In the Forex market, the traders have to deal with a broker, so choosing the brokerage company is essential. As hundreds of them offer similar services, here are some essential things to check before deciding to whom you entrust your money.
1. The Trading Platform
Next, it is worth considering the trading platform offered by the broker. Check that the latter is intuitive, easy to use, and allows you to see ongoing trades, etc. You must also be careful with the configuration of the various trading tools offered. Note that currently, the best and most popular platform on the market is the Meta trader 4 platform.
2. Low Spread and Commission Fees
Fees are also a factor to consider when choosing a Forex broker. Be aware that there are two types of fees, those on withdrawals and those on transactions. While most brokers do not charge fees for withdrawals, the same does not apply to transactions. This is particularly the case of brokers who practice variable spreads.
You should also choose a good broker according to the spread offers; however, a broker who offers too low spreads is not necessarily the best. You must indeed take into account other costs such as commission costs or maybe some hidden fees for inactive accounts, rollover fees, etc.
3. Customer Support
Before committing yourself, finally, take an interest in the technical support offered by the broker. Indeed, not all of them provide the same support services: chat, email, phone. Opt instead for a broker who offers maximum help because it is important to feel supported when carrying out a trading activity. It is essential that your online broker has impeccable customer service, which is both responsive and at your service at all times, but also offers efficient help with prompt responses. To make sure, you have to test it.
4. Speed of Order Execution
The best broker must be able to execute your orders quickly and thus avoid losses and, in particular, what is called slippage in the trading terminology.
5. Different Types of Strategies
You must choose an online broker who does not limit your strategies and gives you complete freedom in choosing the strategy that suits you the most.
6. The Leverage Effect
You must choose an online broker, which allows you to choose the leverage effect that suits you the most and is particularly suitable for your trading strategy.
7. A Rich and Varied Training Offer
Each online broker makes available to novice traders, in this case, a training offer that includes trading basics. This offer must be completely free and include also trading on a virtual account.
Of course, this list is not exhaustive. Keep in mind that there are plenty of scammers out there, so don't skimp on your research before committing to trading. The research should start by reading Forex broker reviews. The reviews will give you all the necessary details about the brokerage companies and help you decide. Make sure your money is in good hands when choosing your Forex broker. Choose a broker that is regulated and operates in compliance with all trading ethical standards.