Foreign exchange is the world’s largest financial market. On average, it accounts for more than $4 trillion traded value per day. However, forex market has no one central marketplace meaning that traders must choose a forex broker to help them trade. A forex broker is a firm that provides trading platform to traders to enable them to buy and sell foreign currencies. They help traders access forex market 24 hours. The forex broker firm that you choose can determine whether you will be successful in forex trading or not. That is why it is important to choose a forex broker firm with great reputation. Many forex brokers usually allow prospective clients to try out their services before committing by giving them access to demo accounts. As a trader, you need to test as many demo accounts as you can before you make your final decision. This way, you will be able to choose a forex broker firm that offers exceptional services that matches your expectations. 2019 is just around the corner and if you want it to be your year of breakthrough in forex trading, then you need to choose the best trading broker. In this article, we are going to give you proven tips on How to Choose the Best Forex Broker 2019.
- Consider regulatory compliance
The first crucial thing that you need to consider when searching for repeatable forex broker is regulatory compliance. In the US, reputable forex brokers are member of the National Futures Association (NFA). They are also registered with the US Commodity Futures Trading Commission (CFTC) as retail foreign exchange dealers and as futures commission merchant. In the UK, trusted forex brokers are member of The Financial Conduct Authority (FCA). The National Futures Association is a self-regulatory body for futures industry in the US that creates rules, services and programs that helps to protect the integrity of the market. It also helps its members meet the industry regulations. On the other hand, the commodity futures trading commission is an independent government agency that is responsible for regulating commodity futures market in the US. In addition to that, this agency also helps to protect the public and market users from fraud and manipulation. If you want to be on the safe side in 2019, then it is recommended that you choose a forex broker who is under CFTC regulation or one who is a member of NFA. Most brokers who are members of NFA and are subject to CFTC regulations usually indicate on their website in the “about us” section. To protect yourself from fraud and manipulation, it is prudent to choose a forex broker firm that is regulated.
Recommended Top Forex Brokers 2019
| Broker | Info | Bonus | Open Account |
|---|---|---|---|
 | Min Deposit: $5 Spread: From 0.2 Pips Leverage: 1000:1 Regulation: Mwali International Services Authority | 50% Deposit Bonus, Copy trading, Trade&Win. | Visit Broker |
 | Min Deposit: $1 Spread: From 0 Pips Leverage: 2000:1 Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN | 35% of the account Deposit | Visit Broker |
 | Min Deposit: $1 Spread: From 0 Pips Leverage: 3000:1 Regulation: CySEC, ASIC, IFSC | $100 No-Deposit Bonus, 100% Deposit Bonus | Visit Broker |
 | Min Deposit: $5 Spread: From 0 Pips Leverage: 888:1 “*This leverage does not apply to all the entities of XM group.” Regulation: ASIC, CySEC, IFSC Belize | “50% +20% deposit bonus up to $5,000, Loyalty Program Bonus “*Clients registered under the EU regulated entity of the Group are not eligible for the bonus and the Loyalty Program” | Visit Broker |
 | Min Deposit: $0 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, FCA, DFSA, The Financial Commission | Visit Broker | |
 | Min Deposit: $100 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC, CySEC, FSCA, FSA, FSC | Visit Broker | |
 | Min Deposit: $300 Spread: floating, from 0 pips Leverage: 500:1 Regulation: FCA UK reference number 579202 | Visit Broker | |
 | Min Deposit: $5 Spread: Starting 0.1 pips Leverage: up to 1000:1 Regulation: MFSA, Labuan FSA, BVI FSC, VFSC | Visit Broker | |
 | Min Deposit: $200 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC Australia, FCA UK | Visit Broker | |
  | Min Deposit: $100 Spread: Starting 0 Pips Leverage: up to 400:1 Regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA | Visit Broker |
- Consider currency pair that the broker offers
There are many currencies that traders can take advantage of to trade. However, fact still remains that only a few can earn you good money. If you want to get good profits from your investment in 2019, then you are advised to trade currency pairs with high liquidity. Major currency pairs that are highly recommended for trading include US dollar/Japanese yen (USD/JPY), US dollar/Swiss franc (USD/CHF), US dollar/Euro (EUR/USD) and US dollar and British pound (USD/GBP). You may find a forex broker who offer wide array of forex currency pairs but many are not profitable or you are not interested with them. Before you make your final decision, it is crucial to first check out the currency pairs that the forex broker offers and see it they are exactly what you are looking for. The currency pairs offered should also be profitable.
