Forex broker is not just a middle agent between you and the market. It is your business partner and advisor who has a core role in your success. The choice of a broker is your primary duty when you are starting on the forex market.
All new traders are asking themselves how to select a forex broker. We are here to give you advice that will take off the burden of your shoulder, at least at the beginning of your forex trading career.
1. Trading Tools
Serious brokers will offer you top-notch tools to follow market trends, analyze them through charts, and streamline your strategy accordingly. All the tools have to match your operating systems, whether using Windows, Mac, or Linux.
User Friendliness of the platform goes hand in hand with tools. The platform must be reliable and fast. Your profit may sometimes depend on the execution speed, so there mustn’t be lagging in system functionalities. Also, accessing your trades by using a mobile phone is mandatory.
2. Security of Forex Broker
You trust only those brokers who offer you strict security. When you select a forex broker, ask if they have two-factor verification and even more IP address access limitation. That is the security shield every reliable forex brokers must have.
3. Read Brokers Reviews
Other trader’s experience will help you not to stumble into the dark. They can give you the right direction and objective perspective on the forex trading platforms. Also, many YouTubers with forex experience are eager to share their experience with the public.
4. Costs and Fees
While checking forex brokers’ reviews, compare their fees, such as rollover fees, spreads, minimum margins, account inactivity fees, and transaction costs. When getting in touch with a broker, ask for detailed explanations of their fees and commission policies.
5. Investment Offerings
Nowadays, you will not find only Forex centred platforms. It’s more probable they offer a variety of investment opportunities. If you are a more long position trader, this is crucial for you.
Today, no broker is exclusively dedicated to Forex. The wider choice, the better for traders, especially for long position trading style. Some brokers are specialized in CFD trade.
CFD may include taking positions on shares or indexes and exchange trading funds and commodities or government bonds. The more choices is a win-win for both sides, the better for you and your broker.
6. Customer Service
Maybe this is the first thing to look for. If something goes downwards, customer support must be immediately ready and available to assist you. In the Forex market, some things must be sorted in a matter of minutes.
Or suppose that you have issues with using some software, and you need specific data or info. That’s why you need a 24/7 available competent person in your native language to help you to sort out the problem.
7. Check Regulations
Only regulated, legal forex brokers can be secure and reliable. Therefore, before going for some broker, check if it’s listed on the regulatory bodies and agencies. Every country has its agency, which controls if forex brokers are operating without breaking the rules.
There is significant competition on the market when it comes to forex brokers. Most of them are transparent, regulated, offering excellent support and learning assistance.
Still, you must be aware of forex frauds and scammers that wait on every corner. It’s because Forex is a lucrative niche, and many want to be a part of it. All of them offer high overnight returns, magical formulas, and “accurate” forex signals.
In an enormous financial market such as Forex, there are so many opportunities. Also, many choices may lead you to be halfhearted and confused. The only way to avoid it is to read forex brokers reviews and find the broker that meets as many above mentioned criteria as possible.