When it comes to choosing a Forex broker, what information do you need to consider to make the right choice for you?
At Forex Trading AU, we take great pride in our broker reviews because we know that we have researched and found all of the essential information that you will need to choose the best broker for your circumstances.
All Of Our Forex Broker Reviews Look At:
- Background and history of the broker
- The unique features that are positives on offer
- Trading software options provided by the platform
- How withdrawals and deposits work when trading
- How good the customer support is within the platform or software
- If the broker has a mobile trading option
- Where and how the broker is regulated
- The reliability and safety record of the broker
- Other services or features offered
- Our expert final thoughts
How To Use Our Broker Reviews – Structure, Information And Why It’s Important
Background And History Of The Broker
What we write about: Looking at the background and history of a broker can give you some good initial insights into what you are going to be getting with them. We detail when they were established, what country they have offices in, the company’s primary focus and priorities, as well as any achievements or accomplishments they can boast of.
Why these details are important: When you look into the background and history of a broker you get an understanding of how long they have been established. This is an important factor for some people, because a long history in the business can mean a broker is going to be reliable and trustworthy – otherwise they wouldn’t have been around for so long!
Looking at the primary focus of a broker is also important, because with this information you can determine if their priorities match yours. For example, a broker focussed on technological advancement may be perfect for someone who is really interested in how these advancements can help their trading success. Whereas a broker who is centred on education may appeal to a trader that is new to Forex trading and looking for tutorials and webinars to gain skills.
The location of main offices is also an essential factor in choosing your broker, as where the offices are located often correlates to where they are regulated, and this can have a significant impact for Australian traders feeling secure in their broker choice.
When looking at the accomplishments and achievements of a broker you can see if their priorities and focus are being recognised within the industry. There is no better source of authority than being identified as the best at something within your industry peer group.
How should you use this information: We suggest that you read the background and history of every Forex broker first so that you get a good overview of the brokers suitability. This will give you an excellent starting point for narrowing down your list of brokers to compare.
With so much information out there, our reviews aim to give you an overview and answer any questions you might have about a broker all in one place. Starting with the background and history section of a particular broker just helps you narrow down your reading list even further!
The Unique Features And Positives Of The Broker
What we write about: With such a crowded marketplace it is essential for any Forex broker to have a unique point of difference that they sell to potential clients to entice them to trade on their platform. In this section, we look at what the broker claims to be their point of difference and highlight the evidence available to back up their claims, as well as detailing the financial instruments that you can trade.
Why are these details important: It is vital for any trader to understand what the point of difference is that a particular broker is offering, so that you can decide if this is something that you are interested in. A company’s USP, or primary focus, is generally going to take up most of their resources and energy. So depending on if you are looking for education or technological advancement, knowing what a broker is spending their time and money on is essential for your overall happiness as a client of theirs.
This section of our reviews will generally also cover an overview of the financial instruments you can trade on their platform. Again, this is important for potential clients to consider because some brokers offer many financial instruments, while others specialise in particular instruments. Before you choose your broker, you need to know if what you want to trade is available on their platform.
How can you use this information: Use this information to determine if a broker trades the financial instruments that you are looking for, as well as if their primary focus aligns with your priorities.
Trading Software Used By The Broker
What we write about: In this section of our reviews we outline the various trading software options provided by a Forex broker.
Why are these details important: When considering which Forex broker to use, it is crucial to understand the trading software that is available because this directly impacts on your safety, the ease of use and availability.
A few things to consider when comparing brokers trading software:
- Ease of interface to use and navigate
- Quickness and security of transactions
- Financial tools that help make trading decisions
- Is it available as a mobile app or only for desktop?
How can you use this information: Considering all of the points listed above you can use this information to determine which factors related to brokers trading software are most essential to your needs and circumstances.
How Withdrawals And Deposits Work When Trading
What we write about: When it comes to depositing and withdrawing funds, most brokers will offer similar options regarding the methods you can use, the time it takes to process and the level of security they provide. This section details the specifics concerning each broker.
