According to one of the polls that I have published here in 2009, the majority of traders look for low spreads, trading platform and easy deposits/withdrawals as the three most important factors when choosing a Forex broker. I am quite certain that it is possible to find a broker that fulfills these three conditions and probably fits some other requirements an active trader may have. But, unfortunately, we do not live in a perfect world with perfect brokers. Even if some broker has all the important things you need, there is almost always some little problem with something else.
Currently, I trade with three different brokers. I am totally OK with all of them as they each serve their purpose well. In my opinion, their biggest cons are the following:
- AGEA — Their swaps could be more fair and balanced. They have no rollover interest on Streamster, but their MetaTrader 4 accounts offer overnight swaps on the currency pairs, and, compared with other brokers, they are not that good.
- Interactive Brokers — Lack of convenient trading software. Something simple, yet functional, as, for example, MetaTrader would make working with them much easier. Fortunately, I trade so rarely with IB that it is not a big problem for me.
- EXNESS — Honestly, I failed to encounter any disadvantages with this broker. I could mention the price spikes on some of the currency pairs (seem to be really out of place), but such spikes are also repeated on the charts of some other brokers. So that it is more like a liquidity provider issue or something.
Of those three, I will choose the trading platform issue of Interactive Brokers as my answer to the poll below, as it is the only factor that has any effect on my trading at all. And what do you hate most in your broker?
If you have some questions or comments about the most important disadvantages of the foreign exchange brokers, please feel free to reply to this post using the form below.