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What is a Forex broker
In the world of trading, a forex broker plays a crucial role as a financial services company. They offer traders a platform where they can buy and sell foreign currencies.A forex broker is sometimes referred to as a retail forex broker or a currency trading broker. They cater to a diverse range of clients, including retail currency traders who use these platforms to speculate on currency trends. Additionally, they serve large financial services firms that trade on behalf of investment banks and other customers.While each forex broker firm handles only a small fraction of the total foreign exchange market volume, their services are invaluable to traders and investors alike.In order to trade with my Expert Advisors, you will need to operate within a broker that offers MetaTrader 4 or 5 platform.The broker you select to operate within is completely up to you. Based on the Expert Advisor/s you want to trade with, your broker selection will have a significant impact in the results you get. Even if you trade with EAs that are not sensitive to spreads/slippages, it’s always recommended to operate with brokers that offer you the best trading conditions.In the next few pages, I will give you a few tips on how to select a broker, and my top recommendations based on that.If you already have a broker of preference, you can skip it and go directly to licenses section of this guide.
How to select a Forex broker
To engage in forex trading, you will need to open a trading account with a provider that offers online foreign exchange (FX) trading or CFD trading services. These providers are commonly referred to as retail "forex brokers" or "CFD providers", and there are a few important aspects to consider when choosing one:Leverage: In simple terms, leverage means having the power to control a significant amount of money by using only a small portion of your own funds and borrowing the rest.Margins: Refers to the initial deposit of funds required by your broker as a "good faith" payment to open a trading position, typically expressed as a percentage of the total position value.Spread: When dealing with currency pairs, brokers provide two prices: the bid and ask price. The bid price is the amount at which you can sell the base currency, while the ask price is the amount at which you can buy the base currency. The difference between these prices is called the spread.Commission rate: In forex trading, the commission rate is usually a percentage calculated based on the total value of the trade.Deposits and withdrawals: When dealing with forex brokers, it's crucial to be aware of additional fees that may be involved in trading. It's important to know these fees upfront before deciding to work with a particular broker. Hidden charges can often arise during key moments, such as making your initial deposit, making subsequent deposits into your account, or when withdrawing your profits as funds.Regulations: Financial regulation involves imposing requirements, restrictions, and guidelines on financial institutions to ensure their proper functioning, while forex market regulation specifically governs the operations of firms in the forex industry to protect individuals from financial risk and fraud through ongoing oversight and enforcement of rules.Currency pairs: Although there is a wide variety of currencies available for trading, only a select few receive significant attention and offer high liquidity. Apart from popular pairs like EUR/USD and GBP/USD, other major pairs include USD/JPY and USD/CHF. While brokers may provide an extensive range of forex pairs, it is crucial to ensure they offer the specific pairs that interest you as a trader.Trading platforms: The trading platform serves as the gateway for investors to access the markets, making it essential for traders to ensure that a broker's platform and software provide the necessary technical and fundamental analysis tools. It is important that trades can be executed smoothly, allowing for easy entry and exit.Customer service: Since forex trading operates around the clock, it's important to ensure that a broker's customer support is available 24/7. It's also worth considering how easily accessible live support personnel are. Making a brief phone call to a broker can provide insights into their customer service quality and typical response times.All the aspects mentioned above are important, but the one that will affect your results the most when trading Forex as a retail trader, is spread.To check the historical spreads of different Forex brokers for different currency pairs, you can use a free tool called ForexBenchmark:
Recommended Forex brokers
Based on my own experience and my client’s, these are my top 3 recommended brokers to trade with my EAs:1. IC MarketsIC Markets is one of the most renowned Forex CFD provider, offering trading solutions for active day traders and scalpers as well as traders that are new to the forex market. IC Markets is Australian-based, headquartered in Sydney.Most popular retail Forex broker worldwideExcellent trading conditions24/7 support availableEU, AU and offshore-based branches for different audiences2. FIBO GroupInternational Financial Holding FIBO Group (Financial Intermarket Brokerage Online Group) is one of the oldest players in marginal internet trading. The first company of the holding was founded in 1998. FIBO Group is among top-20 global Forex brokers.Long-established European companyBest trading conditions on the market (in the offshore division)Several branches for different audiencesRegulated by FSCAnnual audits since 1998 for compliance3. TickMillTick Mill is an online Forex Broker with a proven track record of strong financial results and stable growth. Tick Mill has put itself in an enviable position as a trusted market leader and innovator.Extremely secure brokerGood trading conditions on most liquid pairsNot as good with cross pairsNegative balance protectionRegulated by CySEC, FCA, FSA, FSCA4. RannForex: small offshore broker, sometimes with the best trading conditions5. XM: reputable broker with very good trading conditions at night6. Pepperstone: good option for big lot sizes7. MT.COOK: small, but capable broker for professionals8. ThinkMarkets9. AxiTrader10. Oanda (the best choice available for US citizens)Feel free to choose any broker from this list of any other of your preference to trade with my Expert Advisors, but please, make sure it is one that offers you good trading conditions.