Welcome! Dear Traders,you are reading my forex trading experiences. Forex trading is a very profitable and very risky business opportunity. If you are a beginner, calm down,have a cup of coffee, and convince yourself that you need to study hard to win in forex trading. Obviously, the task is not easy as the statistics claim that only 5% traders win in forex trading. If you are determined, serious,and hard working, you can surely be included in the group of winners.

HOW TO FIND A BEST FOREX BROKER

A good broker is a good friend to a trader. A trader who already became successful in his trading career must have the experience of trading with more than 3-10 forex brokers. This is not because he/she loves to test more than one brokers rather want to find a best broker to go along with. Finding a best broker to trade with is not an easy tusk. It is a headache. This post explains the points a trader should focus on while choosing a best forex broker.Find the answers of the following questions to find a best forex broker.

Is your fund secure with the broker?
When the banking system was first introduced, people used to be confused to keep their fund in a bank account. When the banks were recognized as a secure place to keep the fund, people started keeping their fund in the bank account confidently. A forex trader when decide to invest four figure into the trading account, he/she first think "Is the broker secure to invest the fund?" To find the answer of the question traders should ask himself "Is the broker regulated or not?" There are so many regulatory bodies that certify a forex broker as a trustworthy place to keep the fund. Following are some of the countries with corresponding regulatory bodies.

United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
Australia: Australian Securities and Investment Commission (ASIC)
Switzerland: Swiss Federal Banking Commission (SFBC)
Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
France: Autorité des Marchés Financiers (AMF)

A broker is considered as trustworthy to trade with, if it is regulated by any regulatory bodies.There are some other regulatory bodies also .Traders must know the significance of the regulatory body under which his/her chosen forex broker is regulated. 
 
What is the transaction cost to trade with the broker?
Whether a large or small forex trader, transaction cost is always an important concern. Generally, forex brokers charge spread or commission for every trades. A no dealing desk forex broker offers more competitive quotes than a dealing desk forex broker. Read about the dealing desk and no dealing desk forex brokers here in details.

In straighter point of view, low transaction cost maximizes profit and minimizes loss. Traders who are scalping in the forex market should look for the brokers with tighter spread. 

A trader with higher than four figure initial investment may sacrifice tighter spread to ensure the security of his/her fund.

What are the available deposit and withdrawal methods?
A good forex broker will make the withdrawal of your profit and deposit of fund easy. There are no reasons to keep the deposit and withdrawal restricted. Some forex brokers still keep the withdrawal options restricted because of the requirement by regulatory bodies.

Electronic deposit and withdrawal methods made the flow of the fund easy. Sometimes the traders may need emergency fund to receive for their daily expenses, and emergency deposit to keep the orders alive. 

You should ensure whether your desired deposit and withdrawal methods are available with the broker or not.

What are the trading platforms available to trade with the broker?
A trading platform is the interface that facilitates the order execution and management. Some brokers have only one trading platform and some brokers have more than one. A trader will look for a trading platform that is easy to install and use. 

Metatrader4 and metatrader5 trading platforms are very widely used and demanded trading platforms. These platforms allow the traders  to apply technical indicators and other technical tools easily. Some traders do not love to trade on the web platforms because the technical indicators and technical tools cannot be applied easily on the most of the web trading platforms. 

I found so many traders who use the metatrader4 or metatrader5 trading platform to conduct the technical analysis, and place the orders on a web trading platform. They love to trade with the broker that only has web trading platform because the broker is reliable and facilitates social trade. 
 
How efficient is the order execution with the broker?
The efficiency of the order execution greatly depends on the type of broker you are trading with. Generally, a  no dealing desk forex broker has more efficient order execution than a dealing desk forex broker. Read about the dealing desk and no dealing desk forex brokers here in details.

Recently,a forex trader shared a snapshot in a facebook group of forex traders to show that his order was not automatically closed and he was counting a huge loss. I suggested him to trade with a no dealing desk forex broker.

Even with some brokers, if you place a buy order at 1.23000 (EUR/USD), the order may be active at 1.23015. This type of events are common during high volatile market even with the broker with efficient order execution. But in normal market environment a broker with efficient order execution will maximize the chance of receiving desired quotes.

How responsive is the customer support? 
Think a situation when you have made a withdrawal request, and it was not processed before the expected time, or suddenly you see that your trading platform showing incorrect balance. Dozens of situations can be found when a trader needs to contact with the broker.

The most widely offered means to contact with the broker are live chat, email and phone. From some Asian countries making an international phone call might be expensive, and receiving support from an email inquiry might be time consuming. So, in this situation live chat can be the most effective means of communication with the broker. 

Not only the means of communication with the broker rather the responsiveness of the customer support department to an inquiry by a trader is very very important.

The choice is yours!!!
Now you should decide with which broker you will trade with. With a single broker you will not find all the above mentioned features. You have to sacrifice one to receive others. I will suggest you to trade with a regulated broker, though it offers higher spread.

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