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Forex Ranking makes it easier for retail Forex traders to choose the right Forex brokers in the Forex market. There are a lot of Forex brokers in the in the Forex market. To succeed as a Forex trader, you need to choose correctly from the beginning. Brokers’ ranking evaluates and compares Forex Broker. There are many ways to rank Forex broker. To make the task of selecting the right Forex brokers leisurely for Forex trader, Forex ratings and rankings classify brokerage firms under the following categories:
1. The Brokerage Type
There are different classes of companies that provide Forex trading to Forex traders including ECN brokers who partner with many market makers and dealing desks.
- NDD (Non-Dealing Desk) which process customers’ orders automatically without any intervention from dealing desks
- Brokers that implement Straight Through Processing (STP)
- Market Maker which is also referred to as middle broker
- Electronic Communication Network also known as social Forex brokers
2. Trading Platforms
A trading platform ought to be effective, in placing trade order or closing trade swiftly. A trading platform that allows one-click actions are beneficial for Forex traders who perform aggressive investing. They help traders to manage limits, stop-losses and so on. Traders choose the different trading platform and can select types of hardware and trading apps that is right for them. Some traders decide to choose online trading platform while other traders decide to use the desktop trading software.
The right choice of trading platform is beneficial for traders as it determines their trading preferences.
3. Trading Accounts By Category
Brokers are also classified according to trading accounts which are usually based on the number of lots traded. Thus, brokers can be ranked according to the type of trading account they offer like standard trading account, mini trading account, and micro trading accounts.
4. Fees And Commissions
Another way brokers get their rankings is through the number of charges and commissions offered by the Forex broker. Some Forex brokers charge zero trading fees and do not collect any commission and earn through spreads while others charge fees.
5. Bonuses And Promotions
Forex brokers can as well be ranked according to the rewards and promotions they offer. Developments occasionally form a significant factor in the determination of the Forex broker a trader decides to work with. Brokers that provide bonus and promotions are very popular because they offer traders extra incentives in addition to providing excellent high yield investment conditions.
6. Trading Strategy
Some Forex brokers provide high leverage or spread value, and these make such brokers the preferred choice of aggressive and experienced traders. High leverage boosts traders’ profits and as well come with high risk.
7. Reliable Customer Support
Brokers are also ranked according to customer support they offer. Many brokers provide 24/7 help to meet the needs of some traders who may need assistance at any time. Besides, some brokers provide different language support which indicates the global reach of such broker and whether the broker can cater to the needs of the multilingual trading community.
8. Regulation And Licenses
Another way that best Forex brokers get their ranking is according their regulatory bodies and licenses. Forex broker is regulated in a different manner all over the world. Different countries of the world have various regulatory agencies, and some regulatory authorities are more reputed than others. Brokers regulated by the reputable regulatory organization are more trusted than those whose regulatory bodies have a lesser reputation.
