Choosing the best Forex broker for day trading can be challenging more so if you’re doing this for the first time. Each broker is unique; thus making a choice can be confusing considering the scores of brokers in the market. Besides, the forex market is very competitive, and the choice you’ve made has a significant impact on your success in the market. In this article, we’ll look at some tips that can assist you in locating the right broker.

• Broker Reviews

Reading forex broker reviews is paramount to your success in the venture. These reviews will inform you about the broker’s platform, background, products and any other details that will guide you to make an informed decision. You will also get information on the experience their past clients have had with the broker.

Visit the broker’s website and social media pages to see what others are saying about them. You’ll also get the first-hand experience with their customer service attendants.

In your research, you’ll discover how the specific broker ranks in regard to their peers. If they receive overwhelmingly negative reviews, you have a reason to worry. On the contrary, immense positive reviews suggest you’re likely to succeed in day forex trading if you use this broker.

10 Best Forex Brokers for Day Trading

Broker	Info	Bonus	Open Account
	Min Deposit: $5 Spread: From 0.2 Pips Leverage: 500:1 Regulation: FSA (Saint Vincent and the Grenadines), CySEC	50% Deposit Bonus, Real contest 1st prize Luxury car BMW X5 M, Copy trading, Trade&Win.	Visit Broker
	Min Deposit: $1 Spread: From 0 Pips Leverage: 3000:1 Regulation: CySEC, 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: $1 Spread: From 0 Pips Leverage: 2000:1 Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN	35% of the account Deposit	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
	Min Deposit: $300 Spread: floating, from 0 pips Leverage: 500:1 Regulation: FCA UK reference number 579202		Visit Broker
	Min Deposit: $200 Spread: Starting 0 Pips Leverage: 500:1 Regulation: ASIC Australia, FCA UK		Visit Broker
	Min Deposit: no minimum deposit Spread: 1.2 pips Leverage: 50:1 Regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC		Visit Broker
	Min Deposit: $10 Spread: Leverage: Regulation: CySEC	-	Visit Broker
	Min Deposit: $200 Spread: From 3 Pips Leverage: 400:1 Regulation: NFA, FCA, CySec		Visit Broker

Also, visit online forex forums dedicated to this topic to get tips and information on some of the best day trading brokers. In these sites, you’ll access details about the bad and good sides of the various brokers. After reviewing several brokers, you can then make your choice.

• Consider Your Trading Style

Your ideal trading style and strategy determine the best broker to work with. What differentiates these trading styles is the trading frequency, how long you’ll hold a position and timing of trade entries and exits. In this case, you’re considering day trading.

Intraday trading is a forex trading style that means you’ve to close all positions by the end of the day. This style comprises of various strategies and trade plans besides you close the positions before the end of the day to avoid the risk of holding them overnight. When choosing a broker for this trading style, you need to look for one with tight dealing spreads. Choose a forex broker with guaranteed order fills.

You may also opt for a broker with negative balance protection. Avoid a case whereby a negative balance can land you into debts if a trading position goes hugely against you.

• Your Budget

When selecting a day trading broker, you must consider your budget. Look at the fees, commissions and spreads the broker charges and determine if they are suitable for your trading style.

If you’re an active trader, you’ll need to work with a trader who charges lower transaction costs to avoid affecting your bottom line. At the same time, you should ensure you’ve sufficient funds to meet the broker’s minimum margin deposit. If not choose another broker.

When interviewing the brokers, ask about their minimum deposit. For example, some brokers might need you to open an account with as little as $30, while others may want you to have as high as $10,000. This initial deposit is what you’ll use as a margin to secure your trades.

• Customer Support

When deciding on the broker to use for day trading, you must consider the quality of their customer support. Are the professional? Are they friendly? And how fast do they respond to clients queries? These are some of the questions that you’ll need to be answered before making your final decision.

Most best forex brokers offer 24/7 support to guarantee their clients’ needs are attended to at any time. Also, look at the number of languages their support is available. A broker offering customer support in an array of languages means they have a global outreach. But the bottom line should be to get customer service in your language.

Besides, the trader’s website should have a detailed FAQs section addressing most of the common concerns you may have. Their customer services staff should have deep knowledge and understanding of day trading.

Also, consider the means of communication the broker offers. It’s an added advantage if they communicate through various means including live chat, phone, and email.

Confirm the broker’s efficiency in communication when trading on a demo account to limit losses. It’ll be helpful to know the broker’s competency in advance.

• Regulation & Licenses

Forex trading is regulated differently in various parts of the globe. The ideal broker must be registered with the financial authorities in their country.

It’s of utmost importance to work with a brokerage company which a relevant regulatory agency controls its business activities. Some brokers register in offshore jurisdictions while others opt to stay onshore. Typically offshore statutory provisions are more tolerable and easier to comply with.

Forex trading regulatory agencies with strict principles and a fundamental approach are mainly based in Europe (starting with Switzerland, Germany and the UK), United States, Australia and Japan. A clear understanding of the regulatory status of the brokerage company will help you to make the right decision.

• Trading Platform

The trading platform is the portal that you use to access the markets. You should ensure the broker is using a platform and software that’s easy to use and navigate. It should also feature a variety of fundamental and technical analysis tools for ease of entering and exiting trades.

An ideal trading platform should have precise “buy” and “sell” buttons beside a “panic” button that you can use to close all open positions. If the platform’s interface is poorly designed, it can result in costly mistakes like accidentally adding positions instead of closing them.

Other crucial considerations to look for when choosing the best forex broker for day trading include order entry types, strategy builders, and safety of funds, customization options, trading alerts, automated trading options and backtesting. An ideal day trading broker should offer a free demo account where you can try out the trading platform before opening and funding an actual account. Research on various brokers can increase your chances of landing one who will help you to navigate the murky waters in the competitive forex market.