If you are a trader in the forex market, then a broker can be useful. So basically, brokers are the mediator or the one who creates a connection between a buyer and seller. In the forex market, the buyer and seller have different instruments, and they need a place to buy and sell currencies, and they come to the role of forex brokers.
Role of Forex Brokers
If you are a buyer or a seller in the trade market, then the brokers will act as a middle person and help you to find the best buyer or seller for you. Forex brokers are also called as the liquidity provider.
Types of Brokers:
There are mainly two types of broker in the forex market:
- Dealing desk – Dealing desk brokers execute the trades when they are exposed to that.
- Non-Dealing desk – Non-dealing desk brokers don’t execute the trades; rather than this, pass to the third party. There are two types of non-dealing desk brokers – Electronic communication network (ECN) and Straight-through processing (STP).
Tips to find the best forex brokers for beginners
If you are new to the forex trading market, you need to be very careful to choose the right broker for you. There can be a possibility of scammers. If you want safe trading in the forex market, you need a good broker but finding a good broker isn’t easy. There are hundreds of brokers on many trading platforms. Choosing the best one among them is crucial. So you have to know everything about trading before choosing a broker. Here are the tips to keep in mind while choosing the brokers.
- Visit Forex forum– You can visit Forex forums where you can interact with the people who are in trading for a few months or years. You will get to know about the good and bad sides of different brokers.
- Search as per your need – It is difficult to choose a broker if you don’t know what you are searching for. Ask yourself whether you are in day trade for a lot or little. Choosing the right broker depends on the amount of capital you have.
- Trading platform – If you are a beginner, then you must use a user-friendly platform. After getting a basic idea about it, you can move toward complicated platforms with complex trading strategies.
- Clear your doubts– Being a beginner in the trade market, you need to clear your doubts. Before confirming the broker, you must ask about their company type, the popularity of their company, their fee structure, and their client support.
- Trading resources – Choose a broker that gives you proper trading resources that help you in trading. They usually provide videos and articles related to trading, along with apps to support your trading.
- Security– In the trading market, security is a must. So always go for the brokers that can give good security to your currencies.
- Hassle-free work – A good broker will allow you to have hassle-free work from deposit funds to withdraw money.
List of Best Forex Brokers for Beginners
In the forex trading market, beginner traders need simple and user-friendly brokers. Because they don’t know much, they might need a good FX-List compilation, but here we have listed a few of them:
- XTB – It has more than 3000 trading instruments and has low spreads. It is also an award-winning platform.
- BDSwiss – It has multiple regulations. It provides commission-free trading.
- FXCM – It gives free trading tools. The minimum deposition is low in FXCM. It guides beginners.
- FP Market – It provides more than 10000 instruments and a wide range of trading tools. It has good customer service and also provides a proper guidance to beginners.
- Plus500 – It has more than 2000 CFD products including cryptocurrency. It has multiple regulations. It also provides more than 100 chart indicators.
- ForexTB – It has more than 300 markets for trading.
- RobiMarkets – It provides more than 12,000 instruments for trading. It also has good customer service.
- RoboForex – It gives more than 12000 instruments. It has an analytic application and also guides the beginner.
- eToro – Regulation of this is high. It has a wide range o
List of Best Forex Brokers for Professional
When you became a professional in trading, you better know about the brokers, their good and bad sides. So if you want a broker to get a more effective result in your trading then, here are some points to keep in mind.
- Professional trading tools – Look for forex brokers that will give you varieties of professional tools like a commission calculator and an economic calendar.
- High leverage – Professional traders love to use leverage to increase their capital. Search for a forex broker who will provide high leverage.
Now here are some of the Forex broker companies you can go for if you are a professional trader:
- Saxo Bank – It is good for the traders with a minimum USD 10000 deposit for the classic accounts and a minimum USD 200k deposit for the platinum account. It provides a good trading platform and more than 40,000 trading instruments. Saxo bank also provides educational resources.
- CMC Market – It is a trusted broker with excellent prices and provides 10,000 instruments for trading. It is good for low-cost trading and has an excellent user experience. CMC Market has low risk in trading and also provides educational resources.
- Interactive Brokers – It helps the professional traders to meet their demands with some advanced tools. The commission fee is less in comparison to other brokers. Its commission starts at 0.00002 of the trade value in USD.
- City Index – It is known for its high regulations. It delivers quality research and also provides research articles daily.
Choosing the wrong brokers can lead you to lose money. So before selecting these points should be in your mind not to get scammed. In Google, you can see a mix of reviews of brokers. So it is better to research thoroughly, clear all the doubts, and then choose the right forex broker for trading.