- Consider trading platform offered
The trading platform that the forex broker offers is important because it is the trader’s gateway to the market. Before you make your final decision, you should carefully analyze the platform offered to see if it is friendly, easy to use, visually pleasing and if trades can be entered or existed with ease. The trading platform should have all fundamental tools that will help make your trading easy and convenient. It should also have a buy and sell button to enable you conduct trading fast and conveniently. If you choose a forex broker firm that has poorly designed trading platform, then chances are that you will end up making costly mistakes. For instance, you find yourself going long instead of going short. If you want to be on the safe side in 2019, then you are advised to choose a forex broker firm that offers trading interface with amazing features including well labeled buy and sell button, automated trading options , trading alert among many other features that will make your trading easy.
- Consider quality of customer service offered
One great thing about forex trading is that it occurs 24 hours a day. When choosing a forex broker, it is important to consider if they offer 24/7 customer support. Another important thing to consider is if the forex broker customer attendant speaks with you one on one. Many forex broker firms prefer to use an automated customer service tool especially during off-peak hours. This automated tools are time consuming and in most cases they don’t address your needs. Before you make your final decision, call the forex broker firm that you are consider to choose and see who will pick your call and quality of customer service that they will provide. If you are not impressed with the quality of customer services rendered, then don’t even thinking of choosing that particular forex broker because you will also get disappointed. Only choose a forex broker that offers quality and satisfactory customer support services.
- Consider data security
When opening a forex broker account, you will be required to submit a lot of your personal and financial information. For instance, you will be required to submit copies of your passport, bank account, credit card number and in some cases, copies of your utility bills. These are very sensitive information that needs to be well protected. That is why it is important check the security features that the firm has put in place to prevent your personal data from being stolen. Some important security features to consider before choosing a forex broker firm include secure sockets layer (SSL) encryption that will prevent your data from being intercepted by wrong parties and two factor authentication that makes it very difficult for someone to hack your account. Don’t forget to check the brokers privacy policy see if they say that all data that they collect from you will remain private and won’t be sold to a third party.
- Consider account options
When opening an account, you will realize that forex brokers differ greatly on things like trading terms, minimum deposit as well as account features. In most cases, details of account are usually hidden on terms of service. If you are still new to forex trading, then expert recommend that you don’t deposit a substantial amount for trading, start small then grow big. Your minimum deposit will determine the type of account that you will get. If you deposit good amount of money, then you will have favorable spread, greater access to market analysis tools, free forex VPS as well as access to personal account manager. Before you make your final decision, check account option that forex broker offers then choose one with terms that are favorable to you.
- Consider commissions, spreads and fees
Trading cost that forex brokers charge has a huge effect on your profits particularly if you are a high volume trader. You will have two options to consider when choosing forex broker. The first option is choosing low cost broker who offers massive discount or expensive broker. The benefit of choosing expensive broker is that you get to access various research and market analysis tools that will help you make informed decision when trading. You will also enjoy quality customer support team and advance trading interface. However, you will be forced to dig deeper into your pocket to enjoy all these services. Most forex broker don’t charge commission except for currenex account. The primary source of compensation for brokers is the spreads. If the spread is tight, then it will be less costly for the trader to enter or exit the trade. Spread usually vary depending on currency pair and tend to be tighter on currency pairs with high volume. Spread can be floating or fixed. Most brokers offers either floating or fixed spreads. However, few give traders multiple options to choose from. It is therefore very important to choose spread that you are comfortable with. Some brokers also charge addition fee for withdrawals, wire transfer, deposit, credit card, account closing and inactivity.
In conclusion, the forex broker firm that you choose will play a crucial role in determining if you will have a successful year in forex trading or a bad year. It is therefore very important to choose a forex broker firm that you have confidence in. This way, you will devote your time and energy on things that are more important and that is analyzing forex market and developing strategies. Before you make your final decision take your time and research about the broker and what other traders who have used the services of that particular forex broker firm are saying. You can also use their demo account to see if their trading platform has exactly what you are looking for. Never settle for second best when choosing a forex broker because it will determine your success in forex trading.
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