What Sets the Best Forex Brokers?
Choosing the best forex brokers is an extremely important choice that will impact your trading experience and return. This is especially important for the novice forex trader. There are a lot of forex robots on the market today. These robots promise big profits if you just apply their trading strategies.
The best forex brokers are based on different factors such as; whether they trade futures or options, base their trading strategies around the economic calendar or not (which can vary dramatically), the minimum account size and more. A common feature amongst the top performing forex brokers is that they offer low spreads. This is essentially the difference between the asking price and the prevailing market price. Smaller spreads can lead to bigger profit margins. Traders who have deeper pockets often prefer these brokers to those who do not.
Saxo Bank, Plus 500 andIG Forex is some of the leading banks in Germany that operate forex online. They each have different features, but in general they allow traders to trade CFDs and CFD-like instruments. The three banks offer their clients free online trading accounts. If you already have an existing trading account with one of them, all you need to do is sign up for an account with the other two. Once you do so, you can now start trading online.
If you compare the performance of all the best forex brokers, you will find that CMC Markets and Saxo Bank perform better than the others. In terms of trading volume, both the banks show average gains year-over-year. The fact that these two brokers are part of the CIBC group means that they are seen as being more stable and professional. The average daily volume traded on the platform is higher than any of the other brokers. Even though this is good news, it does not necessarily mean that traders will gain great profit from trading with them.
Even though the two mentioned brokers are among the best forex brokers, the real value of a trading app lies elsewhere. In this area, the two are competitive. Each offers its own trading app, which enables traders to connect directly to their platform, receive advice and trade within the confines of their platform. The two trading apps are basically the same, and traders have to make their choice between the two based on the features offered by the app.
The best forex brokers, in this opinion, are the ones that offer traders the best free mobile trading app. The brokers that offer the best mobile trading app are the ones that give their customers more freedom and flexibility to trade. This means that you can now trade from anywhere at any time; you do not need to have your laptop or smartphone with you all the time in order to trade, but rather can access the trading platform from almost anywhere.
Aside from providing traders greater freedom to trade, the best forex brokers also give them greater security. They offer bank offers copy trading for their clients. This means that traders can open an account with the brokerage firm and use the service of their investment management system. However, traders may still open an account with other financial institutions and third-party investment firms. When traders have an account with the brokerage firm, they are assured that their funds are safe, as the firm always hold the assets in a high degree of protection.
Last but not least, the best forex brokers also offer traders the guaranteed stop loss order. The guaranteed stop loss order is very important for traders who want to ensure that their capital would not be lost in trades. With this kind of order, traders are guaranteed that their money would be recovered in case there is an enormous drop in the market. Aside from this, they also offer traders greater chance to earn big profit. With this in mind, it is advisable that people who are new in the field of currency trading sign up for the services of a broker with these features.