Top Rated Forex Brokers of 2017
Finding the Top Forex Brokers 2017 can be a daunting task. There are many sites out there and while they all basically offer similar trading platforms, there are differences that you need to be aware of. You also will want peace of mind and know that you are using a service that many people desire and find attractive. In determining this factor, one should make sure they are also educated in how the industry works and how brokers make their money. The www.TopForexBrokers.com website team do professional review and comparison top forex brokers 2017.
The first thing you should be aware of is that many websites doing reviews are being either paid or compensated through commissions of the product they are reviewing. Be on the look out for this. Or at least be aware that while this is sometimes the case be sure to compare what they are promising on their product. One may be listed at #5 but by actually comparing it to the top ranked one you may see that the fifth one actually looks like a better Forex Broker to go with.
Forex Brokers obviously have to make money and they do so off of the money you trade with. Some will charge more than others for some of the following points listed below so it is good to make note of what each Broker charges. They make a lot of their money by the spread difference in the ask and bid price of the currency being traded. There is a bid price, this price is what you are able to get paid for a currency and there is an Ask price, this is what you will pay to obtain it. You may see something along the lines of this: 1.3521/27 this means that you can purchase this currency at 1.3527 compared to your currency and sell it for 1.3521 The difference goes to the broker for assisting you in the trade.
Another method some brokers use is to charge fees for each and every buy or sell. This way they are making money regardless of your trading. There could be a percentage of the trade or a flat fee. There could also be a combination of this and the spread difference in order to profit. Forex Brokers will also factor into their earnings statistical averages. The Market Maker Model is a practice that knows that on average people who blindly go into trading currency tend to lose money and this is where the broker can capitalize on this. This is why it is so important to educate yourself and open a practice trading account first in order not to become one of these statistics.
It is pretty common for beginners to the Forex Market to open a Mini or Micro Forex Trading Account. This allows for a minimal amount of money and you are actually trading currencies. You will want to find one that is regulated and easy to use trading platform. As far as finding a broker for an advanced trader, they may be looking for different features that beginners will not consider. If you have been successfully trading currencies and consider yourself well educated on the topic, what you look for in a broker may differ from other seasoned traders. By this point in ones trading they usually know exactly what they are looking for and know what questions to ask each broker. For more information about top forex brokers 2017 visit www.ForexSQ.com forex website.