In trading, choosing the Best Forex broker is extremely important depending the methods or strategies you have learn/use. It’s pretty hard to find the Broker depending of where you reside and which type is more suitable.
How To Choose The Best Forex Broker For You?
Generally, the 3 types of brokers are as follows:
- No Dealing Desk (NDD) – The name almost explains it well, it lacks a dealing desk. However, it offers best quotes obtained from various quote providers. they charges commission or increase the bid/offer spread to make their money
- Market Maker (MM) – MM make money through spreads and trading against clients. If you place a Long order, they will try to find a short order from other clients or merely pass your orders to it’s liquidity providers.
- Electronic Communications Network (ECN) – No Dealing desk, they provide an electronic trading platform where professional market makers at banks and other participants enter bid/offer from their system. ECN mostly offer the lowest spread.
As you will be able to figure out, most traders prefers ECN brokers. You will get the lowest spread (most of the time).
I have tried all 3 of them and I really love ECN brokers. I get low spread and most of the time, my order are executed fast with low slippage. After trying many different brokers (I am actually quite Brokers conscious) including those more popular ones, I have narrowed down to only 1 broker that I currently use now, which in my opinion, the Best Forex Broker, FXPrimus.
The Best Forex Broker Plus Point
These are the plus point that make me only use FXPrimus for my Forex and Commodities trading. I won’t rule out that if I find another one which is better, I will switch. I think every traders want to find the right trader, you can google and you will know what I mean. Until then…
- They offer some of the lowest spread among the Forex brokers.As I mentioned earlier, I have come across many instances that on those majors, like EURUSD, USDJPY, the spread on the FXPrimus trading platform is occasionally 0 pip, however, most of the time the spread is about 0.3 to 0.5 pips. During peak hour trading, I can literally place an order and almost immediate, I see positive figures on my trade. Of course, for this ECN account, they charge a 1 pip commission, which i think it is fair.
- Unprecedented fund safety – It gives you a piece of mind by assuring you industry 1st fund protection. Your accounts are independently administered by Turnstone group that have over 1 Billion dollars from offices around the world. Moreover, this is regardless of your account size. You can simply choose and select the Trust option and $50 will be deducted.
- You get Free personal coaching and training for new trader regardless of whether it is a practice or live account. If you fund at least USD250, you get 60 days one-one-one coaching.
- It’s easy to fund or withdraw to or from your account. FXPrimus offer many ways to transfer funds to your account. With wire transfer, credit card and even local bank deposit in 47 countries, it makes funding quite seamless. I have funded my account various times and during certain times, my account was funded in less then an hour, especially during US session, although on their website, they mentioned 24 hours. I have so far only use the Real-time Transfer funding directly from my bank account and every funding cost $5.00.
- It offer Straight Through Processing or STP, this allow you to have more rewarding trades as the spread is lower in most circumstances.
- After trading for some time, almost 99.9% of my trades are executed immediately,unlike other brokers I have tried. The only time I had issue was when it have an 1000 pips move within 3 hours on the EURCHF pair during CHF intervention on the 6th September 2011, see picture on the right.
- Trading on the move, I have a private VPS hosting when I host my trading platform and most of the time, I am logging into my Virtual PC to trade. As I use iPad, I can trade anytime I want, anywhere I want. It’s very convenient.
- The support is awesome, I have chatted with the customer service on many occasions regarding trades and I always receive instantaneous reply from them. Being in a service industry myself, I understand the importance of customer service, which to my opinion, they did a great job.
- High Leverage and support hedging. I am busy most of the time so I sometimes use robots (Expert Advisor) to trade for me. I still trade manually together with the robot that suits my trading methodologies. I have tested many robots and have finally selected only one (after months of testing) that I use to trade for me. Some robots rely on hedging so it is important for you to find a broker that support hedging, which FXPrimus fortunately do. They offer leverage of 500:1, meaning that you can trade higher lot size and have better returns (obviously, more rewards means more risk; you might bust your account if your leverage is high). I wouldn’t recommend the highest leverage, you have to decide which is suitable for you. It is your Money!!!
- Other than Forex, they offer, gold, silver, oil, commodities like coffee, sugar and S&P500, Nasdaq, Dow Jones and many new instruments that they recently included.
- There are 3 choices of spreads that you can trade with, fixed, variable or ECN Premier Spreads and you are free to change anytime you want… I think that is cool 🙂 Click here if you want to see what is the spread like
- It is licensed and Regulated by the Financial Services Commission (FSC)
- FXPRIMUS provides you with trusted withdrawals on a re-loadable Prepaid Mastercard, Payoneer.No more waiting long periods of time and paying high withdrawal fees. PS: I really love this one. You can use the card anywhere in the world to withdraw money from an ATM or to purchase goods and services.
- Last but not least, they offer really good rollover rater, also known as swap files (I have test various brokers and so far this is the best for pair I am trading with) which one of my robots is leveraging on.
Why I choose FXPrimus as the Best Forex Broker?
Well… from my personal point of view, FXPrimus is the best forex broker in Singapore, where I live. As stated earlier, I have tried plenty of brokers but none seems to come close to what FXPrimus is offering in terms of spread and swap files (these is extremely important for me). It’s pretty convenient to fund and I’m comfortable with the protection they offer. They offer good MT4 platform that most professional and traders like us use.
Really… there is nothing much to complain about. That is why I choose them as the Best Forex broker in Singapore. View my Google profile here.