Scalping is one of the most popular trading strategies in the forex market, if not the most. Many people choose this trading style because it’s really great for practicing and there are less risks. If you’re interested in this strategy, you should know that it requires certain features from a broker. Therefore, today I will show you what a scalper need and who are the best forex brokers for scalping.
WHAT IS FOREX SCALPING?
Scalping is when traders make a little profit for many times during a day by opening and closing positions repeatedly. They surf the market all day long and check the charts every minute to look for good chances to earn little money. When you scalp, remember to open and close your positions within a trading session. Scalpers never keep their positions open over the next trading session or overnight.
WHAT DO SCALPERS NEED?
Because scalpers only make a few pips for each position, they would need low trading cost from a broker. Therefore, the trading cost is the most important factor for a scalper. As a result, the best forex brokers for scalping first must have low transaction fees.
THE BEST FOREX BROKERS FOR SCALPING
Finding low spreads in the forex market is pretty easy. Every broker advertises their spreads on their homepage and claims that they have the lowest spreads in the market. Can we really trust those advertisments?
The answer is no.
Low spread alone doesn’t mean low trading cost. They could offer you low spreads but other factors adding up will make very high trading cost. Thanksfully, we’re here to help you. We have traded with a great deal of forex brokers and come to a list of the lowest trading cost ever. They are:
OTHER THINGS TO NOTICE
Low trading cost is the key feature of the best forex brokers for scalping. However, if you want to trade forex safely, you must make sure that those brokers have forex regulations. Forex regulation is the only way to make sure your trading is safe and protected. Here are the regulations of my brokers (as well as their spreads):
|Broker Name||EUR/USD spread||Regulation|
|Exness||0.7 pip||CySEC, FCA|
|HotForex||1.1 pips||CySEC, FSCA, FSC|
The broker must be regulated in your country. If you can’t find a regulated broker in your country, you had better choose the trusted and lowest spread broker.
Also, those brokers should have local payment system. When trading with the brokers not having local payment system, traders can only deposit and withdrawal by Visa, Credit card, Neteller, and Skrill…. Furthermore, you will be charged 2 – 4% of your total deposit amount as the fee for those international payment methods. In conclusion, you should not choose the brokers who don’t have local payment system.
Scalping is a great forex strategy for beginners because it gives trader a chance to practice trading regularly and it is not very risky. To choose the best forex brokers for scalping, traders need to make sure that brokers have low trading cost and reliable forex regulations.
Synthesized by top4forexbrokers.net