Choosing an online forex broker can get a little complicated since there are thousands of online brokerage firms competing for your account. However, a thorough research and basic understanding of forex trades will help you choose the right forex broker.
Since your options for choosing a broker is quite large, what you need to understand is some of the basic trading services. Following are some of the general services offered by online forex brokers.
- Should be regulated by a main regulatory agency
- Possess quick execution capability
- Must offer reliable trading platform
- Should be trust worthy to manage your account deposit
- Should use SSL encryption or better, as per industry standards
- Should provide high security for your account information
- Should provide access to competitive dealing spreads
- Must provide trading features such as mobile trading, SMS market alerts and forex broker review.
In order to keep track of the market and execute transactions, your broker may provide his own proprietary trading platforms such as eToro, AVAFX, ForexYard, UFXBank, Finexo, MetaTrader, etc. However, in either case there are basically two types of platforms; Web based trading platform and client station platform.
Web based forex platform is designed for quick and easy online trading and does not require installation or downloading. You can directly log into your account from any PC that support recommended operating system.
Client station forex platform offers highly secure environment, speed and complete trading functionality. This requires you to download the platform on to your PC that has the recommended operating systems to enable you to use the platform effectively.