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Which forex broker is the best?

The Forex trading market is the busiest market in the world considering its capacity to generate as much as $4 trillion each day. Because of the great liquidity of the forex market, investors and businessmen continue to engage in the currency trading as they meet their objective of gaining good profit. Participating in the forex market requires the help of a forex broker. This is because the forex market has no central place that is why traders must acquire a reliable forex broker in order for investors to be in the right track.

Knowing how competitive the forex market is, finding a quality broker is essential. Below are tips on selecting the best broker.

1. Forex Broker must be reputable

When choosing a broker you have to check on his portfolio. It is important that the broker must be a member of reputable organizations such as the National Futures Association of NFA. Also check that the broker is registered with the U.S. Commodity Futures Trading Commission or CFTC as a Retail Foreign Exchange Dealer or Futures Commission Merchant.

If you want to know why a broker should be a member of these organizations, perhaps their functions will explain why.

The NFA is an organization that regulates the United States’ future industries. It is responsible in providing services, programs and rules in protecting the credibility and integrity of all investors and traders in the market. The organization sees to it that each member in the organization is able to practice his or her regulatory responsibilities.

The CFTC is an agency of the government which functions independently. Their task is to regulate options market and commodity futures in the United States. The CFTC is responsible in protecting the public and market users from any form of abusive practices, manipulation and fraud related to financial futures and options as well as commodity sales.

As a way of choosing a reliable broker, make sure that the broker is an NFA member and/or a regulated by the CFTC. Always check on the ‘about us’ page of the website that this information are stated otherwise brokers without NFS and CTFC evidence should not be accommodated.

More often than not, websites with flashy designs pretend to be prestigious and reputable. For as long as there’s no proof about their membership to NFA and CTFC, then these brokers should be avoided. It always pays to be cautious in choosing a reputable broker.

2. Currency Pairs Offered by Forex Broker

The forex market comprise of a number of currencies for trading, therefore you have to focus on only a few pairs which have the greatest liquidity. These major foreign exchange pairs are:

  • The Euro / US Dollar (EUR / USD),

  • The British pound /US dollar (GBP / USD),

  • The US Dollar / Japanese Yen (USD / JPY),

  • The US dollar / Swiss franc (USD / CHF)

  • Brokers are allowed to present other currencies to the trader however; it is still the trader who has the power to select which currencies he or she is interest at.

    3. Forex Broker Customer Support Service

    The forex market operates 24 hours a day, 5 days a week. On the side of the trader, customer service is a totally important service because there are times when queries need to be answered. In addition, customer service must also be available on the same time and days the Forex market is open. When it comes to communicating with a customer service representative, traders prefer to speak with a live agent rather than an auto attendant. This is because trading is a serious matter that involves investing money therefore; such issues must be resolved accurately. Since brokers need to earn the trust of traders, information about their company details, leverage, spreads as well as organizational memberships must be readily available.

    Risk warning: Your capital may be at risk while trading Forex     |     All rights reserved © 2015