The Forex Exchange Market is one of the largest traded market in the world, trading an average of $5.3 trillion per day in April 2013 ( WikipediaA).  Therefore, as it’s the largest traded market one has to be careful when choosing a trusted Forex Broker.

Choosing the right trading account is very important to trade the Forex market and be profitable.  Whether you are a beginner, intermediary or an advanced trader using the best Forex broker account to meet your required trading needs is utmost critical.

What is a broker?

A broker is one who allows you to open a trading account, where you can place a trade either to buy or sell if the market is going up or down.  Due to the large liquidity in the Forex  Market, the broker has several providers who can trade against you as there are two sides to a trade, a buyer and a seller.

There are two types of brokers Electronic Communications Networks (ECNs) and Market Makers. An ECN broker provides more liquidity as they offer currency prices from various participant in the market such as banks, market makers and other traders.

Before deciding on a broker, there certain factors you need to consider.  This review will list the criteria with the pros and cons.

Pros

• Regulated by a regulating agency (ensure your money is protected)
• Types of leverage available to trade large lot size
• Minimum Deposit
• Variety of currencies with low spreads
• Different trading platforms
• Inclusive customer support
• Percentage bonus offer
• Comprehensive Online training resources
• Efficient trading execution rate
• Demo account
• Low commission and spread
• Easy deposit and withdrawal methods

Cons:

• ·         Paid commission for each transaction
• ·         Trading platforms are less user-friendly
• ·         Stops are difficult to calculate
• ·         Bid/ask variable spreads
• ·         Limited customer service

Conclusion:

The review is not a comprehensive list and by all means, your trading style may not need all the requirements above to open a trading account.  To ensure that you open the correct account, some brokers may not meet all these criteria.

Therefore, if you want to open a Forex Trading account with a Forex Broker there are certain rules and regulation they have to adhere to.  Open an account with a broker will enable you to take part in the largest traded market in the world.