How to Choose a Forex Broker?
There are many forex brokers you can choose from online and each offer different features and advantages. Selecting the best one is not an easy task for a trader but there are several things to consider that can help you make an informed decision:
The Trading Platform
Your trading platform is your portal into the exciting world of forex trading. You'll want to find a platform that is user friendly and intuitive but also powerful enough to meet all your trading needs. It's also important that there are FAQs and visible Terms and Conditions on the broker's site that users can find and refer to if needed.
Most forex brokers offer demo accounts so you can always given their trading platforms a try before signing up for a real account.
Financial markets are highly volatile and you have very little margin to act on your decision for buying/selling. Having customer service in real time is crucial for addressing any issues with accounts, depositing and taking out your money. Reputable forex brokers have at least two ( or more ) channels for communication, such as live chat, e-mail and international phone number.
Base your selection of a forex broker on their asset basket. Some limit the number of currency pair they trade to the most popular ( EUR/USD, AUD/USD, USD/CAD, GBP/USD, USDCHF) while others include commodities as well ( gold, silver, oil, etc.) Reputable forex brokers diversify their asset offerings to give traders greater choice.
Regulation is one of the most important factors to consider when choosing a forex broker. Proper regulation helps ensure that your forex broker is adequately capitalized in the event of trading losses, keeps your funds in secure and segregated accounts, and maintains fair dealing practices to so that your trades will be executed at the prevailing market prices. We strongly advise that you select a regulated broker with a clean regulatory record to benefit from these protections.