Whether you want to dabble in the foreign exchange markets or are a hardened forex trader, getting the best forex trading platform is essential for maximising your profits. Here’s how to compare forex currency trading accounts to get the best package.
If you want to start trading currencies your first step will be to look for the best forex trading online account possible – here's what you need to consider before applying for a forex account.
What type of account is for you?
Choosing a forex trading online account is partly based on picking an account that will allow you to invest in the way you want, and partly based on finding the account that will let you trade for less.
There are a number of different types of forex account, including spread betting, trading accounts and CFDs; knowing which is the right account for you is vital before you start comparing forex accounts.
If you want to trade in a particular currency market then it also makes sense to exclude forex currency trading platforms that don’t include your chosen currency.
The vast majority of accounts will include all the major international currencies, but if you want to trade in a smaller regional currency this may be more of an issue.
Take a look at our guide: How Does Forex Trading Work? for more help choosing the type of forex account that is best for you.
How you can trade?
More and more people want to trade on the go, be it online or from their mobile phone.
So making sure your find a forex trading account that allows you to manage your trades the way you want to, be it online, from your mobile or by phone is essential.
If you are looking to practise successful forex trading without risking our own money then a forex account offering virtual trading platform should also be top of your list.
Once you’ve decided how you want to manage your forex trading account you can eliminate the forex platforms that don’t meet your needs.
For more help deciding the best way for you to trade read our guide: Forex Trading – How to Get Started.
Check the fees
Aside from any losses, the cost of trading forex online will largely depend on the fees charged by your forex trading account.
Even if you find an account that offers you all the latest trading features or recommendations on how to trade forex, if all your profits are eaten up by fees it’s unlikely to be the best choice.
Check exactly what you’d have to pay per trade, any monthly account fees or commission rates and opt for the account that gives you the best value for money overall.
However, before you deposit your savings in any forex trading account remember that more than you initial deposit could be at risk if you incur heavy losses, read our guide: Forex Trading - The Risks for an outline of the risks before you start.