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Selecting the right Forex broker – why so important?

3 min read
Forex broker

Forex broker

Forex market is among the best performing financial markets suitable for both seasoned traders and rooky traders. The attractiveness of Forex had made many new traders venture into the online trading business. But it has also brought many new brokerage platforms and companies on the trading scene. For rookies, lured by the opportunities for profit, the market can also represent the risk of getting into the trap of some fraudulent companies and individuals. That’s one of the most important reasons why picking an honest broker is crucial for every new trader. Here are the other reasons for choosing the broker wisely.

 

The criterion for choosing the right broker

 

The most important factors to watch out for when picking the Forex broker are

 

  • Compliance with regulations
  • Excellent customer support
  • Transparent fees and spreads
  • Availability of free educational materials 
  • Availability of a demo account
  • Reliable trading platform

 

Why choose the regulated broker?

 

Going for the regulated broker lets you minimize the chances to let your money down the drain even before you start making money. Regulated brokerage companies must comply with many high standards imposed by the financial institutions to do the business. When you are about to start your research of good brokers online, refer to your country’s financial regulatory body and make sure the broker is on the list. 

 

Pay attention to every letter in the name of the broker because some scammers use very similar brand names to confuse people. Trading with a reputable Forex broker who works in compliance with legislation ensures that you won’t end up in adverse situations. These could be the inability to withdraw your money, allocating your funds for suspicious purposes using churning techniques, unavailability of client’s support when you need to resolve some issue, inability to access the history of trading orders, and many more. 

Excellent customer support

Before even opening an account, test the customer support availability and efficiency. Make sure they can answer your questions promptly. Of course, they must speak your native language and the more communication channels available, the better for you.

Transparent fees and spreads

This type of info can be found in the terms and conditions file or part of the brokerage website. After studying them carefully, verify with the brokerage representative if you have all understood them clearly. 

Availability of educational materials

The good broker will have in their interest to have a long-term collaboration with the well informed and knowledgeable clients. Therefore, they provide all sorts of training resources for the new traders. These could be in the form of a tutorial, blog post, free downloadable e-books. The possibility of practicing on a virtual account is also a huge advantage when going for a reputable broker. In that way, you learn to master the market with zero money invested. 

Reliable trading platform

These days, good brokerage companies are in the race to offer top-notch service to their customers regarding security, trading execution speed, and user-friendliness. Most of them use MetaTrader 4 and 5 trading software, but there are also other very advanced algorithms. Downtowns in trading systems are practically inadmissible in this type of training activity. Therefore, opting for a highly sophisticated and reliable broker should be your top priority.

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