Forex Broker

Name
Bonus
Deposit
Payout %
Review
PLUS500
$2,500
$100
85%
AVATRADE
$5000
$50
97%

A forex broker acts an inter agent between traders and live forex markets. In other words, he acts as a go – between for the interbank and you. An inter – bank is actually a network which connects all reputed banks and allows them to trade between themselves. Hence, a broker takes price from a bank, which is connected to this network and offers you the same. At times, he may take prices from more than just one bank and provide you with the best of these.

Without appointing a broker, it is no easy to gain access to the market. As such, you should set up an account with a reputed name who has received high ratings 2013. This would ensure that you can avail quality services and take advantage of features which contribute to your trading success.

Role

A broker plays quite an important role, providing traders with help and support so as to increase their win chances. He can help you in figuring out the right trading strategies, and would determine if your predictions would come true or not. He can also provide you with an analysis of current news and the effects they can have on live forex markets.

All the best brokers of 2013 offer several other features that can aid you in forex trading. For instance, you can open a demo account, which would let you trade with virtual money on real market conditions. Once you start getting a grip of things, you can invest real money for trading purposes and create an actual account. Moreover, you can view a free educational section, which is a great reference source. Other than this, you can also avail bonuses that can multiply your earnings. All these features are very useful if you are a new trader.

Choosing Brokers

1. Have a knowhow of forex trading
Your chosen broker can be a good choice only if he offers the features you require. As such, conduct a thorough analysis of forex trading, and determine all that you need. For instance, you should have an idea about the different platforms that are offered and the initial amounts that have to be deposited when you open an account. You should also be aware on the types of platforms which you would mostly be using to trade: downloadable, web or mobile. All of this you can figure out only when understand the terms involved in the trading industry. Using this knowledge, you can easily list down your preferable features.

2. Research
Conduct a thorough search for brokers. Visit their official website; read online reviews and analysis about them; and take advice from people who have already availed their services. Ensure that the brokers are registered with the concerned authorities in your country. Note down their offered platforms, spreads, commissions, rollover interest rates and other required specifications.

3. Compare
The next step involves comparing the brokers which you have listed down and narrow it to just two or three aims. You can use different factors to come to a decision. Examples include the company’s reputation, type, trade volume, supported trading platforms, account options, offered assets, spreads, commissions, payment options, customer services and the like.

4. Open demo accounts
Some brokers offer free demo accounts whereas others charge a fee. Whatever the case is, it is highly recommended that you open this account before actually availing any services. This would give you an idea of the trading platform and would help you with mastering your trading strategies.

Use different options and try to trade under varying market conditions. Test out all the offered features and determine if the offered platforms are user friendly or not. In case you face an issue, contact the customer service department, and find out how supportive they are.

5. Choose from the topmost of 2013
There are many brokers out there, but only a few of them have been managed to set themselves apart from the rest. They have a large clientele database which speaks volumes about the quality of services they offer. Their customers trust them because they have helped achieve success in trading, and this is why you should open an account with these.

Types

There are three main types of brokers in the market.
No Desk Dealing
Just as the name suggests, these have no dealing desks. Despite this, they are widely known in the market for providing some of the best quotes which are obtained from multiple forex providers.
Market Makers
These offer a two sided market that result from an expert forex trader which conducts operations on behalf of the dealing desk.
ECN
Electronic Communications Network or ECN brokers also do not have a dealing desk and let you trade through electronic platforms.