Should You Look Through The Top 10 Or Top 50 Of All Forex Brokers To Pick The Best One?

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Are you a novice in day trading? Do you simply want a great brokerage firm? Or maybe you are a professional trader seeking to get the best Forex brokerage. Despite your experience as a day trader, finding a highly rated FX broker will enhance your experience when trading. The top 50 and top 10 lists of Forex trading brokers https://topbrokers.com/Forex-brokers show most of the highly acclaimed brokers in the Forex industry. Which are some of these highly rated Forex firms?

• XM.com

• eToro

• Plus500

• FXTM

• FxPro

• Forex4you

Picking the Best Forex Broker in the Market

There are countless Forex brokers in the market but you should get to experience some of these highly rated Forex brokerage companies if you seek to find the best one. Although you will probably not be impressed by all the brokers you will get to try, you are likely to have one preferred broker who meets all your trading needs. But what are some of things to consider when reviewing the top 10 or even top 50 Forex brokers?

Range of assets traded

A significant differences between the Forex  and other markets is the sheer size and volatility of this FX market. This Forex market allows you to virtually trade any currency with about 150 currency pairs being traded daily. Besides having a large number of currencies being traded, you can also get to trade other instruments including indices, metals and even commodities. Other traders may give you access to trading more than 10,000 instruments in your Forex account.

Trading protocols

A trading protocol is essentially how you, as a day trader, get to connect with the Forex markets. You will find two kinds of brokers when trading currencues including a direct market access firm and a market maker Forex company. While the latter will use their internal dealing desks to connect their clients orders, DMA protocols allows their clients a direct access to the financial markets. It is imperative to procure a broker who uses both protocols although a significant number of Forex brokers use one type of trading protocol.

Costs of trading

 

 

Forex brokerage firms get their fees regardless of whether a trading client makes profit or not. Spreads and commissions include some common fees that brokerage companies charge traders for providing their clients a chance to trade the financial markets. If you seek a highly acclaimed brokerage firm in the top 10 or top 50 list, it is advisable to select a trader with the lowest commissions and even spreads. Other firms charge deposit or withdrawal fees, SWAPs and even fees for managing Forex accounts.

Listing pros and cons of brokerage companies

Another great way to review the best brokerage firms is to list advantages and disadvantages of some of these companies. The minimum deposit necessary to open an account will likely affect a trader’s decision to procure a specific broker. A firm such as XM, for example, requires a minimum deposit of only $5 as compared to Plus500 which requires $100. Regulation may also be an added advantage to a brokerage firm for this will ensure your investments are safe. Although some brokers are highly regulated, you will also find unregulated Forex brokers but transacting with such companies is highly discouraged. The mobile and online platforms that each Forex company uses will also affect the total user experience. Some brokerage firms, for example, the use of the MT4 and MT5 platforms while others will use their own applications for trading purposes. Customer service, Forex education and trading support are other features which distinguish top rated brokers from the average firms. Reviewing the Top 10 brokers will ensure that you can get excellent Forex trading services.

 

 

 

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