Best places to find Forex brokers
Once you are ready to begin trading, it is time to find the right Forex broker. As you know there are many of them around these days so it can be a bit tricky to know where to start. It is therefore the purpose of this article to aid new traders in their search. Below are a few places where you should consider starting looking for Forex brokers.
Forex blogs and forums
Blogs are places where people alike get together and discuss issues of the similar interest. This is why it can be a good idea to get involved. Chances are that you could get advice on which Forex brokers to investigate and which to avoid from somebody that has already had the experience with them. The key here is to be open, even if somebody tries to do their best to steer you away from a particular broker. For example, if a blog contributor tells you to stay away from this broker because they took all his/her money; ensure that you ask why that is. Believe it or not, a lot of impatient traders always blame the Forex broker for stealing their money rather than accept responsibility that their strategies were not good enough. On the other hand, you may find out that the broker really was acting irresponsibly and therefore you should stay away. The more questions you ask the more of a clear answer you will get.
By searching for ‘Forex brokers’ or whichever search term matches your requirements the most, you will find hundreds of pages that can help you. Forex brokers make themselves noticeable on a number of websites from blogs to news articles so it is always worth spending some time researching these channels. You may even find that a particular broker shows up in the results page, at which point it might be a good idea to start a conversation with them to see if they are right for you.
There are a number of trade shows you could attend, depending on where you live. Those Forex brokers that have the investment tend to attend those trade shows too, where they can provide a one-to-one discussion about their platform and your requirements. Bear in mind that all they are there for is to sell their services, so do not become blind just because they are there. The bigger the broker does not necessarily mean the better they are.
Demo account testing
It does not cost you anything to get a demo account. Whilst they are mainly used to practice on, they can also be used to get a feel for the Forex broker who is providing the demo account. By using a demo account traders can get used to the spread width, learn how wide spreads are at most volatile times of the day, problems with the platform and customer service issues. You are not under any contract or pressure when you use a demo account so there is really nothing to lose. One thing to bear in mind though – if you like the demo account and you decide to sign-up to a live account, ensure that the trading conditions in the demo account are the same as in the live account. If they are not, the broker is trying to cheat you.
It is not unusual that some Forex brokers provide exclusive deals if you sign-up through a particular website. We see this all the time in other industries and there is nothing wrong with it because the website and the broker obviously have a partnership. The key here is urgency, so if you don’t sign up, you will not get the deal. Before you sign up take the steps we mentioned above to ensure they are right for you. Start off with a demo account and apply logic we discussed in this article to the rest of your quest.