A Forex broker is an entity necessary for a successful trade. Brokers provide a wide range of services to a Forex trader. This article will discuss the what, where and how when it comes to finding the best Forex brokers. Bear in mind that this article is merely introductory and not by any means the be all and end all on the subject matter.
What Exactly Does a Forex Broker Do?
In order to be called a Forex broker, the same must at least provide the trader with access to the Forex trading market in order to match up the buyers and sellers with the market. This can be done by providing the trader with access to one or several trading platforms. Of course, this is only the core service of a Forex broker. In most cases, the best Forex brokers branches out to several necessary aspects of information dissemination. This includes but is not limited to the following:
- Access to basic educational tools (i.e. e-books, audio visual presentations, e-news)
- Access to updates and newsfeeds (i.e. sms alerts, email alerts, tweets, social media alerts, etc.)
- Access to indicators, graphs, charts, etc.
- Access to demo accounts or practice accounts and even live Forex accounts.
- White Label services
- Money management services
Where Can You Look for a Forex Broker?
Most purists insist that the best way to find a broker is by word of mouth or by direct referral. Some may even say that an actual office location in a prime establishment is a must. Of course, there are always brokers who will advertise via daily’s and weekly’s. However, in most cases, the same entities which are considered the best are also ahead of their pack. In other words, the best Forex brokers are always ahead in terms of marketing and advertising. This may be at its own expense or thru the internet grapevine known as social media. This means that the best Forex brokers will have an online presence. This maybe in one, two, or more forms which includes but is not limited to the following:
- A dedicated website
- Rave reviews by experts in the Field of Forex
- Rave reviews by consumers and traders
- Social media following
- Blog discussions
- Search engine results
- News clips
How Do I Know That I Am Dealing with the Best Forex Brokers?
Simple, you pay attention. If you are searching for one online then you go to their website. You then start by reading every bit of information that they provide at least twice. The first reading will be a cursory glance while the second reading will be an in depth analysis. Every bit of information means every page, every tab, every small font, every example, the terms and conditions, the mission vision, etc.
The next step is to verify the authenticity of their claims via:
- Rating organizations like the Better Business Bureau
- Business permit check
- The Attorney General’s Office which has jurisdiction
- Scam alert websites
- Verify with social media and blogs
Simply put: you are not looking for reasons to avail of their service. This is easy enough to fabricate with enough resources like manpower and capital. You are looking for reasons not to avail of their services that regularly crop up in different corners of the internet.