In the US, there are only a few top us brokers for the forex trading, out of thousands of them. Foreign Exchange or better known as Forex is a trillion dollar business in terms of volume traded each day. To get to the top as brokers, one must become a top forex trader. Here is how it works..
The top us brokers are the ones who have the largest number of memberships. Forex offers maximum leverage of up to 100:1, which is quite low compared to the market where the average is up to a hundred: 1. There are many other online brokerage firms, such as FiboGroup that offer up to a hundred: 1 on some accounts and whose maximum leverage is 1000:1. This is much higher than other markets like commodities and bonds where leverage is usually limited to something between five and ten percent.
The top us brokers in the forex trading industry are also the ones who provide a great variety of services for traders. Many of them are high-floor or high-networking firms. On their websites, they provide details of all the services that they are willing to provide. If the trader signs up with the broker through a broker website, the site will usually provide him with a personal login ID and password, and provide him with the means to register and create an account. Some brokers also offer an interface through which the trader can connect directly with the parent company.
Most of the top forex brokers today offer several trading platforms for traders to choose from. These include but not limited to demo accounts, standard accounts, and mini accounts. The accounts allow the trader to start learning about forex trading without actually investing any money. While he is still learning the ropes, the trader can use the platform to practice his strategies and learn the finer details of trading. Eventually, when he feels more confident, he can start up his own mini or standard account.
Most of the top forex brokers today have integrated fx trading platforms that offer low spreads. The trader does not need to pay extra fees on these spreads, since he is not actually buying or selling the assets. Instead, the spreads are just bonuses meant to entice the trader into thinking that he is getting a higher quality service for his money. These brokers do not actually charge extra fees on the trades made by the trader. In fact, if a trader has the choice, he would rather have lower spreads so that he can maximize his profits.
Most of the top forex brokers today have advanced trader tools that allow them to be able to do more than just enter and exit trades. Many of the new traders who sign up with these brokerage firms are initially used to just entering and exiting trades. But as days go by, more traders are discovering that they can do much more with their money. These traders want the ability to make decisions based on their own research and analytics. Hence, many of these traders now want to look at forex brokers that offer them the opportunity to access their own proprietary trading systems.
One way of finding out whether a broker offers this kind of feature is by looking at how many active traders he has on his active traders list. If you see that he only has a handful of active traders on his panel, then this is probably not a broker you want to work with. You should also consider the commissions that these brokers charge. While it is true that many of them charge lower spreads, it is not advisable to get one with very high spreads if you want to have some control over your trades.
Another factor that will determine whether or not you should get a particular broker is what type of trading system he offers. Most experienced traders have developed their own proprietary trading system, and they will most likely not be willing to share their systems with other people. In fact, a lot of experienced traders will be happy to tell you that they trade exclusively with their proprietary trading platform. Hence, if a broker has developed his own proprietary trading platform, then he is probably the top broker you should work with. However, you should also consider how long it takes him to upgrade his system, and whether he makes any modifications to his platform to improve its performance once he makes a tweak to it.