A Quick Guide for Selecting a Forex Broker
With forex market being so competitive, choosing the right forex broker for your trading needs can be devastating. Here are critical factors to contemplate when choosing a forex broker.
One of the most essential factors to keep in mind when choosing a forex broker is their trading platform. This is the portal of the investor to the market; hence, it should be easy to use and stable. 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. A poorly designed trade platform are difficult to navigate and you could easily make mistakes like going long when you meant to go short.
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). Brokers that have been regulated and registered by these bodies are trustworthy and legit. You can also be assured that they have high level of security so you do not lose your money.
It is wise to consider a forex broker that provides you several trading products to choose from and one who understands more on Synergy FX. Some of these products include; options, futures, CDFs, commodities and others. 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. Besides, a broker that offers variety of products shows that they have a large client base trading with them.
Your forex broker should have a policy that allows ease of deposits and withdrawals. Any good forex broker will let you make deposits and withdraw your profits in a smooth, fast and hassle-free process. Also, ensure that they have convenient methods of payment such as PayPal, credit card, bank check, and wire transfer.
Find out about the brokers transaction cost before you make any decision as it may be charged through commissions and spreads. However, you need to be vigilant of brokers who do not charge any commission but they make money through wider spreads making it difficult for you to earn profit.
With forex trade occurring 24/7, it is important for your broker to have a reliable customer support in place. You should be able to speak to a live attendant who will answer your questions regarding the company, its regulations, leverage and spreads. Do not go for a broker with poor customer support as their services are likely to be substandard.