Are you unable to pick a top Forex broker from the many companies purporting to offer this service? There are a fairly large number of Forex brokers in the market and this may prove confusing especially to novice traders. It is worth noting that Forex trading is a relatively complex task and finding a good broker is the only way to enhance this experience. Find out more information about the top Forex brokers on the internet (Figure 1).

Figure 1: Forex brokers.

You have probably heard of all the negative experiences that people have when they start trading or when they switch platforms as shown in Figure 2. Here are some dangers you may experience when you get a poor Forex brokers:

Figure 2: Getting a dubious Forex broker.

• Fraud

• Losing funds due to technical errors

• Late placements

How do you determine the Best Forex Broker?

One of the most important factors you need to consider when choosing a broker is regulation. You should always select brokers that are regulated since these regulatory measures are meant to ensure the safety of your investment. Reputable brokers around the world are regulated by government agencies depending on their precise location. For example, Forex companies in Australia are regulated by the Australian Securities and Investment Commission while those in the UK are governed by the Financial Conduct Authority. You can also get more information regarding Forex regulation on the internet.

Reputation is also critical in the Forex market. Like most businesses, a top broker will always have a good reputation in the industry. You can easily assess the services of a company by getting to know their reputation in the market. Do they pay? Are they reliable? These are some of the questions to ask before setting out to get an online broker. Online reviews also offer a wealth of information where you can see the company’s interaction with other traders.

Owing to the large number of Forex brokers in the industry, it is not uncommon to find a different level of service among these companies as shown in Figure 3. Some top-rated brokers include:

Figure 3:Forex brokers across the internet.

• Plus500

• XM

• EToro

Plus500

It has been rated as the best broker offering remarkable services across different continents such as Asia, Europe and even South America. The company builds its brand by intensive advertising campaigns and offering hefty bonuses to woo more clients. It is a reliable Forex trader that is currently regulated by the ASIC, CySEC and even FCA [1].

XM

Owned in Cyprus as is with most Forex companies these days, XM was developed in 2009 and has managed to a mass more than 100,000 clients. The firm boasts of safety and faultless trading with most traders on the platform offering positive reviews of the same. A reliable customer support and multiple-languages also make it one of the most attractive Forex broker [2].

eToro

Famed for its social trading platform, eToro was the first to offer its clients this interactive form of trading. The company offers more than one platform with each of the trading suites offered catering for different client needs. An example is eToro open book which is a social trading platform where traders can copy and follow each other’s trades. eToro mobile trader is another suite which makes it easy for traders to access their trades using their smart-phones [3].

Finding the top Forex brokers

While most brokers offer unique products to their clients, it is imperative to know what to look for before choosing the best Forex brokers. Reading reviews and having access to reliable information about these brokers will ensure that you can safely invest your funds without any worries.