Tips for Choosing a Forex Broker
Choosing a Forex broker can be a daunting task especially if you are doing it for the first time. Indeed each one of them has their own particular services, and you might have some trouble in choosing the best ones. How should you proceed then? In this article, we will be sharing some tips to help you choose the best broker.
Firstly you might want to choose a broker that is located in the same country. For instance, if you are located in the United Kingdom, you might want to contact a broker situated in the country. This might avoid some legal issues in the long run when it comes to transferring your money to your local back account. Additionally, it may save you some money in currency exchange if you want to change your profit into your local currency.
It is important that you pay attention to the reputation of the broker. Given the growth of the Forex industry, there are many scam brokers that have mushroomed all over the place. This is why you should make your due diligence before choosing a broker. The best way is to search the name of the Forex broker with the world scam on Google and find out what other people are saying about the particular broker.
Alternatively, you might want to visit the Facebook pages of the Forex broker to find out real customer feedback.
You should pay attention to the different payment options that are offered by the Forex broker. Some brokers allow only bank transfer while others might accept credit card payment and PayPal. Always pay attention to the fees that are charged for each particular method.
Also, pay attention to the withdrawal methods that are available. Some Forex brokers charge horrid fees for this and may eat up a significant portion of your gain.
Type of currency
Not all brokers are equal, and some specialize in some specific currencies. Make sure that the potential Forex broker supports the currency that you are interested in trading in. Normally this should be indicated on the website. If you are not sure do not hesitate to contact the support to find out whether all the major currencies are supported or not.
It is important that you take some time to choose the best broker. You might consider it a waste of time, but this could really avoid you some unpleasant surprise in the long run.
If you are looking a broker in the UK you can have a look at Forex Brokers UK to find more.
Most of the common complaints during this time were regarding fluctuating spreads, trade rejections and frequent requotes – issues that put off many serious Forex traders. Had Loyal Forex remained as Prime4x’s introducing broker, you can be sure that they would not be on my list of recommended Forex brokers.
Once Loyal Forex decided to establish themselves as a fully independent private brokerage, they introduced major positive changes for the benefit of their clients. These changes have sent their customer satisfaction through the roof, and put more profits back into their clients’ trading accounts.
Here are some of the highlights of what Loyal Forex have to offer:
1. No Requotes, Rejections Or Stop-Hunting
Loyal Forex provides Direct Market Access, which means that orders are put through to the market and executed immediately. That means that you won’t encounter frustrating trade requotes or rejections when trading your Forex robot trader.
Loyal Forex also provides Straight Through Processing, which means that they don’t act as a market maker, and they never take the opposite side of your trades. This ensures that their interests are always aligned with yours and that you will never experience the distasteful practice of stop-hunting as you would with some other unscrupulous brokers.
2. Low Fixed Spreads Guaranteed
Loyal Forex offers very low fixed spreads on over 60 currency pairs, metals, futures and CFDs. They have two account options for Forex traders who want the lowest spreads: the Fixed Standard account which requires a $500 minimum deposit that guarantees a 1.8 pip spread on the EUR/USD and 2.5 pip spread on the major pairs, and the Fixed Pro account which requires a $2,000 minimum deposit that guarantees a 0.9 pip spread on the EUR/USD, 1 pip spread on the USD/JPY and 2 pip spread on the major pairs.
Low fixed spreads are vital for the long term profitability of an Forex robot trader because every pip less that you pay means a pip more in profit for every trade that your Forex robot trader makes. In the long haul, this will translate to tens or even hundreds of thousands of dollars more profits than you would have made trading with any other Metatrader 4 Forex brokers.
3. Extremely Forex Robot Trader Friendly
Loyal Forex is extremely friendly to Forex robot traders, unlike many of the Metatrader 4 Forex brokers out there. They fully support the use of Forex robot traders, and have no restrictions on scalping or hedging practices. There have been many horror stories of traders making significant profits with their Forex robot trader, only to be refused those profits because of some anti Forex robot trader policy that other Metatrader 4 Forex brokers have in place.
Loyal Forex also offers an unlimited demo account service where you can test out your Forex robot traders for as long as you like, with no strings attached. This is perfect for live testing and validating your Forex robot trader before running it on real funds.
So, if you’ve been searching for a reliable and efficient Metatrader 4 Forex broker, choose Loyal Forex for their top notch execution, one of the lowest Forex spreads around and their full support of Forex robot traders. Your account will be fully protected by the FDIC and withdrawals are simple and easy. Try out Loyal Forex and see the difference it makes for your Forex robot trader’s profitability today!
Thad B. is a Professional Trading Systems Developer who has developed and managed dozens of profitable trading system over the years for a private hedge fund. Forex trading systems are his passion and expertise, and he has a wealth of helpful resources available for any serious Forex systems trader.
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