Rating forex brokers is very important to foreign exchange traders, as it reveals how good a broker’s standard it and it can also help traders make wise decisions about what broker to work with. Forex trading is the trading of currency pairs and taking advantage of the constant fluctuation of exchange rates. It is a decentralized market with traders from all over the world, open for 24 hours in a day, and trades every legal tender there is in the world. There is more to the forex market than what one can perceive; it takes actual practice for anyone to understand the business. From experience, a trader can understand the factors that affect the forex market, and can develop a strategy that can make the best out of those factors; one of which is what broker to work with.
From time to time, brokers are rated by reputable analysts, judging from honest reviews of users and firsthand experience. Here are the things raters look out for when rating a forex broker
- PLATFORMS AND TRADING TOOLS:
The platform is the only contact a trader can get with the forex market. According to the reviews, a good platform has to efficiently convey the market to the trader without so much hassle. The platform demo, the mobile apps, and trading tools all contribute to how easy it is to use in gauging a currency pair performance.
- EDUCATION AND SUPPORT:
Information has always been power, and every trader needs that to do well in the forex market. The brokers that rated the highest in the forex broker ratings provide investors with investment education and platform trainings that can help them further their career as traders. They offer video tutorials and easy to understand teachings on how to make use of their platform features and trading tools, as well as the basics of forex trading, and forex news.
High rated forex brokers are also known to provide the best customer care services to traders from all over the world, in different languages.
- TRADING COST:
Brokers do not charge traders money for their service upfront, they make their profits from the bid ask spread; that is the difference between the bid price and the ask price. The best forex brokers have really low spread, which is always attractive to traders.
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.