Brokers comparison

How to pick the right broker?

The broker market is highly competitive. There are hundreds of brokers out there promising you the world. It's important you make informed decisions and this comparison is intended to help you with that.

Are you supposed to be looking at the fees? Spread? Charting? Analysis option? Minimum deposit? Do they offer demo accounts? AAAAARGH!!

It's easy to get overwhelmed with the amount of information you're supposed to be looking at. Especially if you're not even sure what to look for!

But worry not, we are here to make your life easier.

Below, are some of the most important features you should be looking at when choosing a broker.

What to look for

Security

The first and most important characteristic that a good broker must offer is a high level of security for your funds. After all, you're not just going to hand over hundreds of dollars to a person who simply claims they're legit, right? In this case we're looking at their regulatory bodies, liquidity providers and backing banks, among other things.

Transaction Costs

Every single time you enter a trade, you will have to pay for either the spread or a commission so it is only natural to look for the most affordable rates.

Sometimes you may need to sacrifice low transactions for a more reliable broker. But trust us, it's always worth it in the long run!

Deposit and Withdrawal

Good forex brokers will allow you to deposit funds and withdraw your earnings hassle-free. You should make sure that your broker's withdrawal process is smooth and speedy.

Some brokers also offer more methods of funding than others, it's important for a good broker to offer a wide range of deposit and withdrawal methods.

Execution

It is critical that your broker fills you at the best possible price for your orders.

For example, assuming you have a stable internet connection, if you buy GBP/USD for 1.3100, you should get filled at that price or within micro-pips of it. The speed at which your orders get filled is super important.

Customer Service

Surprise, surprise, brokers ain't perfect. So it's important you pick a broker that you could easily contact when problems arise. The competence of brokers when dealing with support issues is just as important as their performance on executing trades.