Forex Trading Brokers
image Mike Cohen https://creditscoregeek.com
To trade forex you will need to have a broker. Pretty much common sense right? But there are so many brokers online that it is difficult to find the right one that suits your needs. I’m here to help in this regard.
All forex trading brokers are competing for customers all of the time but you must be aware of some scam brokers that will take your money and run. I will send you to a website where you will have a choice of so many brokers but I have some good news as well. I will show you where you can actually make a saving on your trading via a forex trading rebate system. You actually get a small refund/rebate from your chosen reliable registered broker for placing trades for no extra cost to you at all.
Now, everybody likes a refund and saving, and rebates are common practice in the forex industry.
Rebate System and how it works…
Before giving, you my top Forex Brokers list, I want to quickly explain how the rebate system works and explain what you need to do to make a start. It’s actually very quick and easy.
The way it works, is that when you place a trade and close a trade you either pay a difference between the Bid and Ask price of the pair, or a commission (this depends on the broker). This difference between Bid and Ask is called the Spread and you will hear this term many times as you journey through your forex trading. What happens is, that part of this spread cost is rebated or refunded back to you through Premium Brokers, a rebate company. They receive a commission and they hand some of that commission back to you. It may only be a small amount but as you will realize, you will make quite a few trades during the trading weeks, months and years so why not get a bit back. The best thing though, is that through Premium Traders it won’t cost you any extra as with other rebate companies. This will be a bit of money that is squirreled away without you even knowing about it. Right, below I will explain the steps.
Premium Trading Co…
Premium Trading Co is the company where you should register for your rebates and also register for your forex broker. You can do it all from their website but you will need to verify your credentials and legal documents through the broker.
Here is the simple step:
- Once you are on the Premium Trading Co site, you will see three big buttons. Simple click on the red Sign Up button, fill out your details, email, username and password. You will get an email confirmation link that once you click on it you are registered. Other details of payment to you, can be filled out at a later date.
Don’t worry about clicking on the other buttons for now I will explain what to do when with these after you decide to register with a broker. I just want you to get ready for the rebates first.
That’s it for now, just get yourself registered with Premium Brokers and next I will give you my recommendations of brokers for you to consider. Click on the link above or the image to go to Premium Brokers website.
Premium Brokers have a huge list if you haven’t been to their site yet, and I will only mention a few choices for different regions of the world. Just to try and cover different visitors from around the world.
My Number #1 Choice Recommendation Broker Is AxiTrader…
I have been trading with AxiTrader for over 8 years, or there about, and I have never had any issue with them.
AxiTrader is a business name of AxiCorp Financial Services Pty Ltd (AxiCorp) registered and regulated in Australia. Founded in 2007, so they have been in the industry for many years. AxiTrader delivers tight spreads and fast execution with minimal slippage. The company’s trading solutions are sophisticated enough for experienced traders yet simple enough for those with less experience. AxiTrader gives clients access to the latest market data, direct access to multiple destinations of liquidity in Forex markets and provides exceptional client support and live chat.
Regulation: Australian Securities & Investments Commission (ASIC) No. 318232, Financial Conduct Authority (FCA) No. 509746, Dubai Financial Services Authority (DFSA)
AxiTrader accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use AxiTrader from United States, Japan, Singapore, Colombia, Iraq, Iran.
Basically I feel AxiTrader is an excellent choice of forex broker. They have all that you need with a Meta Trader 4 platform that I use and other choices as well.
You will find AxiTrader on Premium Brokers Website.
I have never used Admiral Markets but they have been involved in the markets since 2001. The Admiral Markets Group is a leading online Forex trading provider, as well as an emerging platform for trading precious metals, CFDs, Shares, and fossil fuels. Company’s strong dedication to state-of-the-art software and quality assurance ensures the best online trading experience with full transparency for their clients. Since the foundation in 2001, the Admiral Markets Group has continually expanded its reach and today offers its services in 35 countries worldwide through its regulated trading companies, thus turning into a truly global organization.
Admiral Markets offers services in the European Union. Admiral Markets is licensed and regulated in the EU by the Estonian Financial Supervision Authority (EFSA), thus complying with all European financial laws and directives, including the MiFID (Markets in Financial Instruments Directive).
Regulation:Australian Securities & Investments Commission (ASIC) No. 318232, Financial Conduct Authority (FCA) No. 509746, Dubai Financial Services Authority (DFSA)
Being in the industry for a good length of time speaks volumes of a quality company.
You will find Admiral Markets on Premium Brokers website.
ThinkMarkets is another broker that allow hedging, aggressive scalping, and high speed automated trading on a low latency platform. The company’s goal is to offer a perfect environment for all types of traders from beginners to professionals. Established in 2010.
Execution and low latency is key in providing excellent execution of trades and this is why ThinkMarkets trading servers are located in the same server block as their liquidity providers, that allows clients to achieve extremely fast execution of trades combine this with tight spreads and clients have a perfect solution for the automated and manual trading needs.
ThinkMarkets accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use ThinkMarkets from United States, Canada, Japan, France, Belgium.