Why are these details important: As you can imagine, understanding how you can deposit and withdraw money from anywhere is vitally important for success. Having this information up front allows you to be prepared for what you will need to do and also offers a great way to compare the different options brokers give their clients.
How you can use this information: Use this information to ensure that your broker is offering deposit and withdrawal methods that are in line with industry standards, as well as a way to organise the information you will need to get started.
How Good The Customer Support Is Within The Platform Or Software
What we write about: In this section, you will find details about the languages available, the contact methods available, as well as information about demo accounts and education provided by the broker.
Why are these details important: Again, many brokers will offer the same level of customer support to their clients, however, this section is an excellent place to weed out any outliers that may not provide as much as another broker you are considering.
How to use this information: Use this information to ensure that the language you are looking for is supported throughout their platform and software, as well as ensuring that the method of contact that you prefer is available to you.
Another important factor that you can determine from this section is if a broker offers you education and analytics tools. Educational options may be essential for new traders, whereas in-depth analytics and market analysis may be more critical for seasoned traders. This is where you can decide if the level of customer support is adequate in your chosen area of importance.
If The Broker Has A Mobile Trading Option
What we write about: This section is quite straightforward in that it details whether or not a broker offers mobile trading options to clients.
Why are these details important: A mobile trading option may be a make or break requirement for some clients, and this section will readily tell you if a broker you are considering has the option available. In this day and age, you would expect that brokers have the capability to provide a mobile trading option for their clients, and it is important to note the capabilities of any mobile options, as well as reasons they offer if they do not have mobile trading options.
How to use this information: Use this information to determine if this is the right Forex broker for you. If mobile trading is a non-negotiable for you, then this section will allow you to dismiss a broker from your choices easily.
Where The Broker Is Regulated
What we write about: In this section, we outline the licenses that a broker has and the regulations in place. It also offers you insight into which countries it is legal for a particular broker to trade in.
Why are these details important: A Forex broker needs to gain licenses to conduct business in different countries. Knowing where it is licensed and regulated will allow you to determine if you can use the broker from the country you are located.
How to use this information: This information can be used to determine if a broker is right for you based on your location and their licenses. However, it will also give you a good understanding of how reputable a broker is by reading about the different financial bodies that supervise and control their actions.
The Reliability And Safety Of The Broker
What we write about: The overall safety and reliability of a particular broker with regards to their technological security as well as systems and protocol safety.
Why are these details important: These details are essential to understand because you are trusting a Forex broker with a lot of your personal information, as well as your money. It is vital to know if they are going to share this information with anyone. Another important consideration that you can gain insight about in this section is the way a broker will look after your money.
For example, you want to look for brokers that are committed to ‘client fund protection’ which means they hold your money in a separate account to the company funds. Another point covered in this section is whether a broker offers protection from a negative balance. In times of large fluctuations, this type of security and insurance can be critical to your wealth management strategy.
How to use this information: Use this information to determine if you feel safe and secure in giving personal details and access to your money to a particular broker.
Other Services Offered By The Broker
What we write about: The other services section outlines any points of difference or other special services that a broker offers to clients.
Why are these details important: These details are essential because this is the place where you will learn if a broker offers educational tools, trading signals, risk management tools, analysis and market predictions. These are all critical factors to consider, depending on the length of time you have been trading and what you want to get out of broker.
How to use this information: Use this information to determine if a broker offers everything you will need to be successful with your online trading career.
Our Expert Final Thoughts
What we write about: The final thought section is an excellent place to start reading about a broker if you are at the beginning of your journey into finding the right broker for you.
Why are these details important: This section outlines the features that our experts find most appealing, and together with the history and background of a broker, it can help you to make a shortlist of brokers to compare.
How to use this information: Use the information in this section to create a shortlist to compare further, or to make a final decision and refresh your memory after comparing all other brokers available to you.
So, there you have it! As you can see, we aim to provide an in-depth review of all of our listed brokers, so that we can be a one stop shop when it comes to making a decision about the right broker for you and your circumstances and needs.