Before I formally start my Aurora Coins review, I would like to say for those who are just adopting the Forex trading hobby or have been doing it for a while, the question of which brokerage to choose pops up very often. Being a trader who has experience of more than 3 decades I am asked this question a lot and I always appreciated its attitude of the young lot.
There are many different factors that can influence your decision-making process when choosing a broker, and here I will try and present you with some examples:
- How much money do I want to deposit?
- What instruments do I intend to trade with?
- How much leverage can I use and what is my trading style – day trader or position trader?
- Do I need access to a demo account and if so, can it be obtained for free?
- Can the broker provide me with the information I need to make educated trading decisions?
- Are they reliable, honest and transparent?
- What are their rates of spreads, commissions, financing charges etc.?
- Are there any hidden costs involved in setting up an account with them?
- And last but not least – is my money safe with them?
Let me tell you all in this Aurora Coins review that having these questions answered can really help you narrow down your search since many brokers do provide a lot of the tools, information and services that traders need. However, they also have different strengths and weaknesses which might change depending on what broker you choose. At the end of the day, it all comes down to personal preference and what type of experience you are looking for.
So, let’s see what are some of the most important things that you need to consider when choosing a Forex broker.
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The amount you want to deposit can come down to purely economical reasons. Depending on how much money you have available and what type of lifestyle you live will determine how much funds you’ll be able to allocate for trading. It is important that you do not overestimate your capabilities, however, because nothing can put a stop to your Forex career faster than losing all of your money in the market. Having said that, if you are new to trading and have no prior experience at all, it might be better to start by depositing a small sum of money and getting a feel for the environment before investing more.
Aurora Coins requires a minimum deposit of $250 but with the complexity of the account, this increases. I have heard mixed views about this amount but I think in today’s time this is a reasonable amount and most of the traders can afford it. However, I would like to raise this point in my Aurora Coins review that the company must do something for the ones who find this a lot.
The current market offers you the ability to trade over 80 currency pairs, 22 types of Commodities and 6 different indices, so it is not surprising that newcomers often get overwhelmed by the sheer amount of information available. Instead of looking at everything at once, try to focus on what you are most interested in trading. If this is forex, then why not try trading the most popular currency pairs on the market first, like EUR/USD or GBP/USD?
Remember that new instruments are being added all the time, so keep an eye out for news about Bitcoin and other cryptocurrencies as it is only a matter of time until you’ll be able to trade them too. It is good to start with one or two instruments and master them before you move on to others. This will also help you avoid any unnecessary losses, as the more complex trading becomes, the easier it is to make mistakes.
At Aurora Coins, the trading instruments are very vast and extremely high tech. I would especially like to point out the fact that they have one of the tops, most up to date trading platforms among all brokers and this is something new traders need to take advantage of as it helps them a lot with their trade. However, I would like to mention here in my Aurora Coins review that they should introduce a tool that lets you enter the correct leverage amount automatically.
The amount of leverage that a broker offers can be a big factor in choosing one, especially when you are getting started. The usual general rule of thumb is to play it safe and choose a broker that offers leverage above 50:1 (especially if you are trading with micro lots). If you go much higher than that then you should be extra careful about your margin usage.
I have been largely happy about the leverage here for as long as I have been using them and I would like to acknowledge the point that the brokerage offers a wide range of leverage options in this Aurora Coins review.
The next thing that you should consider is how wide the spreads are on each of the currency pairs you want to trade. As I mentioned earlier, these can be quite large with some brokers, which really eats into your profits and is especially damaging if you are trading with micro-lots. If you want to reduce this risk then try and stick to brokers that offer low spread on the more popular currency pairs, like EUR/USD and GBP/USD.
Here, I was quite surprised to see the spreads on their platform and if you ask me about my opinion I would swear by the fact that the spreads are quite alright here. This Aurora Coins review will not be complete without discussing the spreads here and it is good to note that these are quite low.
Whether you are trading on an ECN/STP or a dealing desk brokers platform, it is important to consider the all in one cost of trading. This includes spreads and commissions. Some brokers have hidden commissions where you will be charged on any open trades, so this is something else to keep an eye out for. I do not have much to discuss when it comes to commissions in my Aurora Coins review, but I would like to mention the fact that they are quite reasonable or an established trader like me. However, they are not the cheapest around.
It is also important to look at the trading platforms that are available to you as a trader. There are several trading platforms available on the market, but some of them have much more to offer than others. If you are using MetaTrader4 (MT4) then you will need to pick a broker that offers it. Some brokers offer their own proprietary trading platforms and this is especially important to keep in mind if you are looking for an ECN/STP account, as some brokers only offer this on their proprietary platform.
Since I have been using Aurora Coins I am quite pleased with the fact that they offer me all the trading platforms that I need. The fact that they are quite unique is very helpful in this regard. I would like to point out the fact that they have offered me an MT4 platform and proprietary trading platforms, which is enough for all the needs I have. So this is definitely a plus in my Aurora Coins review.
Another thing that you need to consider when choosing a broker is whether you want to trade on the go (by opening and closing positions in real-time) or if you prefer to wait for your trades to develop. Day trading requires you to monitor the market continuously, while position traders will only need to check up on their P&L sheet once or twice a day.
I am grateful to Aurora Coins because I can use this broker for both types of trading styles. If you want to go long term and trade in the forex markets then they have an ECN/STP account that will be perfect for you. But if you want to trade on a regular basis and want to look at smaller time frames and smaller lots, then they have their own proprietary trading platform that will definitely help you gravitate towards the type of trading style you love the most.
A beginner might have a hard time trading on the spot market because it can be quite difficult to gauge future price movements, but that doesn’t mean you should rush and open up a demo account with a broker that only offers forex pairs. In fact, commodities offer an excellent opportunity for novice traders to get their feet wet in the market with very little risk.
I think this brokerage has many features but its assets need some improvement. I would love to see more assets in the commodities market. However, when it comes to their forex pairs, you will definitely get what you need because there are plenty of opportunities for day traders here.
Disclaimer: This review is written from my own experience and my self-knowledge only and this is not a recommendation.