It has been said time and again that the kind of forex broker a trader decides to work with makes a lot of difference. This is not to say that the broker will be the one to provide the trader with strategies for trading the forex market; all that is really expected of the broker is to do their job precisely. In this article, the focus will be on what traders should know about big forex brokers. This is going to be particularly helpful to those that are still contemplating what forex broker to sign up with.
WHO ARE THE BIG FOREX BROKERS?
While there is no need to mention any brand names, traders need to understand that they need to go all out. Sign up with the big forex brokers who have good reputations, and have been in the business for a long time now. This way, the trader can avoid heart aches. Who are these big forex brokers? They are just brokers that attend to their duties professionally, plus
- Have clients from all around the world
- Offer traders a lot of commodities to trade including all currency pairs
- Offer low spreads
- Fast execution speed
- No negative balance protection
- Personal customer support service and analysis
Any broker that offers most of (if not all) of these and more, can be said to be one of the biggest forex broker. Also, they must have been in the market for at least five years.
WHY NEW TRADERS SHOULD GO FOR THE BIG FOREX BROKERS?
It is no longer news that there are many fake forex brokers in the forex market. They appear professional enough, but the truth is that they are nothing but professional scammers. Most of them are still very new; so it is important to check when they started. Try to avoid brokers that are still new and have not established any good reputation in the forex community. Avoiding scam is the number one reason traders should go for big forex brokers.
Traders want to make sure that they have enough flexibility in the forex market. This allows them to trade any commodity they choose, create their own EA, copy trades, etc. Big forex brokers make sure that their clients are allowed as much flexibility as possible.
It is also important to mention hat big forex brokers are not found wanting in carrying out their basic responsibilities as forex brokers. Brokers that cannot execute their clients with forex execution and deal pricing services as and when due are not even brokers to start with.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.