How to choose a best forex broker in 2023

If you are a trader in the foreign exchange market, there are dozens of online forex brokers for you to trade.

To trade forex, you need a reputable online broker. Trading with a trusted forex broker is a crucial factor for success in international currency markets

In this article we look at things which can help you to choose the best forex broker to trade.

Forex

Foreign exchange trading—also commonly called forex trading or FX—is the global market for exchanging foreign currencies.

If you are looking to speculate that the Euro (EUR) currency will go up in value against the U.S. Dollar (USD), you would trade the EUR/USD currency pair, which is a forex investment

Contrary to what many people think forex is not like stock market.

To understand better stock market refers to public markets that exist for issuing, buying, and selling stocks that trade on a stock exchange and is a place where investors can buy and sell ownership of such investible assets but Foreign exchange is the process of changing one currency into another for a variety of reasons, usually for commerce, trading, or tourism. Trading currencies can be risky and complex. Because there are such large trade flows within the system

Forex market

Imaging you want to travel to China and you are French. A French tourist in China can’t pay in euros to eat Chines food because it’s not the locally accepted currency. You have to exchange the euros for the local currency, in this case the yuan, at the current exchange rate.

So you need a market to do this. Forex market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of Frankfurt, Hong Kong, London, New York, Paris, Singapore, Sydney, Tokyo, and Zurich—across almost every time zone.

An interesting aspect of world forex markets is that there are no physical buildings that function as trading venues for the markets. Instead, it is a series of connections made through trading terminals and computer networks

Forex brokers

As many people knows there are many brokers in this market and each of them has its pros and cons.

Some of best forex brokers are:

– IG

– Saxo bank

– Intelligent protocol

– Interactive Brokers

– eToro

Lets know them better

IG broker

IG Group (IG), founded in 1974 by Stuart Wheeler, with over 178,000 clients across five continents. IG (U.S.) offers U.S. clients leveraged access to over 80 currency pairs.

IG is a place for clients who want to trade the foreign exchange markets

This broker offers protection for U.K /E.U. client accounts and Emphasis on education and research but it doesn’t guarantee stop losses for clients and it has High share-CFD fees.

Saxo bank

Saxo Bank is an exclusive multi-asset broker with trading platform.

Saxo Bank delivers access to over 60,000 instruments, including crypto derivatives,micro-futures and forex options

In saxo bank you need to deposit €2,000 minimum to open an entry-level Classic account, whereas the Platinum and VIP accounts require minimums of $200,000 and $1,000,000 and its not convenient for many people.

Intelligent protocol

Intelligent  is an excellent choice for those interested in low-cost trading of stocks, CFDs, forex and cryptos. An interesting point about intelligent is you can trade in DEX area (decentralize exchange). Its on Solana thus the services are so fast and the prices are close to zero. Intelligent has different feature such as smart chart, portfolio management and recommendation system which use AI (artificial intelligent ) to help clients to trade easier and more profitable.

Interactive Brokers

Founded in 1993, by current chairman Thomas Peterffy. Interactive Brokers (IBKR) leads the list of the most comprehensive investment platforms but MetaTrader is unavailable as an alternative platform option in this broker.

Etoro

eToro was founded in 2007. eToro is an Israeli social trading and multi-asset investment company that focuses on providing financial and copy trading services. eToro offers free stock and ETF trading, easy account opening, and one of the best crypto selections in the industry but Automated trading strategies which are good for beginners are not supported at eToro and Trading forex and CFDs at eToro is slightly pricier than most of its competitors

Which broker?

As we mentioned below there are some great brokers for traders and investors to work with.

Most of them are centralized platform ( saxo bank, etoro, interactive and etc) that can be their a negative point for them because it makes the trading area less safe for clients

Problems of centralizes platform could be :

Risk of Bankruptcy

The centralized exchanges are also private corporations. so the money they have is in effect a loan which an investor has given to them. Wherever there is a loan, there is always a chance of default. Up until now, there has been some news of the bankruptcy of exchange

Fewer option

In most centralized exchanges, only 40 to 50 types of cryptocurrencies are available for trading. Since these exchanges are very concerned about their reputation, they only allow reputed cryptocurrencies to list

Hacking risk

Centralized exchanges are operated by companies that are responsible for the holdings of their cutomers.

Holding billiards of dollars, making them a target for hackers and theft.

DEX (decentralized exchange)

However there are some decentralized exchange that cover all those risks for their clients.

Custody, preventing market manipulation, less censorship, low fees and reducing security risks are some of DEX advantages.

Among those exchanges intelligent is one of the DEX which many traders around the world are trading on it.

Intelligent not only provides a platform which solves all problems, we mentioned below but by its new feature (artificial intelligent) for the first time in block chain area it protects its client from all risks.

To know more about DEX (decentralize exchanges) you can reed

In conclusion to enter to this area you should search about all exchanges both CEX and DEX, and know all their pros and cons to have adequate knowledge to choose the best.

This article can help you in this way

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