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Gerard Moore 26 / January / 22

How Do I Find The Best Forex Broker? - Forex experts give the answer

KeyTrending forex broker new player in the forex arena | broker
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In this article, KeyTrending Forex experts will introduce you to the basic concepts of investing / trading in the financial markets.

How Do I Find The Best Forex Broker? - Every foreign exchange trader, whether short-term day trading in the foreign exchange market or long-term protection against currency fluctuations, has special requirements and special wishes for their foreign exchange broker, which is ideal for him. These requirements can be very complex, especially when trading Forex.

You really have a better chance of finding a suitable broker with test options (demo account) of almost all mainstream FX brokers like KeyTrending Forex that offer a demo account. So you can test the forex broker and their FX trading platform and see if the system is right for you.

To make it easier for you to find a good forex broker, Forex experts provide several requirements and advice in this area.

10 Tips for Finding a Forex Broker

1) Demo accounts:

Demo accounts allow interested traders to test the broker. Without being exposed to market risk, a trader can usually test live price trading on an appropriate platform using a practice account and learn it practically in a playful way.

Demo accounts with most brokers work from 14 to 30 days and have a fictitious start-up capital in the amount of 50,000 to 100,000 dollars or euros. Thus, the trade is modeled as if it were in real market conditions.

2) The size of the deposit

Those who are interested in trading and want to open a trading account with a forex broker should not only be guided by the criterion of the size of the depot. As a rule, the size of the deposit is an indicator of the amount (initial capital) with which traders can open an account with Forex. It is also recommended to open standard accounts rather than mini accounts (check these differences once on demo accounts).

Please note: It is not recommended to work with an extremely low capital base, as you can very quickly be thrown out of your existing position. In general, it is better to operate with a higher capital base and a reasonable leverage ratio oriented towards this. This protects you from being forced too quickly and unintentionally!

3) Spreads:

Your broker should be able to offer low spreads on the most common currency pairs. On average, the spread for major currency pairs should not exceed 3-5 points. Many major forex brokers, like KeyTrending Forex, easily offer spreads for major currencies from 3 to 5 pips, depending on the size of the account. After some trading experience, you should also check for yourself if you are better off using a fixed spread model than spreads that change due to the range of market fluctuations (especially around explosive economic data).

4) Guaranteed stop loss:

With a guaranteed stop loss, the trading partner ensures that the position is actually closed at the desired price - regardless of the actual market trend. Certain brokers have a paid guaranteed stop loss.

5) Airbag function:

The so-called airbag function must be observed! This ensures that in the event the market goes against you, you will actually only lose your deposits and that you will not be required to make additional contributions.

6) Charting tools and techniques:

Your broker should have the most common charting technique. Forex trading is distinguished by charting technologies, technical analysis, indicators and other tools like no other market. Ideally, some brokers also offer chart trading. It is also useful for those who do not have a 22 "or 24" monitor or have multiple monitors in a daisy chain, such as a professional trader.

7) MM - Market-Maker: Market-Maker

provides the client with a platform for trading foreign exchange. Market Maker is a broker that sets the buy and sell prices. KeyTrending Forex brokers are examples of market makers. They buy and sell financial resources (e.g. derivatives / CFDs) or, in the case of a forex market maker, constantly offer and request their proposed currency pairs for trading.

Clients usually do not pay a commission for their services, but only pay the appropriate spread. The market maker usually takes the position of a counterparty and leads the other side to the buyer. As the name suggests (market creation), it prepares the marketplace for its customers. An example should make this clear: Market maker client A buys EUR/USD at 1.4850 and client B sells EUR/USD at 1.4850. Market Maker does nothing but execute these two orders against each other.

Thus, the orders of clients of KeyTrending Forex broker are processed internally. Concern? The market itself is so large ($3-4 trillion a day worldwide) that no market maker can ever influence the market.

8) STP - pass-through processing:

STP Forex brokers send customer orders directly to the market to the appropriate interbank market participants creating liquidity. The more participants and liquidity there are in the foreign exchange market, the better and more profitable client orders will be executed. You trade "directly" - without a "dealer" (market maker)!

