Many traders debate whether there is such a thing as the best forex broker. The truth is there is, and there isn’t. It goes both ways. You can find an excellent forex broker, but it depends on your personal preference whether you deem him “the best”. Nobody is an expert on everything, and that includes brokers as well. They certainly have insight into everything that is happening on the market. Still, while one can be an expert on currency pairs, the other Forex broker can be brilliant at giving you advice regarding cryptocurrencies. This is why you, as a trader, should have your trading goals clear. This way, you can find a broker that will suit you the best, instead of someone who will not understand what you are aiming for.
The market is the world on its own
Forex market is, in a way, a mirror of the world. It gives you an insight into what is happening politically and economically, and it’s essential to trade currency pairs. Cryptos are not affected by the news as much, but still, it’s necessary to keep track of what’s going on. We want to say that a forex broker isn’t a person with a diploma in economics or finances, but rather someone who is hugely informed and continues to do so every day. By focusing more on one area, the broker can go into the direction of becoming a crypto broker solely or staying in the lane of a forex broker who can help you, in the beginning, and guide you through the process. The best forex broker would mean the person working at this position would know every corner of the world entirely. Sounds impossible right? Because it is. And it’s not a bad thing. If you knew a little bit of every language, you still wouldn’t be able to converse with everyone in the world.
Nevertheless, if you focus on learning one or more (but not every), you will become proficient over time and have relaxed conversations with native speakers. The comparison is made to see how non-productive it would be if the broker knew bits of information about everything. He would be able to tell you the basics, but he wouldn’t be able to help you over a more extended period. Naturally, you should check their reviews, and they are easy to find since public information on brokers is widely available on the internet.
Do you have a good interaction with your forex broker?
Communication is the key, and forex isn’t an exception. Do you feel like your broker understands your goal and realizes what you want to achieve? Do they listen to you as much as they give you their opinion on the subject? A business relationship is also something you should work on, meaning knowing if you two are compatible or not. If the broker is too pushy for your taste or doesn’t give you much output after the conversation, check with yourself if that is okay. Do you feel like you have your perspective a bit shifted (in the right way), after a conversation, or you’re still confused. Maybe you are not transparent enough, and you are too shy to ask questions. See if that is the case, and try to be a bit more open next time. If you see it’s not working, switch to a different broker. You are allowed to do so. In the end, you want to gain profit, and you want to learn as much as you can.
What makes or breaks you?
Your forex broker will sometimes be brutally honest with you and tell you where you are going wrong. It may even sound disrespectful, but it is the way you look at it. If you are someone sensitive to any comments around what you do, you will have to get used to it. While scammer brokers will tell you everything you want to hear, an expert is there to advise and warn you if you are about to make a mistake, especially as a beginner. Investing too much at once, buying or selling just because you heard from someone you should (that isn’t expert), and so on. It is something you should expect from your broker. He’s there to help you, not to ruin your trading journey, although it’s up to you in the end whether you will make a move or not.
As you can see, the best broker is a matter of meeting individual client’s criteria. There are great forex brokers out there, but in the end, you should go for one that can help you with your goals, and understands what you want to achieve. Good luck!