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Six Things to Consider Before Choosing a Forex Broker
A few key points are important if you’re going to select a great Forex broker. The retail Forex market is competitive. It can be overwhelming to look through the lists of all the brokers. Come and visit our website to learn more about forex trading hours. These are 6 important things to keep in mind when choosing the right professional.
Priority should be given to security when making this choice. It is a big deal that you are going to pay a lot of money to an expert. There are regulatory bodies that can help you determine if the broker is trustworthy and which ones are fraudulent. NFA (CFTC), FCA, ASIC and BaFIN are some examples of such authorities.
Make sure you verify the membership of any regulatory authorities before hiring a broker.
2. Transaction Costs
No matter the currency that you trade in, you will need to pay transaction costs. Every trade that you initiate will require either spread or commission. We suggest you look for the lowest rates. It is possible to pay a little more to select a more reliable broker.
3. Deposit and withdrawal
Recall that good brokers make it easy for clients to deposit and withdraw funds. The professional doesn’t want you to have to work hard to make money. After all, their motivation to hold funds to trade is to maximize profits.
Also, the broker won’t hold the funds unless they are required to facilitate the trade. This means that you will be able to withdraw the earnings you made at any time. It’s up to the Forex broker as to ensure that withdrawals go smoothly.
4. Trading Platform
The broker’s trading platform is where most of the trading activity happens. It should be stable and user friendly. When you hire a broker, it is important that they have a good platform. Good platforms provide free news feeds, intuitive charting, technical tools, and other useful features.
Be sure to confirm that the broker will fulfill your orders at the right price. Brokers generally fill their clients at or close to the market price. This is what you see when the “sell”, or “buy”, buttons are pressed.
6. Customer Service
You should also remember that brokers are humans, and not always perfect. You should choose a broker who you can easily reach whenever you need. You must remember that the broker’s expertise is just as important than their performance in execution of trades.