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5 Signs of a Great Forex Broker

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The currency market is the largest financial system worldwide. Every day, over 5 trillion US dollars circulate between its participants — organizations and individuals. You, too, can make a profit buying and selling the right currency at the right time. Brokers provide flexible access to this gigantic marketplace. But which company should you trust?

Overview of Brokerage Services

A broker is your middleman. It connects individuals to the vibrant live market. These companies create demo and live accounts, provide education and customer support. They also offer software — usually for free. Here is what sets the best firms apart.

Transparent Conditions

Trusted providers are open about their terms and conditions. For example, you can find detailed descriptions of services on this page for logging into the Olymp Trade system. It also mentions the company’s competitive strengths and offers clear instructions for its software.

Opportunities for Demo Trading

Any reliable broker allows clients to test drive their software for free. A demo account is easy to register — usually, all you need is to submit basic contact information. Are they logging and password land in your inbox almost immediately, so you can start learning at your own pace.
Steer clear of any provider without a demo mode. As Forex is always risky, it is crucial to build the necessary skill set safely. Demos from the best companies are unlimited. You may practice as long as needed using a free deposit. For example, Olymp Trade gives every user $10,000 in virtual cash.

Educational Resources

A top broker is more than the link between you and the global financial market. Such companies also educate traders on the best strategies and tools. They provide articles, webinars, tutorials, and trading wikis. They help you develop your own style and manage risks wisely.

Efficient Support

With a reliable provider, you have access to support around the clock, at least every weekday. Currencies are traded 24 hours per day, as sessions around the world contribute to unstoppable action. Thus, you should have easy access to assistance from your brokerage firm.

Powerful Software

Brokers may offer standard or unique solutions. On the one hand, many companies provide the same generic platforms. On the other hand, thriving brokers invest in their own app development. Proprietary solutions allow uninterrupted access to the markets from any device. All popular OS (Windows, Mac, Android, and iOS) must be supported. Today, traders are used to working on the go, wherever they are.

ECN or Market Maker?

Brokers can make money in two ways — either from commissions (ECNs) or spreads (market makers). Electronic communication networks allow you to use real market quotes, while market makers include costs into the rates. Their prices deviate from the actual ones, but only slightly.
Some brokers work in both modes. You can therefore choose how to structure your expenses. Generally, if you trade throughout the day frequently, paying a commission every time may prove costly.