There are so many Forex brokers available that selecting one can sometimes feel too overwhelming. However by considering a few important factors, it is much easier to choose between brokers.
Different brokers offer different leverages, which is the amount they are prepared to lend a trader. Traders with smaller deposits need a broker offering higher leverage, while investors with larger deposits who wish to lower the risk of trading need a broker with a lower leverage.
Brokers make money from the spread, which is the difference between the buying and selling price of a currency at any one moment. The lower the spread the lower the amount taken by the broker.
Different brokers offer different account types, depending on deposit, different trading platforms and different additional features. Traders need to consider what they need in order to achieve their aims.
Traders should always compare several different brokers against each other and try out demo accounts with several, before choosing to set up a live account with one broker.