The goal of forex broker ratings is to rate brokers on the basis of certain parameters. There are numerous websites that rate forex brokers and also provide an analysis of the rates. Each broker rating website may have certain criteria for reviewing and rating brokers. For instance, some websites rate brokers on the basis of votes by traders, including beginners and veterans. A trader who is trading with the help of a specific broker may rate the latter on a website where the broker is listed. The rating keeps on changing, depending upon the experiences of traders and quality of services offered by brokers. Forex broker rating websites also identify a monthly winner on the basis of a voting system, through overall rating or other specific criteria they may have.
Account Opening Procedure: Brokers are rated numerically on the basis of their account opening procedure. It may range from simple and hassle free to quite complex, requiring a trader to go through a complicated process to open an account. Many online brokers also offer demo accounts for beginners. Rating criteria may involve various types of real life accounts a broker offers, such as gold, silver and platinum, the cost of the account and the amount of free cash offered on opening an account.
Trading Platform: Forex brokers may be rated for the types of trading platforms they offer. The criteria to judge a trading platform should involve the following:
* Is it compatible with your operating system?
* Is it powered by MetaTrader 4?
* Can it be customized to meet individual trading needs?
* Is the interface user-friendly?
* Does it offer multi-asset trading capabilities to enable participants to trade in stocks, commodities and indexes, apart from forex?
* Does it offer sophisticated trading features and tools to compare rates and to analyze trends and get updated news?
Money Transactions Issues: A broker can be rated based on the online money transfer gateways it offers traders.
Customer Support: One could also rate brokers depending how well they support their clients. Some brokers provide customer support in multiple languages to cater to worldwide users via email, phone and chat. Many brokers have multiple local telephone lines and dedicated email services to support their customers 24/7.
Forex broker ratings play a crucial role in enabling traders to choose the best broker. However, it is important to check ratings on a reliable broker ratings website. To check the best reviews and ratings, visit http://www.forex-rateit.com/. Apart from true ratings and reviews the website also provides updated forex rates, news and other information.
About the Author
Kitz by profession is a digital marketer. He finds his interest in Forex trading and writes for forex niche websites. To learn more about forex currency trading, visit www.forex-rateit.com & to get up-to-date information on the forex market, including news, comprehensive forex broker reviews and educational articles.
