THEMA: Online Forex Broker to Boost Your Profits

Having an account with a Forex trading broker is an essential ingredient when starting on-line foreign exchange trading. Your broker will provide you with the essential cover that allows you to trade with margins since they are your connection to the markets.

If you are looking for the best Forex brokers, there are at least 7 criteria points to consider when choosing one.

1. Reliable

This works on multiple levels. You need a broker that you can rely on to be trustworthy and who will not suddenly vanish like a puff of smoke from the internet taking with them all of your hard earned money. There are a multitude of Forex brokers to choose from because there aren't any regulations on the Forex market. Some Forex brokers are more honest than others, as with many things in life.

The first step is to check up on the reliability of the currency trading broker and confirm your online Forex broker is regulated. Forex trading brokers need to be registered with both the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the USA.

2. Best Forex Brokers' Services

In the Forex market, trading takes place 24 hours a day, from Sunday evening to Friday afternoon Eastern Standard Time. During all of these times, make sure your Forex broker's trading platform is accessible. The best Forex brokers will offer round-the-clock customer support on Forex trading days, as well as a trading platform that's reachable at all times.

3) The cost of using a forex broker

It is the difference in the Forex spread that makes online Forex brokers a profit, as they do not charge commissions to their clients. A currency spread is the difference between the buying and selling prices of a currency pair. Generally, a Forex trading spread will be anywhere from 1 pip to around 3 pip; this will depend on the online Forex broker's terms of service and the currency pair that is being traded.

4. Margin, also known as a deposit

From Forex broker to Forex broker, margins vary. With a lower margin requirement, you will have greater leverage, allowing you to create greater profits or losses from a fund of the same size. With higher leverage, your chances of making more money can be magnified.

5. Trade size, also known as lot size

There are different sizes of trades from broker to broker. For example, a standard lot consists of 100,000 units, a mini lot consists of 10,000 units, and a micro lot consists of 1,000 units. You can also choose to trade fractions of a lot with some brokers, giving you more control over your lot size. This may be considered a bonus or just an added complication depending on your perspective.

6. Customer support

It is especially important when you are just starting out using a Forex trading platform. As with all new things, you'll inevitably experience teething troubles and wish to be able to speak or email someone and receive an instant response. This service is provided by the best Forex brokers.

7. Exit strategy for forex

It will come a time when you will want to withdraw your money quickly and easily and realize some of the profits you have made. Check that your money can be received within a couple of days, as some online Forex brokers insist on a 14-day delay.