How to rate the forex broker in a pool of candidates? Forex traders nowadays try to build their forex broker rating list feel uncertain as to what criteria to include and what not to.
Why not trust the forex broker rating from the third party rating websites?
The third party rating websites do provide all kinks of forex broker ratings. However, traders feel increasingly unsecure towards these ratings. It seems that the sometimes the forex broker rating is generated randomly by random parameters. Or else how would one explain the failure of including the most well-known forex brokers in the rating list but putting some small forex broker nobody has ever heard of on the top of the list?
The simple answer is many of the forex broker ratings are done ethically. Many rating websites ask money from brokers so their names can appear on the good slots. Can you trust such a forex broker rating?
Of course you can also try to filter all the fraudulent information out for the good information. But why not rate the forex brokers on your own? If you decide to do that, there are several steps you might want to follow.
Generate your forex broker rating list according to your preference
- You should first pool up the forex brokers for the later filtering process.
- You should filter out any forex broker that is not receiving proper regulatory status. This is mandatory. Remember that.
- Before moving to the next step of the forex broker rating, understand your trading preferences.
Do you need your forex broker to have multiple language support?
Do you need your forex broker to provide full aspect customer service?
Do you need your forex broker to provide special trading tools, such as expert advisors?
Do you need your forex broker to allow scalping on the platform?
Do you need your forex broker to offer multiple forex products?
Do you need your forex broker to offer very high leverage?
Do you need your forex broker to offer direct market access?
Do you need your forex broker to offer no slippage platform?
Do you need your forex broker to offer very low spreads with commissions or offer medium spreads without commissions?
- It’s your turn to rate the forex brokers according to your preference list.
If one forex broker can satisfy everything you need on your preference list, then this is your personal best forex broker. Don’t bow down to the forex broker with the best publicity, or with the best customer service, or with the best deposit bonus. The forex broker you should find is the one that can cater to your every need when trading forex.
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