We have prepared a list of 5 things you don’t want to miss when choosing your broker, especially in forex trading.
- The first thing is the location of the broker because this can affect how quickly you can get your money if you need it. If you are dealing with a broker in another country then there is always a chance that they will take longer to transfer your money.
- The second thing is the amount of support that they offer and what types of support they offer. You want to make sure that they have different types of support such as phone, email and live chat because if something goes wrong, it’s good to know that you have more than one option for getting help.
- The third thing is how quickly do they pay out their clients? You want to make sure that if you need your money quickly, or have some sort of emergency, that you can get in contact with them and get your money. It is also a good idea to make sure that they provide a way for you to get your money if you need it immediately.
- The fourth thing is their reputation, because if they have been around for a while and have a good reputation then it is likely that they will be around in the future.
- The fifth thing is the level of experience that they have, because if they are new and don’t have any experience then you might want to go with someone else who has been around longer.
What else you need to consider while choosing a Forex Broker?
1. Minimum Deposit
The minimum deposit is a figure which represents the amount of money you need to have in your account to start trading. Obviously, the lower the minimum deposit, the better it is for you as a trader. The minimum deposit should be less than 1% of your account balance. If this figure is higher than that, then you should not be dealing with them and find another broker with a more reasonable requirement.
2. Account Currency Type & Account Currency Pairs Available
This is an important thing to consider if you plan on trading Forex from multiple currency accounts or if you plan on converting your profits back into local currency and transferring them back to your bank account.
You want to make sure that your broker offers at least one or two different currency accounts for you to choose from and that they offer at least one or two different currency pairs for trading purposes as well. It’s best if they offer both types of accounts because then you’ll be able to easily transfer your profits back into your local currency and then transfer it back to your bank account.
3. Trading Platforms Available
This is another important thing to consider because you want to make sure that the trading platforms they offer are compatible with the operating system you plan on using. Some brokers offer both web-based trading platforms and downloadable platforms for Windows, Mac OS X, Linux, etc., but some only offer one or the other.
The best thing for you is if they offer a platform for each of those operating systems so that you can choose whichever one is more convenient for you when trading Forex online. You also want to make sure that the platform they offer is easy to navigate and that it’s compatible with all of the software programs you plan on using as well. It’s also a good idea if they provide training videos or tutorials on how to use their platform because this will make things easier for you in regards to learning how to use their specific trading platform.
4. Regulation and Licensing
The best brokers are those that are regulated by a government agency and/or an independent body. You want to make sure that they are regulated by at least one of these bodies because this shows you that they have passed the necessary tests in order to become a licensed Forex broker, which means they have been verified as being a legitimate business entity.
This also means that they will be held accountable for all of their actions, and it will also ensure that you don’t run into any problems with your money when trading Forex online. If the broker isn’t regulated, then you might want to consider choosing another broker instead because there’s no way for you to know if the company is legitimate or not.
Some brokers go as far as providing proof of their license in order to prove to their clients that they are indeed legit and this is something else you want to look for when choosing a reputable Forex broker. When choosing between two similar brokers, it’s always best to choose the one that is regulated and licensed over one that isn’t.
5. Customer Service
The last thing you want to do is deal with a Forex broker whose customer service department is unable to help you in any way. The number one reason why people choose a Forex broker over another is because of their customer service and support, so it’s important to make sure that the broker you choose has an outstanding customer service team that can help you out with anything related to their services.
You want to make sure that the support is available 24/7, 365 days of the year, and that it’s easy for you get in touch with them when needed. Some brokers will go as far as providing live chat support in order for their clients to get answers as quickly as possible, but there are also those who offer email support or phone support by calling a toll free number.
No matter what kind of support the broker offers, it’s important that they offer it in a timely manner. The last thing you want is to be left waiting for an answer, or having to wait days for a response from customer service.
Conclusion
When choosing a Forex broker, it’s important that you take these things into consideration. A good Forex broker will have fast execution, low spreads, and excellent customer service. The last thing you want is to get stuck with a broker who doesn’t have any of these things.