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. A good trading platform should be stable and easy to use since this is where most online forex trading happens. Therefore, before you choose a broker, see what their trading platform has to offer including information to help you trade properly, technical and fundamental analysis tools and it should be attractive. Look for a visually pleasing and well-designed platform with clear buy, sell and open buttons to enable you enter and exit the trades with ease. This will help you avoid costly mistakes that you are bound to make when the platform is poorly designed.
Make sure you check the credibility and reliability of the broker before you choose them to conduct your trading activity. Ensure that their firm is regulated by the relevant authorities, for instance, if it’s located in the United Stated it should be regulated by the National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC). 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. Besides, you will be guaranteed safety and security when carrying out your trading activities.
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. It will be easier for you to get your needs sorted by one competent broker and this will save both your time and effort. Similarly, if they offer more products, it shows that they have multiple clients trading with them.
Check their withdrawal and deposit policy and ensure that it is flexible and meets your requirements. 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.
Do a comparison of the transaction cost of various brokers which may come in terms of commission as well as spreads and find the rates that are within your budget. 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.
With forex trade occurring 24/7, it is important for your broker to have a reliable customer support in place. 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.