that you call if you suffer from a dispute in your trading, or you have an issue that you need to resolve. The right company will look into all the details of the trade on your behalf and make sure that you don't pay more than necessary.

Additionally, Brokers can help you to navigate the Forex market when you're still getting used to trading in currencies. They'll ensure that you get the best possible chances of making a serious profit on your money. However, if you choose the wrong broker, then there's always the risk that the company will simply run off with your money - leaving you with nothing. To avoid this we highly recommend everyone to do a detailed background check about the broker of his choice and get as many information as possible before signing up. There was an article about the most trusted forex brokers published by business24-7 which we advise everyone to read before making his final decision.

Finding a Broker You can Rely on

Whether or not a broker is regulated will determine who you'll be able to turn to if you're not happy with the outcome of a trading dispute. A regulated broker is often a form of insurance, you hope that you'll never need to turn to them for extra guidance - but if you do, then it's good to know you're protected by the right company.

Some of the most distressing experiences an FX trader have happened because an unregulated broker ended up getting shut down.

So, what exactly do you need to look for in a Forex broker? We have listed just the basic factors you need to take into consideration. If you need a detailed liost than we highly recommend you to check out the overview of online trading platforms published by

Check for These Things in your Forex Broker

When choosing the ultimate Forex Broker, there are a few things that you'll need to pay close attention to. For instance:

 - Do they offer a demo account? You'll need a demo account to check how comfortable you feel trading with your new broker. Make sure that you can "try" before you buy.

 - What do the reviews say? Checking out reviews and testimonials is a great way to get an inside view of a brokerage before you sign up with them. Just be careful not to fall for fake good or bad reviews.

 - Forex forums: Get some input from the forums of people talking about their favorite Forex accounts. This can give you a more profound overview than basic reviews, and the messages you read are more likely to be genuine.

 - Look for regulation: Make sure that the broker you choose is regulated by a well-respected group in a relevant country. For instance, UK traders should look for brokers that are approved by the FCA.

Paginate |
Disclaimer: This and other personal blog posts are not reviewed, monitored or endorsed by TalkMarkets. The content is solely the view of the author and TalkMarkets is not responsible for the content of this post in any way. Our curated content which is handpicked by our editorial team may be viewed here.


Leave a comment to automatically be entered into our contest to win a free Echo Show.