Niceties of Forex Broker Features

A Forex broker is a company or an individual who executes market orders of currency traders. Most online brokers don't charge a commission, but they are compensated for their services through the bid/ask spread. And because there are numerous online brokers out there that are competing for our business, spreads and margin deposit requirements are getting lower and lower.

But there's more to the niceties of Forex broker features than who offers the lowest spread and margin requirements. So, if you're looking for the right broker to open a Forex account with, it's important to delve into their detailed features and policies as well.

Do they carry out instant execution of trades as they are made? This is one of the more important features one should look out for in Forex broker policies. Since we trade in the spot market, our trading decisions are based on current market prices so it only follows that our orders be carried out straight away.

What currency pairs are made available to us? It's important to make sure that, at least, all the major currencies are offered to us. The seven major currencies are the Australian Dollar, Canadian Dollar, Swiss Franc, Euro, British Pound, Japanese Yen, and the US Dollar.

Is their trading software easy to use? Trading software offered by Forex brokers are also called a trading platform. This is the heart of our Forex account when we actually open one. Since brokers have different trading software, it's important to know if we can actually manage it and that's what demo accounts are for.

We should open demo accounts (that's free, by the way) in order to test the waters, so to speak. It's advisable to open a demo account with every prospective Forex broker we are considering to do business with because that's how we'll know which broker is best for us.

All in all, when we look at the niceties of Forex broker features, we should look out for more than who's offering the lowest spread and margin requirements. Our Forex broker of choice should instantaneously carry out our trades as we make them online. Also, at the very least, all seven of the major currencies should be offered to us. And lastly, when we choose a broker, we should be able to use their trading software with ease. With that said, opening demo accounts with prospective brokers is the easiest way to making the important decision of whom to open an account with to trade Forex online.