How to Use a Forex Portal to Compare and Choose the Finest Forex Brokers

Choosing a Forex broker is usually the hardest part of the investment process, especially if you’re a new trader. There are so many available options on the market, and many people don’t know where to start. Although choosing the most popular name seems like a clear choice, that doesn’t mean this company is suitable for your financial goals.

In an attempt to help investors make a decision, specialized websites list the main characteristics of Forex traders. They take into account factors such as location, payment processing, and minimum deposits. They usually come with filters that further assist you in finding the best solution for your investment strategy.

In this article, we’ll explain what to look for in a Forex portal and why using these sites is vital for your financial trading.

Using a Forex Portal

Using these specialized aggregate sites is rather straightforward. Most of them have a single page where they list all brokers within their database. However, as this can get quite messy, people usually rely on filters to sift through the results. Here are a few main metrics you can set through filtering options:

• Time of establishing
• Financial leverage
• Country of origin
• Trading platforms used
• Instruments traded
• Funding methods

For even better classification, these sites allow you to filter between top brokers, social investors, crypto Forex traders, and binary options traders. The best portals are intuitive and require minimal time to get used to them.

Choosing a Forex Portal

Choosing the right website is vital for the process. These platforms vary in terms of functionality and information they provide. Here are a few tricks that will help you find the best platform!

1.    Creation Date

As with any other industry, financial websites that have existed for a while usually provide much better information. This is especially vital for aggregates as it means they have more entries within the database. Besides large financial companies, they also list smaller brokers that have only recently gotten their licenses.

The creation date of the site goes hand-in-hand with reputation. If a platform has existed for more than a decade, there’s a good chance people know about it and have a positive experience browsing its content. If you wish to determine when the site was created, we suggest you use software such as Wayback Machine.

Of course, that doesn’t necessarily mean that the oldest Forex portal is the best. There are probably lots of fresh websites that have fantastic design solutions, great filters, and more detailed information about brokers. Still, when doing your search, this is the first thing you need to do.

2.    User Evaluation

Besides the creation date, you have to pay attention to user reviews. Google scores, in particular, are seen as the best source of information regarding a company’s work. You might also want to browse specialized financial websites that review Forex portals, as they usually create a breakdown of the websites’ features.

Take things a bit further when assessing these reviews. Comments are a great source of knowledge as they might point out to certain functional deficiencies or lack of broker information. Don’t stick with just one review source; browse several directories where users often comment.

3.    Design and Responsiveness

If you’re going to use a website to perform a thorough Forex broker research, we suggest you pick one that is fast and reliable.

Platforms that weren’t properly optimized are usually glitchy and will stall when you open a large list of brokers. This will make the process annoying and might even force you to lose data.

4.    Filtering Options

Filtering options play a major role in a site’s usefulness. It’s worth mentioning that a portal doesn’t necessarily need dozens of filters; just a few relevant ones will suffice. These filtering buttons and sliders need to be well-placed and explained. That way, a person can find just the type of broker they were looking for.

Conclusion

After reading this article, you should have a better understanding of how Forex aggregates work and how they can help your financial strategy. Take your time finding the best platform because this is where you’ll get all the relevant information about your future trader.