How are top brokers located? Hundreds of online brokerage firms now contend for your account, so plenty exist to choose from. Finding the best forex broker that has a fast execution capability, a reliable trading platform and which can be trusted with your account deposit might be the first things you will want to assure yourself of. Essentially, a forex broker is needed whom you can trust to handle and keep your money safely in order for you can get on with the business of trading forex without any issues. To make the process of finding a broker simpler, this article expatiates on the criteria and features on how top brokers are located.
1. DATA SECURITY
When you either enter or store vital personal information online, it can be subject to falling into unfriendly hands that may use it for their own personal gain. Top forex brokers always encode all data into online forms by using Industry Standard SSL-encryption, which stores data safely in case of any catastrophe, they also use duplicate data farms with high security to assure the safety of account information.
2. ORDER TYPES
Top forex brokers offer support for OCO (one-cancels-the-other) and trailing stops. They also understand fully the limitation of the different order types.
3. CURRENCY PAIRS
Since more currency pairs often mean more opportunities to profit, they offer major pairs that are needed as some traders like to have access to precious metals such as Gold and Silver especially commodities whose exchange rates depends on commodity price fluctuation.
Leverage refers to how much of a position you can control with a certain amount of funds allocated to it. Top forex brokers currently offer leverage rates of as high as 400 to 1. What this means is that you can control a $40,000 trading position with just $100 allocated from your portfolio. Leverage can result in larger gains, as well as larger losses.
5. TRADING PLATFORMS
They offer their own trading platforms for you to execute forex transactions and to keep track of the market. These usually either take the form of web-based platforms that is accessed via your Internet browser or client-side platforms that you download to, install and run on your personal computer. Some also support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial forex trading robots are designed for.
6. INFORMATION RESOURCES
Top brokers provide educational materials about forex trading in general and also how to start trading forex on the right foot. They also provide sophisticated news feeds as well as proprietary market commentary and other timely information.
7. TRACK RECORD
They also have track records of efficient and successful trading platform which are user-friendly and stable.
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.