USA sets the standard on how forex trading should be conducted. Together with the UK, these two giants are the boiling points of the world’s forex industry. It therefore goes without saying that, if any forex broker wants to conquer the world market, the USA is the best place to start. This also means that the standards are set pretty high and, we want to find out just how these standards are set.
We all pay great attention to rankings regardless of whether they are about the best television series or the worst movies in the Box Office. This is because we all know that rankings are majorly based on accurately-collected data. Some may be based on opinions but when it comes to forex, extensive data is collected from the field and then an in-depth analysis is carried out. The use of criteria makes it easy to compare companies on an even scale.
So, what are the criteria used to rank the top FX companies?
Means of Ranking
The things that matter the most when it comes to ranking forex brokers include:
- Platforms and tools
- Customer Service
- Commissions and fees
You can find more about these criteria here.
Platforms and Tools
How well are you accessible to your traders? For you to rank highly in the USA, you must have multiple platforms that enable your clients to trade and get in touch with you from any device possible. Typically, a world class broker has both the normal web platform and the MT4 platforms. This enables traders to trade easily on their computers or mobile devices. The importance of these platforms having advanced analysis tools cannot be overstressed.
The only thing that will keep clients coming back is if they are served well. That is a universal truth for all businesses. The best brokers respond to their trader’s complaints in the shortest amount of time possible because they know that their reputation depends on it. In Forex trading, reputation is everything. A lot of new traders are signing up every day and they hope to find a broker who will hold their hand and give them the proper guidance. How the brokers handle these newcomers will play a big role in their nationwide ranking.
Commissions and Fees
Commissions and fees have a direct influence on the trader’s profits. Most traders offer spread markup which works well with traders especially in pairs where the bid-ask spread is low. Others offer both spread markup and the $1 minimum commission for the trader to choose the most convenient. Either way, the costs incurred are low for large-volume traders.
Proper trading requires loads and loads of information. World class brokers offer the most extensive research and analysis tools to enable their traders to always be informed and stay ahead of their competition. The market changes almost daily. Extensive research is the best way to stay abreast with current trends.
Some of the Highest Ranked Brokers in the USA
Forex.com is a good example of a broker that consistently ranks among the top in the United States and other parts of the world. They have covered all their bases well but there unmatched pool of information is to die for. They have the most extensive educational resources and research indicators that are available in over 25 languages. This has made them very popular with many traders, especially beginners who get to enjoy their unparalleled customer support.
It is impossible to rank FX companies without mentioning OANDA. OANDA takes the crown when it comes to low-cost trading. This is the main cause of its popularity since most traders start low as they build up. Its most outstanding features are no minimum investment, no commission, lot’s of markets available and very competitive spreads.
ATC is also popular for its low coast trading. It is a little higher than OANDA but lower than Forex.com. Consider it a middle class version. Their flat rate commission is what makes them so popular. A small fee of $0.80 will be applied for every 10,000 units you trade. That is the minimum rate. Even though their pairs are not that extensive, 35 are more than enough.