Information Regarding Forex Brokers

This section has a small list of Forex brokers I would recommend opening an account with to start your Forex trading. Let me first say no two Forex brokers are alike. They all have their good and bad points. There are horrible Forex brokers I know enough to stay away from and would never recommend them to anyone. I do not want to list all the bad ones and trash them on my website. You can easily search on the internet for bad Forex brokers and you will find many. Just be careful with the broker you choose.

If you've read through our site, you know we like easy-forex and Global Futures as our preferred brokers for new traders. Their trading platforms are great for beginners and is also advanced enough for many professional traders. Their pip spreads are very low which means you save money on every trade. Whatever broker you choose, just make sure they're registered with the CFTC and NFA or you could lose your money to unethical brokers or scammers hiding behind a brokerage company.

If you've been trading for a while, it may be time to step up to a more advanced broker. I personally use MB Trading because they deal directly with the banks and offer very low spreads and fast execution. MB Trading has been around for a very long time and are perfect for the professional traders. They don't offer a charting package, but there are tons of free charting programs you can use while trading with MB. I use Oanda's charts but there are many others. I also use a simple FX Order Entry program with MB that makes trading much easier and faster for getting in and out of my forex trades. I live by this program and it's been worth it's weight in gold.

Many brokers, or market makers, play against their clients. In other words for them to make money, their clients have to lose money. I don’t need to tell you who wins this game most of the time. They will never come right out and say this is how they operate, but if you’ve been in this business long enough, you know who these companies are and you know enough to stay away from them. By the way, MB Trading does not play against their clients. They are a true ECN broker. That's why I use them.

When you first start trading, you should open a demo account. These demo accounts allow you to use the brokers live charts during the live Forex trading session except you use fake money. And when you lose your fake money as you’re learning this business, and you will lose money, you just ask for more and bingo, you have $10,000 worth of fake money to play with again.

Obviously it doesn’t matter what Forex broker you use for your forex trading when you’re trading a demo account. But eventually you will move to real money, so it’s best to demo trade with the trading platform you will use when you start trading for real. The other thing about demo trading is that your brain knows you’re not trading with real money, so you start doing stupid trades. You take trades you would never take when your hard earned cash is on the line. So please remember that demo trading has it’s flaws and know that you will trade differently when you have real money on the line.

I've used many different forex brokers and the ones I use today are MB Trading and Oanda. I love MB because of the reasons I mentioned above. I like Oanda too but they widen spreads during certain news events so you need to be careful when you're trading during these volatile times. FX Solutions is another good broker but their charts are a little flaky. You need to refresh them a lot so that can be a little frustrating.

So if you're ready to step up to a real broker, with great execution, small spreads and commissions, you can't beat MB Trading. With the FX Order Entry system as your trading interface to MB, you will have one of the most powerful forex trading platforms you've ever seen. And remember if you want to just practice with these first, open up a free demo trading account with MB Trading and get your free copy of FX Order Entry to trade your demo account and see why I love these tools so much and couldn't imaging trading forex without them!