Forex, or foreign exchange, is a massive global market for the trade in international currencies with a daily turnover of around $4 billion dollars. You can trade in this market by using the services of a foreign exchange broker. If that interests you, the following Forex brokers review may be helpful.
Retail Forex traders, like you or I, access the market through a broker, either in person, which usually means over the telephone, or online either through a broker’s trading platform, or a smartphone app. Any Forex brokers review therefore must address one fundamental question. What is it that makes one particular Forex broker stand out from the rest?
The answer to that question is not a straightforward one. You could look at a broker’s number of monthly trades in order to choose the right Forex broker for you. Alternatively, you could be more analytical and research each broker’s trading platform. Consider whether the platform appeals to you and whether it has the charting or tracking tools you are looking for. Another avenue to consider when it comes to a Forex brokers review is how much each Forex broker charges per transaction. However, what may outwardly appear the cheapest solution may not be, so make sure you check out the small print in any agreement.
Finally, bear in mind that all UK-based Forex brokers are all approved and regulated by the Financial Services Authority (FSA). Something that Forex brokers won’t necessarily have in common, a key factor in any Forex brokers review, is their policy on ‘stop losses’. This is an important facility that protects your position against sudden falls. It is vital that you check to establish that a prospective broker offers this service and what price will be charged for it.
Risk warning: Spreadbetting, CFD trading and Forex are leveraged. This means they can result in losses exceeding your original deposit. Ensure you understand the risks, seek independent financial advice if necessary. The value of shares and the income from them may go down as well as up. Nothing on this website constitutes a solicitation or recommendation to enter into any security or investment.