Best Forex Broker

Learning the basics of Forex trading and strategies of top players is not enough to be successful in this arena. No matter how much you research on the Forex market, trading platform, margin accounts or even take advice from experienced traders, all such efforts are fruitless in case you end up opening an account with the wrong broker. From the activation of a new account to advice on the right Forex pair, investment and instant alert if market shows unexpected or unfavorable trends; all these are part of a broker’s services. Account related details, investment requirements, exposure in financial markets and all such factual information can be found on the broker’s website. However, this does not portray the complete picture of the agent. Manipulation of details and window dressing is not so difficult these days. And it is not sensible to rely on such information only.

There are several other factors that must be taken into account before appointing your Forex trading agent. The most effective way to judge brokers is to meet them in less formal settings. Perhaps a meeting at the nearby restaurant would make them more comfortable and you will get more chances to judge their expertise and professional behavior.

But on what basis would you judge the Forex agent? Here are few points for you to remember while having one-on-one conversation with the Forex broker.

>> Click here to join the best broker for social trading right now

Passion for Trading

A major part of the Forex trading industry is formed by people of other industries. Also referred as “part time traders”, these people do not have time to go through all the hassles of trading, account management and legal formalities. Moreover, Forex trading industry is amongst some of the highly volatile and fluctuating markets. Think of it this way. Would you be able to keep track of the currency prices that fluctuate every minute? This is why we hire brokers. They keep a constant eye on the exchange rate screen and alert us in case the market takes unexpected or unfavorable turns.

However, not all brokers are that proactive and efficient. This industry is full of analysts who read business news in the morning, just as part of their job responsibility. Then they don’t even bother to glance at the exchange rate screen for the rest of the day unless and until a big price difference or economic happening is brought into their notice. The first thing that you should look for in the broker is his/her passion about Forex trading. Brokers should be such that you call them at any time knowing that they will quote the most updated statistic or real time information. Trading should be a passion for them rather than just a routine job.

Proficient in Calculations and Analysis

What’s the use of paying commission or sharing your profits with your broker if you cannot even rely on their analysis? The simple and effective way of evaluating the proficiency and accuracy of Forex analyst’s forecasts is to view their past analysis reports. Compare their fundamental analysis and past predictions with the actual prices of that time. This will provide you a fair account on their technical expertise and familiarity with the Forex trading market.

Detail Oriented

Extending the previous characteristic, to be detail oriented is a prerequisite for making accurate predictions. Don’t get manipulated by the difference of decimal points. Accuracy means to the point and exact forecast. In the Forex trading market where thousands and millions of dollars are traded, even a pip difference can vary the return by large amounts.

Target Oriented

Target oriented brokers can take two extremes. Either they could be very professional and updated with the market as to meet their monthly benchmark or trading targets. On the other extreme, such type of brokers can be very manipulative and cunning. They will do anything to fill in their target account even it comes at a cost of investing your capital in less profitable or highly risky trade.

Discipline and Professionalism

We just mentioned the two extremes of target oriented brokers. Here is how can you differentiate between them and save your hard earned cash from going in the wrong hands. Broker’s reviews are the most reliable way to judge a broker’s level of integrity, discipline and professionalism. The Forex industry is based on trust and it is very important that the agent or company you intend to hire has a good reputation in the market. Read as many reviews as possible and ensure that the broker is pure from all kinds of scams and scandals. Professional and disciplined target-oriented brokers would not go for unfair means to achieve their trade target.

The Bottom Line…

Finding the best broker is as important as the use of derivatives in the Forex trading market. Losing one client from the portfolio of hundreds won’t affect the broker, but one inaccurate analysis can cause you to regret for years to come. It is your hard earned money but a slight ignorance on your broker’s part may make a visible impact on your bank account and savings. A little effort on research is worth the fact that brokers play the most important role in your success as a Forex trader. Here’s also a great site with lots of useful information.