Choosing a Forex broker can get confusing sometimes. Because sometimes you have to make choices to transfer $3000 real hard cold cash to your broker who lives on the other side of the world. Choosing a broker not wisely can make you suffer in the long run by losing your money. What if your broker denies that he didn’t receive your money? What if you end up losing your money? Many what-ifs may pop up in your mind when you are doing your transfer. Hence, it’s ideal to choose the broker very wisely. Today we will share 5 things to consider while choosing a Forex broker. Let’s get started.
- Know Your Intent
Creating a list of your desired things and items will help you to determine what you are looking for in your broker. It can be just like a wish list that you made in high school.
- The number of currency pairs you are looking to trade.
- The kind of your desired trading leverage. Does the broker provide it?
- The type of spread that you want.
- The sort of trading platform that you desire.
- Dealing Desk Broker or STP/ECN?
- The indicators and tools that you want your broker to provide you, and so on.
- Do Your Research
Do your research physically and virtually on the internet on various reviews like this one: Pepperstone review and check if any broker has the ability to provide everything that you have in your wish list. While doing your research, you need to consider these things:
- Check out their reading rules and policies.
- Terms & Conditions.
- Transparency in customer service, phone numbers, and office addresses.
- Don’t hire a broker that has no physical address on his contact page.
- Don’t hire a broker who doesn’t have a good website appearance.
- Seek for Reviews
Searching for forex reviews is likewise a great thing. However, sometimes the reviews can get a little daunting when 99% of people are posting great reviews about the broker and then 1% of people leave their reviews very nasty. Therefore, follow these tips:
- Know that the broker is an ideal one if he is serving people in the industry for more than ten years. He knows what a trader wants and not.
- Know that the broker has the regulatory approval if you see he is being regulated by a courteous regulator.
- Know that the broker has a great business if you see he offers other monetary items such as CFDs.
- Call or Email
Examine how well they respond to their clients because some brokers tend to be taking money real quick but don’t care about the customer service at all. Hence, check this thing out by calling on the given number or email address along with a question.
- A Fair Trading Account
At the initial stage, you shouldn’t be opening a trading account with $3000 or $5000. At this stage, you have to deal with your broker first. So, it’s very wise to trade with somewhat like $300 or $400 and make some profit out of it.
The success of your trading procedure highly depends on your selected broker. As a result, it’s very crucial that you choose the right one out of thousands of the. Following these tips above will help you choose the right one that meets your requirements.