Regulation: Australian Securities & Investments Commission (ASIC) No. 424700, Financial Conduct Authority (FCA) No. 629628
You will find Think Markets on Premium Brokers website.
Traders in the US are not allowed to hedge trade and they have a FIFO (First In First Out ) rule for trading. This is somewhat of a disadvantage if you wish to trade certain strategies. The Brokers listed below are the most common brokers that people in USA can use. These are not listed in Premium Brokers Rebate website so I think the rebate program does not work with US brokers. I feel for the traders in USA but until further notice this is how it has to be.
- Oanda is the most popular forex broker for US traders and very well-known. People from all over the world are able to use Oanda as well. Visit their site HERE if you live in the US.
- Forex.com is another well-known forex broker that allows US traders. They have been in business for many years and have a solid track record as well. Forex.com accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries. Visit their site HERE if you wish to try them out.
There are so many forex brokers that they are too many to list. The ones mentioned above are very well respected and used in the industry. As I said above, I have traded with AxiTrader for about 8 years now and have found them very good in all aspects of trading and prompt support when I have needed it. Because of their wide acceptance in most parts of the world they have been able to grow large and give excellent costing spreads for trading forex and other financial instruments, all from their popular trading platforms. I highly recommend them.
Next I will explain how to go through the next steps when registering with a broker through Premium Brokers so that you get that benefit of a rebate when you trade.
Registering with a Broker through Premium Brokers…
Right, you’ve signed up with Premium Brokers and have decided on a broker that suits you and allows you to trade from your home country. These are the steps to follow.
- Once you’re logged in to Premium Brokers you will see those three buttons again on your profile page. Click on number 2, Choose A Broker. This will take you to a page where you will see many brokers.
- You can scroll through the whole list if you want and see what each broker offers but it is easier to roll your mouse over the Broker Tab at the top of the page. All the brokers will appear in the drop down and you just need to click on your selected choice
- For ease of choice, let’s say you have decided on AxiTrader. Click on AxiTrader and you will be taken to a page with all the details about what you get with the company. Scroll to the bottom of the page and click on either the Blue Button for a Demo Account or the Red Button for a Live Account. Either button will take you to the AxiTrader website.
On the AxiTrader website, just before you do anything, get on Live Chat if it’s available, and tell the person which country you’re from and if you are able to trade with the broker. You should always check first before downloading anything to make sure you don’t go through the whole process to find out you can’t use their company in the end. Save yourself wasting time and do a thorough check first. If everything is OK then click on the either Open a Free Trial Account Blue Button or Open an Account Purple Button. The colors may change but the wording will be the same.
Once one of those buttons are clicked you will be taken to a new page with a form to fill out with you details. Below is a sample for opening a Live Account. The Demo Account will be similar but without the 3 steps on the side. The Demo sign up will say that they will give you a free trading platform for 30 days with $50,000 virtual money.
Once you hit the submit button at the bottom, you will receive an email with a link for downloading your trading platform and further instructions to follow for verifying your credentials and depositing funds.
Registering your broker on Premium Brokers…
Once you are given your AxiTrader Account Number for logging in, you will need to use that number and add it into your Premium Brokers User Profile page. To access this page click on the Accounts link under your name. Toggle to your brokers name and fill in your Brokers Log In Account Number.
Right, that part is all set up now and when you start trading you will start receiving rebates from your trading. It will take some days for the verification to be processed through your broker, so just be patient as the forex trading will be always available and trades will always present themselves on a regular basis.
Here are some final points to sum it all up.
- Sign up to Premium Brokers first. It will take less than 5 minutes and help find a broker quicker. Here is Premium Brokers Sign Up Page.
- Do your homework and find out if the brokers that I’ve recommended are OK from where you be trading from. Get on Live Chat or send an email to the customer support and ask the question. Don’t rely on website’s information on this point as rules change all the time and it is better to get the correct information from the companies themselves. Be honest and upfront on your situation. Your home country of citizenship residence is what is important and if you live overseas for work don’t use that information for registering, your home citizenship country is what you should be registering under. You will need to show proof of yourself during the verification process, which is very strict for quality broker companies. If it’s not strict then beware of a scam broker. The broker recommendations above are genuine, well regulated and they will stop your registration if the legal documents are not correct.
- Save your Account Number and Password in a safe place.
- Follow the steps carefully and download the platform to a reliable computer or laptop. Once you have done that then you can download a platform on your phone as well. It will not be the same as the one on your PC or Lap Top but these are fine for closing and monitoring trades. I rarely use my phone for opening position but do use it for closing positions if I am out and about.
- Some brokers will give you a bonus amount of funds depending on how much you initially deposit. You must trade a certain amount of lots and positions before you are able to make a withdrawal of these funds so don’t be overly concerned about this.
- Trade only with money that you can afford to lose or go without. Don’t try to make money in a rush. You want to stay trading for a long time and remember…” It’s a walk to wealth, not a race to riches” If you keep that in your mind you will become a successful trader.
Well I think that’s it, and if you have any questions, just shoot me an email at email@example.com or leave a comment below. If you don’t hear from just keep persisting as your mail may have gone to the junk folder. I will answer when I finally see it or get reminded by you.
Happy trading and to your success.
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