How to Choose a Forex Broker
It is of great importance to choose a good broker as different forex brokers are varied greatly in features and services. Some trading platforms are of small scale and poor safety level, while others are capital abundant, safe and offer the whole package. Theoretically, a forex broker is the custodian who secures and manages your funds. A regulated broker is obliged to ensure your fund safety. So do your homework before making any move, making sure you find the right broker. With a proven track of expertise, we suggest you to factor in the following:
Always go for a regulated broker. In most cases, a regulated broker is always committed to providing high-quality and good trading environment. In case of any broker’s violation, traders may file a complaint with the regulator. The regulator then takes measures, including but not limited to imposing fines and revoking their license. It is worth considering a broker’s market experience, and reviews by professional traders when deciding how reliable a broker is.
Commission is a cost not seen on the table but you need to factor it in before making a move. More often, brokers select and set not only opening positions for clients, there is also an additional fee for withdrawal, and service provision etc. Do a quick comparison with trading cost tools if you want to know how to secure a broker and do not want to lose money.
How to deposit / withdraw your funds and how much is allowed daily are different with each broker. Almost all brokers support bank account transfer and credit card to put or take money in or out of your funds. In practice, always choose a right broker who offers a way of payment you find the most convenient. (Skrill, Paypal, VISA, MasterCard, etc.)
It is recommended to choose a broker with a fully functional and easy-to-understanding platform, making web-based and app-based trading better. In most cases, such platforms have a more modest feature for both performing a good technical analysis and using trading signals among other tools.
In most cases, reviews and opinions from traders are crucial for beginners. BrokersView gathered 5,000+ reviews from real users on brokers, helping you develop an all-round look on them before making the right choice.
Service, Bonuses and Special Offers
Good customer service comes in too, when you are evaluating a broker. Today, it is an essential service to offer traders skilled support around the clock through phone, Skype or e-mail. In addition, a variety of free trading analysis service and tools to help investors trade are important as well. Meanwhile, keep an eye on bonus, promos and other incentives they roll out to encourage trading.
It is extremely difficult and time-consuming to choose a good broker. However, if you follow our recommendations, use information and tools offered by BrokersView, you can find a right broker to meet all of your requirements. We sincerely hope that we can help beginners and experienced traders choose a right broker for trading.