In 6 years of providing signals and account management in Forex, I have found that there is no definition of “best Forex broker of all kinds” but there is a “top Forex broker that fits your strategies”. Here is why:
- I’ve been collecting information from almost 200 brokers, categorizing them and comparing them in term of business: like how many clients have they severed, what lot size they can provide, what is their common spread, swap overnight, year established, regulated by which organization, etc.
- I’ve put my own money through real tests with the top 10 brokers on my list, each for at least 6 months.
The result is: - None of the 10 scam me or my group’s member they are all consider good in business.
- Some are good for long-term trade and big accounts as they are low swap... but then their customer services are not as good as others. Some are good for short-term trade and in small accounts as they provide better leverage.
If we trade on a long-term, monthly basis we need a large account and lower swap because that is the expense of the trades.
If we have a small account, it forces us to follow short to medium strategies, with shorter stop loss and smaller lot size. In this case, you will need a broker that provides large leverage (up to 1,000–2,000) in exchange of bigger expense in spread and swap.
Finally, if possible you should make yourself well known on the broker side by introducing yourself as a group of traders and really bringing clients to them. They will then assign one dedicated person to take care of your group. The entire request will be in green line. This is money talk here when your group trades like 500 lots + a month, as all brokers want your business.
Regards,
Will Vu - Forex Investors since 2006
If you see my post interesting, please let me know. Thanks!