The forex market has grown rapidly over the years and this has seen the growth and increase of forex brokers but only a few can meet your trading needs. Here are critical factors to contemplate when choosing a forex broker.
Consider the trading platform of the broker before making any hiring decisions. A good trading platform should be stable and easy to use since this is where most online forex trading happens. Therefore, before you choose a broker, see what their trading platform has to offer including information to help you trade properly, technical and fundamental analysis tools and it should be attractive. Look for a visually pleasing and well-designed platform with clear buy, sell and open buttons to enable you enter and exit the trades with ease. This will help you avoid costly mistakes that you are bound to make when the platform is poorly designed.
Make sure you check the credibility and reliability of the broker before you choose them to conduct your trading activity. See to it that they are regulated and registered in your country, for instance, the National Futures Association (NFA) for United States and Financial Conduct Authority for United Kingdom (FCA). When the broker is a member of any recognized regulatory authorities, you can be assured that they are trustworthy and they will not rip-off your money. You will have peace of mind because you will be guaranteed of your safety and security.
It is wise to consider a forex broker that provides you several trading products to choose from and one who understands more on Synergy FX. Some brokers will provide you with other trading products like options, stock, commodities, futures and CDFs. This will enable you to choose products that meet your needs and you won’t need to look for another broker to fulfil your other needs. Besides, a broker that offers variety of products shows that they have a large client base trading with them.
Check their withdrawal and deposit policy and ensure that it is flexible and meets your requirements. Any good forex broker will let you make deposits and withdraw your profits in a smooth, fast and hassle-free process. Also, ensure that they have convenient methods of payment such as PayPal, credit card, bank check, and wire transfer.
Do a comparison of the transaction cost of various brokers which may come in terms of commission as well as spreads and find the rates that are within your budget. However, you need to be vigilant of brokers who do not charge any commission but they make money through wider spreads making it difficult for you to earn profit.
With forex trade occurring 24/7, it is important for your broker to have a reliable customer support in place. There should be a live attendant ready to tell you more about the company, leverages and spreads. Besides, if they have technical support issues, it is an indication that their performance when it comes to executing trade is poor.