The trusted forex brokers in the market have demo accounts that they offer to their clients for free. Along with this also come video tutorials, mentoring, printed materials, charts and indicators. There are a lot of trusted brokers out there that you can choose from which sometimes can make it intimidating for you. From this article, you will find tips that should guide you make that first and significant move. It won’t be easy for you to find that trusted broker if you hope to do it using a scientific and objective means. To successful do these you need to strategize and take some features into account.
What Is The Best Platform For You To Trade?
This is one of the first things that you need to put into consideration given that it will be what you end up using and it will be where the activities take place.
Here are some foods for thought for you:
Would you go for a downloaded platform or an online version? Are you interested in the online forex community? Do you want varieties in terms of loaded options and features or just a simple and friendly interface? Apart from considering all this, you need to weigh their benefits and drawbacks.
How Good And Efficient Is Their Customer Service?
Efficient customer service is a necessity for you. You need to find those brokers that you trust to provide excellent customer service so that your trading experience will be a one of comfort. Everyone likes to be attended to and be treated well. The way you are taken care of by the broker will have an impact on how successfully you will trade. Imagine a situation where the platform you use to trade suddenly freezes and there are not an immediate means of communication to solve the issue.
You can make some huge losses. Finding the quality of their customer service is however not an easy task. It would mean that you have to be able to reach them directly in order to have a feel of what their service is like. Try to know if they have the live chat features. You can also try calling their phone line and sending them an email enquiry to test their speed of response.
You Can Trust Them If They Are Regulated
Study the brokers by their regulating authority. Some of the authorities under which they are regulated are NFA, FCA, CFTC, CySEC, ASIC, BaFin, Banque de France, FINRA, SIBA, FINMA and FMA. The NFA (National Futures Association) and the CFTC (Commodity Futures Trading Commission), for example, regulate the brokers in the USA.
The Financial Service Authority (FSA) too, regulates forex brokers in the United Kingdom. Be wary of those forest brokers that are not registered to a governing body, you should rethink the idea of wanting to open an account with them. Teaming up with unregulated brokers highly diminishes your protection level.
What Leverages Are You Looking Out For?
FX brokers provide a variety of leverages. The trusted ones have a diverse range of accounts as well as amounts they normally offer, sometimes 50 to 1, 200 to 1 or even 400 to 1. You can always use these leverages to your own benefit given that there are chances for a higher profit. This, however, also has a downside because it can also damage your trading account because just as your profit can increase, so is your loss too.
Have You Figured The Transaction Costs?
You need to know what it is going to cost you because all the trusted brokers are also in the business make a profit. They make their money through spreads and commissions. For the commissions, they charge you a particular percentage of the spread. Some of them, however, do not charge commissions, this is because they offer a wider spread and make their money from there.
How Much Deposit Do You Have To Make To Start Trading?
This is your initial starting amount. These deposits have their minimum requirement, depending on the forex broker you choose to operate with. And again depending on the account type they offer you, certain amounts are required. While some might require a little amount especially for beginners account, others might require a more substantial sum.
Deposits and Withdrawal
You need to know if you have an easy access to your money. How easily can you fund your account to trade as well as withdraw when you have winnings. Brokers have their own funding and withdrawal policies, so you might need to have a look at them.
Are You Attracted To The Currency Pairs That Are Being Offered?
Most forex brokers offer the most traded pairs such as the EUR/USD, GBP/USD, USD/CHF and USD/JPY. The pairs wouldn’t matter to you unless you are interested in them.
You Should Go For the Ones with a Free Demo Account
This will enable you to test several trading platforms before you finally decide to open the real account with real money. With it, you can try out a specific strategy and also understand how the service of the broker is. The platforms for trading on a demo account are quite comparable to the platforms for live trading but not the same.
Their dependability, slippage and performance are not usually the same but at least you will be able to test the platforms for their size prior you start using your real money. When you want to select that trusted forex broker that suits you there is so much to talk about examining the sites that provide comparisons of forex brokers.