Discussion in 'Investments' started by Bobrichmore, Apr 17, 2015.
I am looking for a forex broker. Any Suggestions?
That's a good question. As with anything in business, there is no one-size-fits-all broker out there.
ForEx is an amazing opportunity, but there are so many strategies one can use, including margin trading. You need to identify what type of ForEx trader you are (or at least which resonated with you), and evaluate your goals. Once you have identified what type of trader you feel you will be, then it's important to figure out how much capital you have to start with, and what type of functionality you need from your brokerage to meet your goals.
For example, there are folks out there who are you trading traditional pairings, such as USD/GBP, USD/JPY, USD/EUR, etc., and require simple strategies and less functionality.
Then there are traders like me who like extremely volatile pairings that offer tremendous profitability potential (and of coure potentially devastating losses). These types of pairing can be difficult to even trade on the larger brokerages, and require specialty trading firms, with specific functionality. These types of pairings can include ZAR/THB, HUF/THB, etc.
So first research and find your trading identity. Once you find that, then you can identify the right broker for you.
On a side note, if you're not really serious about this, and it's more like you'd like to dabble in ForEx for amusement then you don't need a broker recommendation. Pull the trigger with any broker and get your feet wet.
It's really hard to find out best forex broker. This a superb tool to compare different forex broker. Hope it will help you to come up a decision.
FX Intelligence Analyzer: Compare live spreads and quotes from multiple brokers
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