The Foreign Exchange Market is responsible for almost $4 trillion on average trade values, turning out as the biggest financial market across the globe. As there isn’t any Central marketplace involved for these Forex market, traders are required to choose a forex broker for helping them carry out their active trades. There is a massive and exponentially increasing number of brokers and picking the right one requires a great degree of caution. You need to browse through plenty of magazines and advertisements to finally see through their pros and cons. But how exactly do you figure that out? How to choose best forex brokers for large accounts? Well, that is what we are going to assess the following sections. As you keep reading, you will have complete clarity on the things you need to ensure before zeroing in on the right broker.
- Maintains All Regulations
In the United States, a reputed forex broker will always have membership to the National Futures Association. They will also hold registration from the U.S Commodity Futures Trading Commission as a fully licensed Commission Merchant.
The NFA here is a self-regulatory organization spanning across the entire futures industry in America. It is responsible for coming up with rules, a set of programs, and the required services for protecting the market’s integrity as well as the integrity of all investors and traders. The body also ensures that all members get to meet the required regulatory requirements. The Commodity Futures Trading Commission is a fully independent body and it ensures that the Brokers registered with them are reputed and fully reliable.
When you deal with a regulated broker you have the full assurance that they have indeed met all the required operational standards as prescribed by the regulatory institution. The standard requirements for regulation include having proper capitalization and ensuring the upkeep of segregated accounts for protecting the funds of the clients. In addition to this, the regulation also offers protection of funds if the fund at any point becomes insolvent. By doing this they also ensure that the broker is upholding the best standards as a financial services company.
Top Professional Forex Brokers with Fully Regulated
- Online Since 2009
- Regulated by ASIC, CySEC, FCA (UK), IFSC
- Spread From 1 Pips
- 5 Digit (5 Decimal Pricing)
- Leverage Up to 1:888
- MetaTrader 4 & MT5 Platform
- Free Swap & Commission
- Online Since 2008
- Regulated by CySEC, FCA UK, FSP, BaFin, CRFIN
- Spread From 0 Pip
- 5 Digit (5 Decimal Pricing)
- Leverage Up to 1:2000
- MetaTrader 4 & MT5 Platform
- Free Swap & Commission
Remember, having a navigable and professionally maintained website doesn’t guarantee or indicate the broker is indeed an NFA member or falls under the regulation of CFTC. A broker who is indeed a member of the National Futures Association and is subject to their required regulations will directly mention this on their website. They will also add their NFA member number in the about us’ section or any other section of their website.
Just like the US, other countries have their own regulatory bodies. Due to the concerns pertaining to the safety of all deposits and the broker’s integrity, an account should only be opened by a firm which is properly regulated.
- Excellent Platform for Trading
Since the trading platform you’re using stands as your gateway to the share market, it is important to ensure that this platform is solid and reliable. Almost all brokers will offer the traders a wide range of trading platforms to pick from. In practically every case, the platforms are offered by third-party trading options providers and it is, therefore, important to check how these platforms work and operate.
It is also important to note that you will find professional forex brokers for large accounts who are insistent on developing their very own trading platforms in a bid to stand an edge ahead of other brokers in the trading industry. Almost in all cases, these proprietary trading platforms stand as the most viable platforms for performing the trade on. They are especially useful as they are designed by the client base of the broker.
Regardless of the fact, good brokers should be competent enough for offering an excellent range of platforms. This happens as certain traders prefer trading from their PCs and others choose their smartphones instead.
Explore the available trading platforms offered by your brokers and choose the one which has great testimonials, an excellent interface, and high operational efficiency.
In addition to that, also make sure it comes with the following features.
- Solid charting packages.
- A great range of technical indicators.
- Options for one-click trading.
- Plenty of Risk Management equipment like trailing stop.
While the features mentioned here might appear trivial, they will eventually play a major role in ensuring you have a fully seamless and productive experience of trading.
That said, we fully understand that selecting a platform is more of a personal choice. Almost all trading platforms will have a specific set of features. So, the best way to check the option that’s best for you is by trying each of their demo accounts.
If your broker is not willing to offer a demo account, it is best to avoid transacting with him in the first place.
- Plenty Of Tools
If you are trading with a high deposit amount, the mode and manner of your trades will be naturally different from that of beginners. You should especially look out for brokers with the following offerings.
Great Trading Tools: Since you’re trading a high deposit amount, you will need multiple tools like commission calculators, economic calendars, and also live charts that’ll help you effectively implement the trading strategies.
Great Leverage: This isn’t ideal for the ones trading with the low deposit amount. But if however, you’re using high amounts, you will seek using proper leverage for multiplying your capital. While leverage certainly increases risk, it also boosts your rewards. So it is always better to go with a broker ready to offer you adequate amount of leverage.
