How to choose forex broker
Register now to be able to add articles to how to choose forex broker reading list. Until a little more than a decade ago investing meant doing all your trading by phone. For every action, you had to call your broker and place an order. Online trading has changed all that and today you can manage every aspect of your trading right from the broker’s online trading platform.
But the question is how to choose a Forex broker when there are so many choices on the net today. What you’re looking for is the best broker for your needs. By knowing the kind of trading experience you want to get, you can decide on the broker who is right for you. In this article, we will try to make the selection process simpler and easier so you can focus on investment opportunities, rather than which online broker to trade with. We advise you to only choose brokers authorized and regulated by leading regulation authorities like CFTC, NFA, FSA. It indicates a broker’s reliability and will protect your money.
Online Forex trading needs to be simple, intuitive and easy to trade. A good User Interface is important. Good and efficient support is a must because you are probably going to use it. We advise you to communicate a bit with brokers’ customer service reps before depositing. Ask a few questions by mail or over the phone before opening an account. Get a feeling for the speed of service as well as its quality and availability.
Toro, 4XP, and FXCM all provide fast, high-quality support. The higher the leverage you use, the more profit you can potentially make, but the higher risk you will take also. That’s why there is no best level of leverage, it depends on your trading style. There are some brokers that offer up to x100, x200 and even more in some cases.
In this case, you get extra money to trade with. There are a few brokers offering great starting bonuses. Check out the waiting time for your withdrawals and other written policies. What are the spreads during times of high volatility? Are there commissions per trade, in addition to the spread. Likewise, you should open a practice account with any broker you are planning to trade with. Almost all brokers now offer practice accounts, which let you get a feel for the broker before committing any money.