Forex Brokers

Even though there is no perfect broker, some are definitely better than others. This is where you want to be if you are at the stage of trying to find a broker to work with.

The Perfect Broker

The perfect broker is one that allows you to trade Forex currencies and make as much money as possible in the market. The perfect Forex broker helps you take your profits out of the market and never gets in your way.

They always side with you and they always strive to make everything right. They always give you the best Forex spread on every trade. They might have the most attractive commission structure in the business and save you money on transaction costs.

Wouldn't it be awesome if such a broker existed? While there are some very good brokers out there to work with that are legitimately concerned with customer service, you will most likely always have some issues with online trading companies at some point. By getting used to the idea now, it can save you some disappointment in the future. Even the best brokers have some things that you may not like about them.

Execution

One of the most important parts of choosing a Forex brokerage is finding one that has been execution. The Forex market moves very quickly and you want to be able to get in in out of your trades. If you place an order and it takes seconds or minutes to process, you may end up losing money on the trade. Instant execution is important so that you can get every pip that comes along regardless of whether you are selling or buying foreign exchange currency pairs.

Deposits and Withdrawals

While it might seem like a small issue, you also need to pay attention to the deposit and withdrawal method of your broker. Having a convenient way to get money into your account and a convenient way to get it back out is critical. For example, some brokers only allow some Paypal knockoff third party processing company to fund accounts. If this is the case, it may not be completely convenient for you to make deposits or get your money back. Regardless of how much money you win in your account, it does not do you any good until you get it back out into your hands. Bank wires are fairly standard even though they can be a little slow. Many brokers are also offering credit cards and debit cards as a method of payment.

Reputation

The reputation of your broker is pretty important too. While you do not necessarily have to go with the most popular kid on the block, you want a broker that other people have heard of.

New Forex brokerages open every other day and some of them can be pretty shady. Get a broker that has a good reputation in the market and is located in a relatively safe area for brokers. For example, Forex brokers in Switzerland are considered to be some of the safest options that are available in the world. They have stringent banking standards that make even the most skeptical traders out there feel more comfortable. According to some, though, a Swiss broker is not really that much safer than what you would find in any other area.

Demo Accounts

Most brokers give you the option to open a demo account and test out your strategies. This is a very valuable tool that you can use to become a better Forex trader.

Platform

The type of

Forex platforms that your broker offers should also play a role in your decision. You need a platform that you can feel comfortable trading with. When checking out the platform, you should also find out about the foreign exchange swap that the broker offers.

Type of Account

When working with a broker, you will be given a choice as to which type of account you want to open. You could open a standard account or a mini account Both of these accounts can be beneficial depending on what your needs are as a trader. The standard account is generally for experienced traders while the Forex mini online account is for those who do not wish to risk as much money.

Introducing Broker

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Forex introducing broker is a type of broker who will help you get a Forex account with one of the major brokers in the market. By opening an account with this type of broker, you can sometimes earn trading rebates. When you open an account with someone, there's a chance that you could be working with an introducing broker.

Forex Market Maker vs. ECN

The type of broker that you choose is also important. Most brokers fall into one of two categories: Forex market maker or ECN. A market maker is a broker that basically takes the opposite position that you take while the ECN places your order into the market for you.

Get Paid to Trade

When you're finally ready to open your own account and start trading, you'll want to check out the Cashback Forex program. If you're going to be trading anyway, you might as well make some money for doing it right? Opening an account through the program gives you the exact same spreads and execution that you would get if you opened it normally.

The only difference is you get a percentage back for each trade that you make. Just click on the banner below to find out more info about how it works and what brokers you can work with. Many of the Forex brokers listed below in the reviews are in this program and offer some very nice cash back when you open an account. After you've done your homework and read some of the reviews, check it out and get started making some cash.

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Reviews

Of course if you're still unsure of what broker to go with, you can always check out our reviews here at Forex Trading Rookie. We have done business with a lot of the Forex brokers out there and can help steer you in a direction. We also do a lot of research on brokers and can help save you some time when learning about a broker. Check back periodically as we update our reviews for your convenience.

