Forex Brokers & Platforms
How to select the right one for you
Those who have just started their journey as traders and investors often find it difficult to select the best broker or platform. The problem lies in the amount of information available to the individual. There are too many players in the game and each with their own story to tell. We break down each broker and guide you through which broker or platform is best for your own personal trading and investment journey. The trick is to select the right broker or platform that fits your personal stake and trading strategy.
Selecting the Right Broker
preparing for the long career
There is not a right or wrong broker to use. There are only best use practices to follow in order to maintain efficiency. The truth about Brokers is that there are safe brokers to use and high risk brokers to use. As a rule of thumb it is best to stick to brokers that are within your country's jurisdiction. It is best to follow the rules when it comes to becoming a long term trader. This means playing the game for the long haul instead of trying to make a quick buck. Many individuals get stuck in the mindstate of making quick money that they do not build a solid foundation on how to become a long term successful trader.
You cannot claim to that you want to trade for the rest of your life if you are depositing your money into a foreign broker. Although it might be safe to do; chances are that there are some risk involved whether that be due to outside influences or internal reguluation from domestic reguluatory agencies. This is why we recommend that you use a widely known Broker in your country that is regulated by your domestic agencies. This way your perspective is not on making a quick deposit and a quick withdraw. You will now have all your affairs in order from a reputable brokage that will handle all the legal paperwork for you when it comes back to filing your taxes or reporting your earnings/losses.
depending on your strategy
The platform that you use matters a whole lot. If you had access to professional tools such as: Footprint Charts, Market Delta, TPO Charts, and DOMs you would be considered a professional trader. Unfortunately, some of those tools are extremely expensive and the amount of equity needed to invest just to get access to those tools will have you catching your breath. Your platform only matters if it fits with your strategy. If you are a swing trader then will not be utilizing intraday information then there is no need for your to have Footprint Charts and any other kind of intraday tools. If you are just holding your trades for daily swings you wouldn't need to get into the gritty details. You might just need a platform with some nice charting features. One of the most popular platforms used to date is Meta Trader 4. It is the most widely used platform available and does not have the amount special tools for you to utilize. Yet people are making money left and right using it. Just like any your success is determined by on how much time you spend on your craft.
You can start off with a basic platform and then eventually upgrade your platform as you gain more market knowledge. We do not recommend you go from zero to hero on your first week of financial investing. It is best to start off with a simple platform that gives you the basic needs. Then later down the road once you have developed a better understanding of market behaviors and want to explore into the details of individiual orders and how they affect the movement; then upgrade your platform. If you jump into an advanced charting platform you might get lost in the details and never truely develop your market understanding due to the information overload.