Broker reviews

Broker reviews

Forex is not the type of market where you want to entrust your money to just anybody. If you (or your broker) don’t know what you are doing, you can lose a lot of money very quickly.

Now that the market is friendlier to lower-volume investors, the risks are even greater that overconfidence will tank your investment strategy, or that unwarranted caution will keep you from reaping the rewards you otherwise might be able to gain.

The good news is that with an excellent broker, you can make a significant return quickly and with little heartache. That begs the question: Who are some of the best forex brokers out there? Well, the answer will depend on who you ask and the criteria you use to make your determination. Here are some of the brokers we like best, with a bit of information about why we feel the way we do.

MB Trading

Let’s talk first about MB Trading, which is a U.S. broker regulated by the Electronic Communications Network. We’re not the only ones who think MB Trading is one of the best choices for volume traders. With a commission-free structure, these folks support pay for limit and offer spreads as tight as .1 pip.

If you live outside of the U.S. or EU, this might not be the right broker for you. In addition, MB Trading does not support hedging. But if you want to trade forex, or a combination of forex and stocks, futures or options, you definitely should give MB Trading at least cursory consideration.

ATC Brokers

Another reputable brokerage worth a serious look are ATC Brokers. They, too, offer tight spreads (although they vary) and deep liquidity. They’ll even let you play around with a demo account for up to 60 days while you decide which brokerage is right for you.

ATC Brokers, established in 2005, has been laser focused on new and emerging technologies, which shows in their platform. The group only charges a fixed commission on all pairs. The catch is that they require a much larger lot size. This is big league stuff for traders who are willing to go all in. In fact, the minimum account size is $5,000, unless you are following a signal system, in which case the minimum deposit amount may vary. There are no fees to open an account.

FxPro

Last but not least, there’s FxPro, which was named the best fx broker by Shares Magazine in 2013. Transparency is key for this UK-based group, which shows its real time spreads right on the home page of their web site. They are quick, boasting that 99.9 percent of their orders are executed within 50 minutes. They offer no restrictions on trading styles or strategies and have limit and stop levels starting at 1 pip. This is a good, all-around choice for investors.

Always ensure that you have done your proper research – there are many factors and variables that are all important on your trading journey. Through careful planning and adequate education, you can be well on your way towards financial freedom through trading of foreign currencies.

 

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