Compare Forex Brokers
How to compare and choose a Forex Broker
In your search for
finding the right forex broker that suits your trading style, one of the
obvious steps involved is to compare forex brokers from the short list
of brokers that you already have. While the initial research into
comparing forex brokers might have led you to a list of credible forex
brokers to trade with, the next step will allow you to focus on the
smaller details that can make a difference to your trading.
The short list from
the forex broker comparison table can be from different set of
parameters that you might have used and narrowed down your search for a
forex broker to a select few. Finding the right forex broker from here
onwards takes a more serious approach and requires making use of forex
broker's comparison table. Using the forex broker comparison tool you
can narrow down on a lot of other factors such as spreads, swap
conditions, deposit or withdrawal fees, and other important criteria
such as security of funds, regulation and so on (which you would have
already done previously).
When it comes to
spreads, make sure that you compare forex brokers, to keep an eye on the
spreads during normal trading hours and during high impact news releases
such as the monthly NFP report and so on. It is in your best interests
to see how the brokers deal with spreads ahead of a big news event which
as many of you know results in wider spreads. The question to ask is
whether the spreads are reasonable. Some forex brokers tend to take
advantage of these high impact news releases to widen their spreads,
resulting in premature trigger of stop loss orders.
For swing trades,
using the forex broker comparison tool, always check to see if the
overnight swaps are competitive. When you leave your trade open over a
period of time, chances are that the overnight spreads will eat into
your profits. Not all forex brokers offer the same overnight swaps and
this is something to bear in mind.
Assuming that all
the forex brokers in your short list have all the prerequisites such as
being licensed, regulated and so on, it all comes down to the finer
details that show up from the forex broker comparison tool to achieve
the best trading conditions for your trading journey.
While it might seem
a bit arduous for searching for a forex broker, bear in mind that it is
essential to do your due diligence before you commit your funds.
Therefore it is always prudent to do a thorough analysis by comparing
forex brokers to narrow down to the best forex broker that suits your
Brokers to compare from the scrollable selection list on the left
sidebar of the website. Enter a query in the search box to find a
specific Broker to select.
from the above dropdown list the way the selected Brokers would display
in the comparison table (Vertical or Horizontal).
which information / details of the Brokers would be displayed in the
comparison table by pressing the green buttons above (Profile, Accounts,
Payment Options, Trading Terms - A pop up window would appear).