How to choose best Forex Broker
How to choose the best Forex broker ?
When it comes to find a secure Forex broker or a list of all the safe forex trading brokers, you should know one thing – that there are just so many brokers and it is difficult to choose one among them.
Although, its difficult, it not impossible to find a trustworthy and secure Forex broker to trade with.
Most important factors to look for while selecting a forex broker are :
Regulation : It is always safe to choose a regulated broker. The older the Forex broker in the industry, the better. For example, a 7 years old regulated broker is definitely more trustworthy than a newly introduced regulated broker. The major regulators list about some non complying forex brokers on their website. Its advisable to look for the broker’s information at the regulators website . You can double check about the brokers at relevant regulator’s websites, they are CySEC warnings page, FCA (UK), FINMA Switzerland etc.
Reputation: There are Forex brokers who have taken many years to earn their reputation in the Forex industry, and they do take every care to maintain their hard earned reputation and trust. Hence it is better to choose a reputed broker like MARKETS.COM , AVATRADE and AAAFX, rather than choosing a broker just for a Huge Bonus and getting yourself trapped in Bonus terms and conditions. Most of the reputed brokers are regulated with multiple regulating authorities to gain clients’ trust .
Trading Platform: A advanced and sophisticated trading platform may seem to be of less importance for the new traders. But it is actually of great importance. A sluggish and slow trading platform spoils all your trading appetite. rather a advanced lightening fast trading platform is liked by all traders. Reputed brokers offers MT4, MT5 , iOS mobile , Android Mobile and Web trader platform free of any additional charges , which may be loaded with pre-built Expert Advisors (EAs) and Indicators.
Trading Features: The trading features offered by Forex brokers includes free subscriptions to trading signals and technical analysis offered by leading analysis firms. Most competitive spread , some times brokers offer spread of fractional pips (0.5 pip) on most popular currency pairs like EUR/USD and GBP/USD.
Hence , it is worth avoiding non regulated brokers offering huge bonus deposits to avail really important offers given by regulated reputed Forex brokers.
Regulated Forex brokers offer a wide range of payment methods. Deposit and withdrawal of funds should be equally easy for the clients. But some scam brokers make it quite difficult for the clients to withdraw money in the name of Bonus terms and conditions. Some brokers charge a certain amount for fund withdrawal.
But most reputed and regulated Forex brokers offer fund withdrawal for free with minimum delay.
Account verification :
You must check for the documents required for account verification before making any deposit. If you can fulfil the documents required by the broker then only you should proceed for fund deposit. The account verification is a regulatory requirement for the brokers to avoid money laundering and illegal funds being utilized for trading. Most reputed brokers are very co operative and have a dedicated compliance management team to assist you through the verification process.
Bonus: Bonus is the worst thing Forex brokers use to attract Forex traders. By availing the Bonus the clients get themselves trapped into the Bonus terms and conditions, they have to achieve impracticable huge trading volume to be eligible to withdraw their own fund. Recently Cyprus Securities and Exchange Commission (CySEC) and European Securities Markets Authority (ESMA) have issued circulars prohibiting Bonus deposits in clients account by Forex and Binary Options brokers. Our final words of warning ” AVOID BONUS” , to be a happy Forex trader.
Customer support: Knowledgeable, polite and caring customer support team is also important while choosing best forex broker. The customer support is the direct link between the trader and the broker. You may look for customer support of your local language ,although all brokers provide support in English. The brokers provide Chat, Free telephonic and E-mail support to all the clients.
Some exceptional brokers provide one to one education to the beginners for free which comprises of few hours of tutorial.