How to choose a forex broker?
If you are just starting to trade in the market, then we strongly recommend opening a cent account so that you are used to open and close deals, professional brokers and positive reviews recommend this. This may seem easy at first glance, but not every newcomer can close a losing position. In most cases, the trader watches for a growing minus until the stop out will work. Most forex brokers have made a special section for beginner traders, where a list of brokers with cent accounts is presented, here we also recommend opening a pro-account so that there is a floating spread, it will be much lower than the fixed one. Therefore, if you are just starting your acquaintance with the market, and you already are fed up with a forex demo account, we strongly recommend that you go to the Forex cent brokers section and start your trading on a micro account, but it’s recommended not to hurry with reviews.
Which Forex broker to choose, reviews
If you are planning to trade positionally, i.e. open trades and keep them for weeks and months, then there is no problem - you simply choose any broker known in the market (with positive reviews). The main thing is that the broker is reliable, with experience, reputation, high turnover and the number of active clients, and that the reviews confirm this.
But, it is necessary to take into account that most traders at first try to trade as often as possible - one or several trades in one day. There is already an important factor when choosing a forex broker will be what kind of commission it will take for it (this can be found directly through reviews). If the broker takes a large commission, then it’s already unprofitable to work with him. Many brokers with fixed spreads add their interest to the quotes, which are sometimes very high. In these cases, forex traders who trade on Forex also pay an overestimated commission, which is unprofitable for trading, reduces expected value and may even lead a profitable system to a minus (this is described in the reviews).
In this case, it is very important to choose the right broker who will not bankrupt you, but on the contrary, will help you earn more. In addition, the broker is a link and conductor in the currency market. It works according to the rules and laws of the market.
When to choose an ECN broker
ECN Forex broker is distinguished by one important feature - it provides the trader with real interbank quotes without various kinds of their own margins. But in this case, the broker charges a commission on the volume of transactions - usually $ 15-25 per 1 million of trading turnover. And the greater the turnover, the lower the commission. Trading through an ECN broker means getting more profit than any dealing center can offer, since Forex broker is not interested in your losses (therefore, this method is praised in the reviews). But at the same time, a real ECN broker has real market conditions with such surprises as spread expansion, slippage, etc .:
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When there are sharp news on the market;
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When trading week opens on Monday night;
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When the market closes on Friday.
For professional traders with large trading turnover, ECN broker is considered the best choice in the currency market. It allows you to quickly trade with minimal costs and low spread. But if you are a novice trader, then it is not so important for you to immediately choose an ECN broker (reviews claim that this method is for more experienced traders). You can start in any dealing center, trading conditions there may be even better until you start earning a lot, or as they write reviews are willing to risk a lot.
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