Success of Forex traders is usually directly related with the Forex brokers they select to work with. The Forex market can be a very risky place for traders who select a broker that is unethical or unwise.

Forex brokers can only be rated after a trader actually invests real money. The trader might have already lost his/her money by then. Recommended reading?

These sites provide you with detailed reviews of Forex brokers to help guide your decision. They have tested Forex platforms, trading conditions and real-money trades on these sites. It means you do not have to use your own funds to test a Forex Broker’s reputation and effectiveness in handling your trades.

Such sites include in their review criteria the security and honesty of a broker. Online forums are a great way for the trader to do their own research on a particular trader. He/she can ask the company direct questions and get information directly from them. A trader’s first question should be whether or not the broker firm is licensed by the appropriate government authority. A trader should ask if the broker uses the most up-to-date security systems to keep their personal data and account numbers safe. Forex broker reviews sites will provide this information quickly.

A trader can also set the spreads, and the commissions the broker will get when trading on the Forex Market. It is better to have a low commission rate. You should find another broker if you receive commissions above 3-pips on EURUSD trades. Quality firms charge only 1-pip per EURUSD. You should always check the commissions and spreads charged by brokers prior to deciding whether to work with them. These will usually be explained on the site of each firm.