With forex market being so competitive, choosing the right forex broker for your trading needs can be devastating. The following are tips to help you choose the right online forex broker.
Consider the trading platform of the broker before making any hiring decisions. This is where most trading activity occurs and it’s for this reason that it should be stable and user-friendly. A good trading platform should offer a news feed, an easy-to-use technical tools and information to guide you in your trade. With a user-friendly platform, it will be easy for to access the buy, sell and panic button that closes all operations. If it is poorly designed, you are likely to make mistakes which can be costly.
Make sure you check the credibility and reliability of the broker before you choose them to conduct your trading activity. See to it that they are regulated and registered in your country, for instance, the National Futures Association (NFA) for United States and Financial Conduct Authority for United Kingdom (FCA). When the broker is a member of any recognized regulatory authorities, you can be assured that they are trustworthy and they will not rip-off your money. You can also be assured that they have high level of security so you do not lose your money.
Look for a broker that has more trading products besides the Forex so that you other needs can be met. Some of the trading products to look out for include; stocks, futures, CDFs, options and commodities. This will enable you to choose products that meet your needs and you won’t need to look for another broker to fulfil your other needs. Similarly, if they offer more products, it shows that they have multiple clients trading with them.
Deposit and withdrawal policies is another crucial aspect to check when selecting you forex broker. Look for brokers that will allow you to deposit and withdraw your earnings without much hassle. Also, check their methods of payment as some brokers allow deposits through credit card, wire transfer, pay and bank check and withdrawals through wire transfer or check.
Find out about the brokers transaction cost before you make any decision as it may be charged through commissions and spreads. On the other hand, do not settle for brokers who make money out of wider spreads and not commissions as this will be hard to make profits.
Customer support is another consideration since you want a broker who is available when you need them. It is a good sign if you are able to speak to a live attendant so you can inquire about the company, the spreads, leverages and regulations. Besides, you will not be guaranteed of quality services if their customer support is below par.