4XP Forex -- 4XP is situated in the British Virgin Islands and they give you the choice of going with an ECN account or with a standard market maker account. They have good spreads, solid execution and catchy name like 4XP. What's not to like?

24option -- 24option, as you may have guessed, is an options broker. They allow you to trade stocks, commodities, currencies and other cool stuff. Check them out if you are interested in getting started in options trading.

ACM Forex -- ACM Forex is one of the biggest brokers in the world and they are located in Switzerland. This is a broker that is friendly to traders who have big money to invest. Check out what they have to offer traders.

Alpari UK -- Alpari UK is a broker in the United Kingdom that is regulated by the FSA. They offer the ability to get started with only $200 and they don't use a dealing desk.

Ava FX -- Ava FX is a foreign exchange broker that is situated in Ireland and offers some of the best trading tools around. They've won awards for customer service and they make a mean chocolate shake (not really). But seriously...you should check them out.

CMC Forex -- CMC Forex was the first Forex broker to offer an online trading platform for their traders. They now offer spread betting for their clients.

CMS Forex -- CMS Forex is a broker from the US and is affiliated with another well-known broker - Gain Capital or Forex.com. Check out what they're all about here.

Dukascopy -- Dukascopy is one of the biggest and best brokers out there. They're located in Switzerland, which is a haven for the financial industry.

eToro -- eToro is considered to be one of the best brokers out there for beginners. If you are new to the market and looking for a broker, you might want to check them out.

Forex.com / Gain Capital -- Forex.com or Gain Capital is one of the leading brokers in the Forex market today. Learn about what they have to offer you as a trader.

Forex Club -- Forex Club is a broker that is located in the United States. They do not offer MT4 and they do have some pretty good spreads. They have also been around for several years.

Forex Control -- Forex Control is a broker that is situated in India, which is perfect for those who want to get involved in currency trading in that part of the world. Check them out if you're looking for a good Indian broker to work with.

Forexoma -- Forexoma is a relatively unknown broker that actually has a lot going for it. If you like the idea of signing on with a broker that traders actually like, you may want to check out this review.

FxNet -- FxNet is a new broker situated in Cypress. They pride themselves on being a trader-friendly broker with a lot to offer users of all kinds.

FX Pro -- FX Pro is a broker that is situated in Cypress and they have some of the best spreads available in the industry. Not to mention, they have a sweet red logo.

FXCM -- FXCM is one of the best known Forex brokers in the world. If you are looking for a very high level of customer service and the ability to trade micro accounts, check them out.

FXDD -- FXDD is a broker situated in the United States and they have won multiple awards for being an all-around awesome broker to work with. They are one of the best Forex brokers in the industry. Read more about them in this review.

GCI Forex -- GCI Forex is a broker that is situated in Belize and they are considered to be a decent broker for beginners and experts alike. Check out their review here.

GFT Forex -- GFT Forex is another one of the US Forex brokers that you could choose to open an account with. Find out if the MT4 access and low spreads are good enough to overcome issues with changing account balances.

Go Markets -- Go Markets is a broker from "down under" that has a lot to offer the average trader. You can get started with them without having to meet a minimum deposit requirement and you can trade with 500:1 leverage. US customers need not apply.

IBFX -- When looking through the various foreign exchange brokers in the market, IBFX is likely one that you keep hearing about. IBFX is one of the leading Forex brokers in the world today. Learn about them and what they have to offer.

Marketiva -- Marketiva, although not the best name for a broker is actually not a bad outfit to do your Forex trading with. Check them out here.

MIG Bank -- MIG Bank is another one of the big Forex brokers situated in Switzerland. If their cheese and Army knives are any indication, you might want to trust them when it comes to brokers also.

Tadawul FX -- Tadawul FX is a broker situated in Cypress and it offers low, fixed spreads. Check out what they have to offer you in this review.

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