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Best Forex Trading Broker for Day Traders

Best Forex Trading Broker for Day Traders

Day trading is one of the most common, if not the most common trading style for professional forex traders. People who day trade don’t see online forex trading as a hobby, but a passion that is worth pursuing. With a solid goal to gain profits, day traders will need a broker they can trust.

What to expect as a day trader

Since day trading is a full time occupation, it’s very difficult to consider it as a side business. Contrary to popular belief, day traders have their own work schedule just like regular employees in a company. Although the schedule is not the typical 9-to-5, day traders cannot take their eyes off the charts longer than a few minutes.

In day trading, you hold a position with the goal of closing at the end of the day. Even though the forex opens 24 hours, banks have their own closing time, and day traders typically set a target to trade between 9:00 GMT+1 to 18:00 GMT+1. 

The range of time is an overlap of the opening of the London and New York banks – the greatest volume of trading happens at this time.

A realistic profit goal is 30 pips a day on average, but take this average with a grain of salt as it depends on your strategy and market. What this implies, however, is that you need accounts that offer as low of a spread or commission as possible.  

What would benefit a day trader from a broker?

Although many brokers are generalists and try to satisfy all styles of forex trading, the FBS forex trading platform is particularly well-suited for day traders. After all, lots of people are day trading professionals, and they need a broker who understands their needs.

FBS offers several accounts that can benefit day traders. FBS Zero Spread and mini accounts are excellent to use for day trading. While zero spread was originally designed for scalping, there is no reason why day traders shouldn’t use the Zero Spread account. 

Day traders can enjoy the flexibility of defending themselves against sudden reversals without being penalized by spreads. To open a Zero Spread account, you’ll need a minimum capital of US$500.

For day trading beginners, we recommend the Cent and Micro accounts. Micro accounts can be opened with just US$5 of cash and a fixed spread of 3 pips. 

When comparing spreads, the Cent account has a 1 pip spread, but floating. With fixed spread, you can confidently predict the cost of each trading strategy that you devise. 

On the other hand, the Cent account is an excellent choice for absolute beginner day traders, requiring capital of just 1 US dollar. It is worth investing here to train your online forex trading skills.

Choose FBS as your trusted forex trading broker

You’ll need to find a reliable broker to put your investment capital. FBS is a certified international trading company with over 1 million users worldwide. Our customer service is always available to assist you around the clock. 

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