Lower Spreads: If you trade frequently, you will want to ensure none of your spreads are affecting your total capital. This is why you should always check the number of spreads you need to pay even before choosing your broker. Usually, bigger accounts come with lower spreads.
- Customer Support
There are many instances when traders end up forgetting the customer service deeming it unimportant. But if you don’t already know, customer service has a major role in your entire trading experience.
With proper customer service, you will get to clarify all your doubts during the process of trading. Many people wrongly assume that they won’t need customer support while carrying out the trades. But such is not always the case. Regardless of your experience or knowledge, you will always face some instance whereby you need customer support.
When you finally come across the time, you’d prefer getting in touch with the support team without hassles. Due to this reason, it is extremely important to see if the broker you’re availing services from is indeed competent for offering the support you need.
You should also see if there are more ways of getting in touch with customer support. Some brokers will offer clients multiple ways like email, chat support and telephonic support for getting in touch with them. Look for these services while choosing a best forex broker for large accounts.
You should never be in a situation whereby you spend thousands of nights getting worked up about what the broker will do with the issue. When you choose a broker with great customer support, you have a status of every stage and have complete clarity of the process.
- Value-Added Benefits
The forex trading market is highly competitive. Due to this reason, you will always find brokers trying to stand ahead of each other. Certain brokers in line will try to leave their mark by offering a host of value-added services.
Although most traders avoid paying any heed to this, it is indeed important. Some of the services include free analysis of the market, real-time feeds, and accurate trading signals. While a large part of the services does not come with any cost, there are, however, some brokers that might need you to deposit some amount for availing these services. This amount is usually negligible, and since you can afford a larger deposit, you can pay this short fee as well.
Either way, value-added services are a great feature and you should certainly consider it while choosing your broker.
- Questions To Consider
If you are using a trading broker after a while or are planning to switch your existing broker, you will probably have some general questions in mind. However, in order to make the most of your trading experience, it is important to seek specific information on the brokers.
You can read their reviews and check testimonials for a better insight. This will also offer full clarity about the trading cycle. If you have some doubts about the product or service offered by the broker in question, ask them the right questions to address your queries and clear all ambiguities about the process.
If you are hesitant and are wondering what to ask, here are some pointers that might help you. Note that these questions are highly specific, unlike common general questions.
- Ask them how they intend to keep your funds safe.
- Check the regulatory status and ask them questions from that.
- Ask them about the kind of trading instruments they are willing to offer.
- Clarify your doubts about their business model.
- Double-check their customer servicing time.
- Check their withdrawal and deposit process. Also, see if there is any fee involved.
- If the company offers value-added-services, check if they have any specific terms for that.
- Currency Pairings
Although there are plenty of currencies that can be traded, only a few among them end up getting the highest attention and as a result, perform the trade with maximum liquidity. These majors in question are the U.S dollar and Japanese Yen, Euro and U.S Dollar, Swiss Fran and U.s Dollar, British Pound and U.S dollar. Brokers can offer various forex pairs. But you need to check if the offer the kind of pairs which interests the traders.
Since you are planning to place a trade with a high deposit, it only makes sense to double-check the pairings and make sure they are in-line with your requirements.
If you are unsure about the pairings offered by the broker, you can always consult the customer care representatives and double-check the issue. See the kind of pairings they are looking to offer, and once you are satisfied to make the call. Remember, it is important to be fully satisfied before taking your move.
Unless you know about the pairings you can never make the most of your trading sessions.
- Tailored To Meet Your Requirements
If you are trading with a high deposit you’re either into the day trading or into scalping. For day trading, you will find a large number of traders who can meet your requirements. However, since you are dealing with a short timeline here, it is best to settle with the company that can offer plenty of instruments at the same time. This will help you scout for the most viable opportunities.
Some of them can be signal services, tools like an economic calendar, market news updates and the likes of it. These platforms also reveal your earning reports. Since you will place short term trades try ensuring that you are fully familiar with the spreads before starting to trade.
Scalpers are the kind of traders who are efficient in holding their market positions for short time windows. However, despite holding it for a shorter timeframe, the trading frequency of these professionals is much higher than any average trader.
Their objective here is to make smaller profits on the trades they’ve made. However, all brokers won’t allow scalping. So if you are especially interested in this form of trading, make sure your potential broker offers the required services. Unless you do this, you can never make the most of the given situation. Discuss the same with your broker before starting trading with the same.
As with everything else, choosing the right trader for forex broking isn’t an easy job. This is especially true for people with large deposit accounts. Since the issues you encounter can be easily resolved by employing a proper degree of caution, you should make it a point to follow the right guidelines before making any move. Since we tried to encompass some of the most relevant factors pertaining to the topic, we are certain that you will find the right forex brokers for large accounts on following these guidelines.