About Forex Brokers Reviews
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If you are new to financial trading, you have probably Googled Forex broker keywords several times in your browser search, and you have probably seen two types of results – official broker websites and websites where the main purpose and goal is to provide the audience with Forex broker rating lists or tables. What we will talk about in this article is linked to both types of results that you can see in Google, and both types of results are connected to the subject of Forex brokers reviews. When it comes to Forex broker reviews, there are several important things that you need to know, and here, we will tell you what they are.
Why Are Forex Broker Reviews Important?
Forex broker ratings are carried out so that every trader can check them out and see which are the best trading websites at the moment. To make these ratings, websites like ours evaluate the different trading platforms and make their final assessment about the specific website. The evaluation always has its own criteria – regulation, bonus systems and so on, and these facts are all included in Forex broker reviews. Each review is a mini assessment of the broker, taken from the long list of websites that can be found on the market today. This is why broker reviews are so important, so that when you want to change your current broker or are just starting out with trading and need to choose a reliable broker, you can compare the ratings and see which is best. But just exactly how can a Forex broker be beneficial for the trader, themselves?
Why Does A Forex Broker Review Matter to You?
You should always read forex brokers reviews and not just rely on visiting the websites that produce the Forex broker rating results. If you only check out these results, you might see the best brokers you can choose from, but cannot consider yourself to be an expert if you only rely on results that are based on facts you cannot be sure of. Smart traders check the ratings, then choose 10 of the best current brokers and read reviews of these websites. This is the best approach to finding the best possible platform to register with. Not only can reading Forex brokers reviews help you to make a decision as to where to start making trades, but there are other things it can help you with:
|Top Forex Brokers List|
|9.9/10||XTrade||60%||30 days||CySEC||Read more about Xtrade|
|9.7/10||XM||100%||30 days||CySEC||Read more about XM|
|9.6/10||HotForex||100%||1 year||CySEC||Read more about HotForex|
|9.5/10||Trade.com||$25 No Deposit||1 year||CySEC||Read more about Trade.com|
|9.5/10||Plus500||Up to $10,000 per T&Cs||1 year||CySEC||Read more about Plus500|
|9.4/10||HYCM||$5000||60 days||FSA||Read more about HY Markets|
|9.4/10||FBS||$123 Free||1 year||IFSC||Read more about FBS|
|9.3/10||Avatrade||40%||1 year||MiFID||Read more about Avatrade|
|9.2/10||ETX Capital||$20 No Deposit||1 year||FCA UK||Read more about ETX Capital|
|9.2/10||FIBO Group||N/A||1 year||CySEC||Read more about FIBO Group|
|9.2/10||Instaforex||250%||1 year||FFMS||Read more about Instaforex|
|9/10||easyMarkets||$2000||1 year||CySEC||Read more about easyMarkets|
|8.8/10||eToro||Up to $1000||1 year||CySEC, FCA||Read more about eToro|
|8.8/10||CM Trading||20%||1 year||FSB||Read more about CM Trading|
|5/10||UFX||$50 FREE||1 year||FCA||Read more about UFX|
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- You will know in advance what to expect from a broker. For example, imagine that the only way you can deposit funds into your account to trade with is via PayPal, but many of the best platforms that are rated at the top of the list do not offer this payment method? Or another example: you like trading with commodities, however the best brokers do not offer this as an option, but only stocks and financial currency pairs. A Forex broker review gives you some brief information about the platform so that you know what to expect from it.
- Making your own comparisons can be also a good idea. When you read numerous Forex brokers reviews, eventually you will work out where the biggest no deposit bonuses are or where the highest spreads are. Some traders – especially the advanced ones – prefer to rate the brokers themselves, and not to put their trust in subjective websites.
- Gathering more information about what Forex broker ares can easily be achieved by reading reviews, and every beginner in the field will agree that they certainly have more to learn. Sometimes, however, reading theories can be boring and not particularly helpful, so it is easier to obtain the brief information that is supplied in Forex broker reviews.
What Does a Forex Broker Review Look Like?
Forex broker reviews usually look pretty much the same. Some of them are short, others are long, but in most cases they will provide the same information about a broker. The only difference between reviews tends to be in their structure or the volume of words. The facts that are generally listed in a standard Forex broker review include:
– Origin and company information
This is usually the starting point of any Forex broker review. It explains which company owns the broker, which will help you to figure it out how reputable the broker is. The broker’s history will tell you more about their experience in the industry, and we know that the more experienced a website is, whatever its main activity may be, the more reliable it is likely to be.
– Speaking of reliability
Reliability is the number one factor which makes a trader choose a particular broker. Being reliable means that the broker can protect its customers from personal data theft while reassuring them that all financial transactions will be processed efficiently and in time. In short, reliability means transparency and a high level of website security. It also means that you will not be registered with a broker that experienced traders would call a scam operation. The reliability of a broker depends on one major thing – their official registration. If the broker has no license to operate on the market, then it is certainly not a trustworthy company. However there are two sides to this. Some brokers are listed on the market, but are still not particularly reliable, and this depends on the regulators that they use. Usually, however, all regulators are the same, being chosen by the country’s agencies and they are always official bodies. One good example of a good Forex broker regulator is CySEC, which is the official Cyprus-based regulator.
– The trading platform
The software that powers each Forex broker is something that every trader should consider and this information is included in every Forex broker review. Sometimes, when the review says that the broker is powered by a familiar software product you do not even have to continue reading, because trading platforms like MetaTrader and Webtrader are both reliable and popular. When it comes to information about the trading platform, some reviews also include facts about mobile trading options on the particular broker site including apps that can be downloaded or an official mobile version of the website.
– Trading features
This is the longest part of any Forex broker review, because here is where the trading instruments and trading assets are explained and named. Here, you will be also introduced to the spreads and the payout ratio. When it comes to trading features, some reviews also include information as to the availability of learning centres, auto signals or whether hedging and scalping are allowed.
– Payment methods
This includes the ways in which you can make financial transactions with the specific Forex broker. The payment methods affect both your investments and your profits as investments are made through deposits, while the profits go into your bank account via withdrawals. Note that most Forex brokers have their own specifications and requirements regarding deposits and withdrawals. Some brokers even charge fees for these payments. The restrictions for the deposits usually include minimum amounts that you can invest each time, and as for withdrawals, brokers have their individual rules how much they will allow as the largest or smallest amount of money you can withdraw each time. Withdrawals may also be limited by time, for example once per week, twice per month etc.
– Bonus system
Most traders’ favourite part of the Forex broker review is finding out about their bonus systems. The bonus system shows all of the current special promotions that the trading platform offers. There are different types of bonuses and the more of them a broker offers, the happier the audience is. You should note however that a bonus system should not be the most important factor in your final decision as to whether or not to register with the broker. After all, a review represents many other significant factors in a platform and you need to consider them all as part of your evaluation.
Reading Forex brokers reviews might not be the most interesting thing in the world, but it is an essential task that you need to perform. Broker reviews give you a clear perspective of what to expect, and will give you a good impression of each trading website, so feel free to read forex broker reviews regularly.
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