Best Forex Broker To Use
The best Forex broker to use depends on a lot of factors, like where you are in the world, what you want to trade and how you want to fund your account.
The Forex Broker I Use
I wanted to trade Forex pairs. (That’s easy because they all allow this).
I wanted to trade Crypto, specifically the BTCUSD and ETHUSD currency pairs, 7 days a week. Most brokers now are offering Crypto trading. But not all brokers allow Crypto Trading 24/7. A lot of brokers only allow trading of Crypto Pairs 24/5, which is not the ideal trading situation since I would be able to take action on my trades for 2 days when the market was open and moving.
I wanted to be able to fund my accounts in both FIAT currency (USD) as well as Crypto (BTC and ETH). The option to fund your accounts in Crypto is a must for my plan. I want to be able to GROW my Bitcoin and Ethereum holdings through my trading… so I needed to be able to fund accounts with these Cryptocurrencies.
I wanted the option to offer my trading signals through a trade copy service. I’ve found through past experience that trade copying directly from the broker is the best way to go. I can do this directly through the broker with CopyFX – a copy trading investment platform from RoboForex group.
Additionally, I really like the Back Off at RoboForex, especially the ability to have Wallets in USD, BTC and ETH (as well as other currencies). I can fund my accounts by sending US dollars, Bitcoin or Ethereum. But I really like the ability to make Internal Transfers between these accounts.
For example, I can send US dollars to my US dollar wallet. But if I need Bitcoin, I can simply make an internal transfer and automatically have Bitcoin for my BTC funded accounts.
Or, I can send Bitcoin to my Bitcoin wallet. But if I need Ethereum, I can simply make an internal transfer and automatically have Ethereum for my ETH accounts.
RoboForex ticks all the boxes for me and fulfills everything I need in a Forex broker.
At the very least take the following things into consideration.
What To Look For In A Forex Broker
One of the first decisions you need to make is what broker you are going to use.
A Forex broker is a firm that gives currency traders access to a platform where they can buy and sell foreign currencies.
Obviously, if you are to make real money trading Forex, you need to open a live, funded broker account in order to place your transactions. As you are probably well aware, there are a lot of considerations to take into account when choosing a broker.
To keep things short, look for a broker with these characteristics:
A Broker That Offers The Free Metatrader4 Platform
This is an easy one, since most brokers offer the MT4 platform… since it is the most popular trading platform and most widely used. I personally use the Metatrader4 Platform and recommend it.
However, you can use any trading platform you wish, as long as you can place trades, move your stop loss and manually close trades. (More on this later).
Use a Regulated Broker
Where your funds are kept in segregated accounts at leading, accredited banks and fast and easy deposit and withdraw options are available.
This means your funds are going to be safe and secure so you can concentrate on your trading and not waste time worrying about your money. It also means you should be able to fund and make withdrawals from your account without a hassle.
Dealing Desk or No Dealing Desk?
A Dealing Desk broker is also called a Market Maker.
Market Makers are counterparty to the trader, meaning the trader does not trade directly with the liquidity providers. The broker is on the other side of your trade, meaning your losses are its profits.
A No Dealing Desk broker provides direct access to the interbank market. No Dealing Desk brokers can be Straight Through Processing (STP) where transactions are computerized and are immediately processed on the interbank market, or Electronic Communication Network (ECN) where they provide real time order book information offered by banks and the interbank market.
(Unlike the message of a lot of marketing information out there, you can make money or lose money with either a Dealing Desk Broker or a No Dealing Desk Broker. One type is not necessarily better than the other. The most important thing is to find a reputable broker from a respected country that is regulated).
The broker should have tight spreads, low slippage and fast trade execution. (You want the best trading environment possible so your trades reflect your trading decisions, and not discrepancies caused by the broker).
We personally look for brokers where the Daily Candle closes at 5 PM Eastern Time. (Most brokers use this time as the end of the day and the start of the next. I like to use this time period, and my trading systems results reflect trading on a broker where the daily candle closes at 5 PM Eastern Time).
There are many other things you are going to want to take into account, such as what country the broker is located in, funding and withdrawal methods, etc.
Many people realize their broker choice is important from the viewpoint of keeping their funds secure. But until you’ve been trading on a live account with a broker for a while, it is harder to tell how much your broker selection can affect your profits and trading results.
It is surprising to learn just how different your performance can be from one broker to the next when using Intraday or Scalping trading strategies.
Since we are only trading once a day and placing one trade per account, the impact the broker you use on results is less. Similar results can be obtained regardless of the broker choice.
In conclusion, take the broker decision seriously. But don’t get bogged down and suffer from paralysis by analysis. Do your due diligence, make a decision and open an account.
The process of opening a broker account is usually very simple and straightforward. Once your account is accepted, make sure to fund it so you are ready to start trading.
To find out which brokers we recommend, go here:
Opening & Funding A Live Forex Broker Account
Since there are so many different brokers out there from all over the world it is impossible for me to give you exact instructions on how to open an account.
But rest assured, the process is very simple.
- Go to the broker of your choice.
- Click on the button to open a live account.
- Follow the instructions.
Each broker will provide specific instructions on how to get your account up and running. Just follow the instructions.
Once you have your account, you will need to fund it. Again, the options available and how you want to fund your account will vary according to the broker and where you are in the world. But don’t worry, this is also a very simple process.
If you get stuck along the way, just contact your broker and they will be happy to help.
Best Forex Broker To Use?
As you can see, there is a lot to look for when deciding the best forex broker to use. But now you know what to look for. And the good news is, there are lots of Forex brokers out there that fit these criteria.
If you can open an account at RoboForex, that is my recommendation.
But most brokers out there let you do what you need to do to follow any of my services. So, do your due diligence and choose the best Forex broker for your particular situation.
To Your Wealth,