Choosing a Broker

Looking to get started in FOREX. I intend to start with a demo account and then move to a live account once I feel comfortable with my understanding of the market and my pairs.

I am having trouble figuring out which broker I should use since there are different types of charges/fees that can be charged. Not exactly sure how the spread fees is calculated, the fees charged for holding a position overnight, etc. I am looking for some advice for the best broker that does not have high fees and is good for a person who does not intend too often since I also have a 9-5.

Thanks in advance.

There are many good and bad brokers available in the market. Always do some research before start to choose a good , trusted and regulated broker. You can check and read reviews about different broker on the internet at different reviews sites and forums.

Hello! :blush: I hope you don’t mind me asking but, which country are you from? :open_mouth: It might be helpful for members to know since some brokers only cater to particular countries. :blush:

It is not much of a stretch. I use Forexchief and I am comfortable with the swaps and spreads. Open a demo and see it. You get exactly what you see on the demo, but be aware that market conditions are different.

A spread is the difference between the buying and selling price of a currency pair. Brokers like Fxview and IBKR have various calculators that enable calculation of spread. Makes it easy on the new traders. Fxview has third party tie-ups with financial advisors which again can be quite resourceful for newbies. They are low commission brokers and offer after-hours trading, something that can be useful to you.

Their spreads are same on the demo account. I’ve noticed that a while back.

Always prefer the trading style and strategy that can help you determine the best broker for you. You must know how to distinguish between your various trading styles, trading frequency, and execute the trades based on different timeframes. Once you are well-aware of the basics, you can choose from any broker such as Hotforex, XTB, XM, Oanda or Coinexx.

The broker has a similar set of menu to options and that includes- stock, options, Forex, funds, bonds, indices, and commodities. Keeping what you need, and what you are looking in mind- try to evaluate the brokers before investing in one. You evaluate them based on factors like commissions, deposits, account fees, technical tools, and more. Also, there are many brokers you join your hands with and they are Turnkey forex, IG, IC Markets, and FXCM - try them by creating a demo account and feel the difference.

Choosing a broker is not an easy task for any trader. Because there are so many brokers in this huge market. Some are good and some are fake or scam. So, you should research the market properly before choosing the best broker for you.

Nice list I would also add Tickmill, Hotforex and IB in it. Tried almost of all of them and I can say they all offer excellent services and value clients.

I’m a beginner in trading and read several reviews on different brokers like FxPRO, AAFX trading, FP Markets etc…, looking for a broker with lower spreads and leverage Up-to 500:1, Any recommendation and reviews on which broker would be suitable ?