Find the best forex broker for your forex day trading. If you are new in foreign exchange currency trading. Then you start your trading with our top partner forex broker, also you can earn forex cashback rebate for each of your trades. Learn about best forex brokers for beginners. Online forex trading is a new era. Start your trading career today. Compare different famous forex brokers and choose the best one!
*Here forex cashback rebate rates shown are based on major currencie EURUSD spread.
Check our free online forex trading courses. Beginners guide.Learn Forex
Following 7 factors needs to keep in mind before choosing a forex broker.
Forex brokers get approved & administered by the government regulatory authorities who handles all legal aspect of a forex brokerage company. For some regulatory authorities, if a brokerage company gets bankrupt, then they provide insurance for clients fund. So that client can retrieve their money, also in case of any kind of fx trading fraud. It is wise to choose brokers who are regulated.
Learn more about different forex regulatory body & their full form list from IQ Forex Academy:
Good forex broker uses the top bank for getting currency quote & filling trader’s orders. Forex brokers generally use multiple banks for liquidity, so that traders can get the best deal.
Forex broker executing orders with dealing desk means, after a trader place an order, it automatically does not get executed, it first comes to the dealing desk from broker side, where broker chooses the price & then fill up the order for the trader.
With non dealing desk, there is no middle man, trader orders get executed with the best deal available from the broker liquidity providers.
For scalper or short term trader, non dealing desk(NDD) is the better option. But for position trading, dealing desk’s are okay to go.
The broker needs to be financially fit so that they can deal with a large amount of money transaction. For VIP traders, institutional traders, this factor matters most. Traders mostly prefer account fund segregation. Where a broker keeps clients fund separated from company funds in case of any financial hurdles.
In forex trading, execution types indicate how your placed order get executed by the brokerage service. There are two major types of order execution available with MetaTrader trading platform, market execution & instant execution.
This type mostly gets available with ECN or Non Dealing Desk(NDD) brokers. Here no middleman involves. Trader orders, directly get transferred to the bank(liquidity provider), then system chooses best price from among all available banks & returns it back to the trader by placing the order with that price.
This type mostly gets available with Market Maker brokers. Here once trader places an order, it gets filled by the broker instantly. With this type of order, a trader can place stop loss & take profit instantly with the order, unlike market executions.
stands for electronic communications networks. ECN brokers provide clients direct access to the financial market. In simple words, with ECN brokerage services you need to pay less spread on currency pairs, but it includes commissions charges per trade. ECN brokers are best for scalpers.
stands for Non Dealing Desk, basically, it is for market execution type trades. Here no dealing desk involves for filling traders orders from brokerage side. If a trader opens this types of account with market execution then trader order will get filled directly from the bank or by the liquidity provider.
Stands for Straight Through Processing, which indicates how trader order gets processed. It is an order handling technology for brokerage services. As it is engineered to speed up the order execution, thus it produces less delay. Trader order get executed within micro seconds.
Learn more about different types of trading accounts from our forex school:
Lastly, read other traders review on the broker to estimate an idea about their services. Not always broker reviews & rating are 100% correct. Sometimes it is biased too. For this reason, the trader needs to judge all factors from their own point of view, before making a decision. If something does not work for other traders, that does not mean that it will do the same for you. Each trader is different. Therefore their requirement is different. Find your most suitable broker from IntraQuotes partner broker list. Compare, choose & earn daily forex rebate.