a forex trading broker is key to sucess
picking the right forex trading broker is the most important decision you will make when you first start trading so we have put together a few tips to help you out
what to look for when picking a broker
- number one, only use a registered forex trading broker Always check if your broker is registered with the regulating authorities. this insures that the broker is adhering to rules and following the basic guidelines laid down buy these authorities
- number two, be aware that different countries have different rules and standards if you decide to go with a broker from another country, check their policies and dont assume all brokers follow the same rules and guide lines .thay dont
- number three Depending on your trading style, check out the spreads or trading charges, as they vary considerably from trader to trader. For scalloping, for example, you need close spreads and a fat execution. However, on a daily basis, the spreads are not so important Also, check how easy it is to deposit and withdraw funds
- number four What is the minimum deposit required to open an account and what is the minimum deposit required to fund your account while it is open?
- number five: check how a broker makes his money. A broker that does not charge commissions usually makes his money buy buying wider spreads so shop around until you find a broker that suits your portfolio trading style
- number six: make sure the broker offers all the currency or commodity pairs you are interested in
- number 7: what type of trading platform are they using? Not all traders operate on all the well-known trading platforms
- number eight lastly check you broker has verry good custemer support .this is important to new traders who may need help learning to trade
importance of choosing the correct broker
Choosing the right forex broker can be a daunting task.And yet it is critically important for new traders to get it right the first time. this is well worth spending some time on, as there are a lot of scammers just wanting to take your money
our team of researchers have compiled a short list of brokers based on their customer reviews, trustworthiness, ratingsand spreads