9) ECN - electronic communications network:

The ECN trading account is especially suitable for experienced traders looking for a forex broker with a customer service orientation. An ECN account gives you direct access to over 40 streaming currency pairs and precious metals. Most of the time you trade on well-known trading platforms such as MetaTrader 4 or other ECN platforms.

With an ECN broker, you trade directly with institutions participating in the interbank market and other trading partners, resulting in the best possible pricing opportunities. ECN brokers are pure forex brokers, not market makers. There is a big difference between a market maker (dealing center) and a broker (ECN)! An ECN broker is a “conflict free” broker (it only transmits a position in the respective markets), a market maker with a dealing center often takes a position against a client.

ECN brokers are great for scalping.

10) Additional base values for trading:

Some forex brokers allow you to trade the most important commodities such as gold, silver, crude oil and the world's most famous indices, in addition to purely foreign exchange trading. This should not be an absolute selection criterion, but it is an absolute plus for every broker, like KeyTrending Forex broker. On top of that, correlation effects in the respective markets, for example, can also be traded directly.

Comments 12
user_avatarBennett Adrian 21.02.2022

So, I worked with this company for seven weeks, it was all a part of certain experiment for me (never worked with a broker before, wanted to explore my options), and it turned out to be extremely successful! I made some serious money and believe I could've made even more if I continued working with them. However, I had to stop due to personal reasons. Maybe I will come back soon.

user_avatarCraig Brian 24.02.2022

I couldn't remember all the brokers I've been working with if my life depended on it, lol, there were so many... this company, though, they are definitely among the best of them, it's hard to compete with such team of professionals, especially when it comes to their support service.

user_avatarBryan David 08.03.2022

Trading world keeps changing constantly, and very fast too. I don't know if I would be still in the game if it wasn't for keytrending broker and companies like it. I believe no one can survive today without the support of such professionals, not for a long time anyway.

user_avatarBlake Donald 21.03.2022

There are a lot of great things about this company, but my favorite is their cooperation terms. In fact, it was due to their entry cooperation terms that I've started trading at all! Never looked for anyone else after I got them as partners and hope it will stay this way for a long time.

user_avatarOwen Prosper 29.03.2022

Got my first withdrawal from keytrending broker company... numbers are quite impressive. Never had such luck with my previous brokers, so, I guess, I finally got lucky for sticking with a good one. Gotta see how it goes in the long run though.

user_avatarBall Peter 30.03.2022

To cover my experience of cooperation with keytrending broker - quite great, all in all. They don't exactly shower you with golden coins, but everything that needs to be working is actually working, so I'm satisfied. If you go smart about your trading, you should have no problems with getting succesful with them.

user_avatarHenderson Daniel 05.04.2022

I have been working with this broker for a long time. I chose due to the fact that they do not interfere with work and bring the profit in any case. The execution of orders is secondary to me, I'm not a scalper. In general, keytrending offers quite working conditions and a good service.

user_avatarFoster Marvin 06.04.2022

I can characterize the company as reliable and decent, which provides a pretty good service and many tools for trading. I also note great opportunities for building my strategies.

user_avatarFleming Mark 10.04.2022

Adequate broker in my opinion. Of course, they like to impose their trade analysts and regularly call me with polls and advertising, but who doesn’t do that. The main thing is that keytrending customer divorce does not practice and withdraw all the earnings.

user_avatarMcCoy Robert 14.04.2022

Great broker! I have been cooperating with them for almost 4 years, there are no complaints about the quality of service. The profit is displayed quickly, sometimes even instantly, it is also pleased that now it can be displayed on a card without a commission.

user_avatarRay Joseph 15.04.2022

In many ways, this is a good broker. They, for example, although there are slipping, when the market is not calm, they work without a real substitution. And the conclusion is not instant, but they are displayed in terms of terms.

user_avatarByrd Stuart 19.04.2022

keytrending A reliable and proven broker who has long gained my trust. For more than 3 years I have successfully earned here. There are no problems with the conclusion, never any delays. Recommend. Service for strong 4.