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What makes the Forex Brokers THE BEST for you?

2 years ago
Forex Blog
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You can find the numbers of forex brokers barking their way to best sell their clients. But how can you understand which one best suits you and your circumstances. Before explaining, the best way to begin this is understanding what "best" means for you. Everyone is different, have different tastes and preferences and tends to lean towards their preferences which defines what "best" for you. Below we produced some topics which makes big bout in the forex market regularly.

Economical

Some people look for the economical forex brokers. The reason behind it might be because of their financial positions. If you haven't got much money the best option for you is to look for the forex brokers who provides low spreads and low or no commission. This way your money can go further. One thing you must understand however is that lot of companies that offer exceptionally low spreads are not regulated by the appropriate financial authority. You may find that the majority of them are not based in countries such as the UK, US, Australia or anywhere in Europe. Instead they are based in countries where they get big tax reliefs and above everything, they are not easily reachable. That is, you cannot just go to their head office because it is in another country and they have no representation in your own country. They are simply given the go ahead to operate under no regulation where they can do what they want. Be careful with these.

No Re-quotes

The broker that provides none or least number of re-quotes is the traders' best broker these days. Re-quotes are basically provided when Forex broker cannot execute the quoted price so instead they make you another offer at a different price. For example, if you want to sell at 1.4500 the broker will not execute that trade but instead say that they can only sell at 1.4499. This obviously eats into your profit and it can be one of the most annoying factors of Forex trading. Historically, this may have been an issue for a segmented group of traders so they do not care how much trading will cost, they simply want a trading platform where they are never re-quoted. Unfortunately, if you are a new trader and are not aware of Forex brokers that guarantee no re-quotes then it could be the case of trying a few out to see if they suffer from this.

Instant Execution

Another group of traders may define Forex brokers as 'the best' only if they provide instant execution. They could trade lower time frames so instant diving 'in and out' of the market is crucial to them. Any delays could cost them money. While traders wait for the trade to fill the market will still be moving - it does not wait for the broker to make their mind up. This movement in prices while traders wait is called slippage and this is why they have to provide a re-quote.

Some trading platforms suffer from a 'lag' or 'delay' because their servers cannot handle the amount of orders or it could simply be that they are providing prices as a result of slippage that they cannot get from their Interbank market. Whatever the reason is, these traders do not want to lose money because their Forex broker cannot handle the amount of business they are receiving or because they are trying to fool everyone. They do not want to worry about any of this so they tend to go to a Forex broker that is renowned for having instant execution.

So choose your broker that best suits you from our platform. We help you find a large number of forex brokers according to your taste and circumstances.

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  • ATIF Shareef

    Good article

    2 years ago . Reply

    • Raju Gaire

      Nice article. Liked and Subscribed! Hope to get every articles weekly from Choose Your Forex. Thank You

      2 years ago . Reply

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