Forex Brokers Online

When opening an account with a forex broker, there are 3 important points to consider:

1. The spreads. The spread is the commission your broker charges on each trade, usually as a difference between the buy and the sell price. This is the most important factor in your decision, since your chances of winning or losing a trade depend drastically on the commission you pay. For example, if you pay a 4 pip spread, the market has to move 4 pips in your direction before you even make a dime, and if it moves 1 pip against you, you actually lose 5 pips. Reducing the spread to 3 pips can improve your chances of making money by as much as 43% in some systems.

2. Deposit/Withdrawal methods. Most brokers will allow you to deposit by wire transfer, but some of them use convenient payment methods such as credit cards or PayPal as well. The importance of this lies in the time it takes you to execute a trade. For example, you get news of oil inventories being found. You think the price of crude oil will go down, but you don't have an account yet. If you can deposit funds by credit card, you can execute your trades as fast as 2 minutes since entering the broker's site - allowing you to profit from this new opportunity.

3. Additional commissions/fees. Many brokers have additional commissions such as account opening commission, account closing commission, or even a commission for each trade opened. It's very important to be aware of these factors.

The E Forex books team has compiled a list of the top brokers online, for your convenience:
FXCM, Ava FX, Saxo Bank, GCI, FOREX.com, ACM, OANDA, Alpari, Finotec, Finexo and Ava Metatrader Platform.

 
Buy the Forex eBook now and use our $50 bonus to start trading!