• eur/usd 1.1862

    0.18

    BTC/usd 15.674.99

    8.60

    ETH/usd 674.99

    13.60

  • eur/usd 1.1862

    0.18

    BTC/usd 15.674.99

    8.60

    ETH/usd 674.99

    13.60

  • eur/usd 1.1862

    3.95

    BTC/usd 15.674.99

    4.78

    ETH/usd 674.99

    11.37

Important Factors To Consider When Choosing A Broker

With so many forex brokers online , It was a hard for me to choose one .Then its a challenging and demanding process for everyone as it was for me 3 years back trying to find a broker, understand forex trading and how it works. Therefore I have compiled a list of variables to consider when looking for a good broker in the paragraphs below:

Key components to consider when choosing a broker for smooth uninterrupted trading

Broker asset quote chart

Adherence to regulation

The first aspect to look for is satisfactory regulatory records. I have realized that regulation guarantees the upholding of standard dealing practices and keeps your funds safe and secure. What I always do, is to research and look for credentials based from regulation agencies in the country where the broker is based. Some examples of regulatory bodies that you can look into are the FCA in the UK, CFTC in the USA and AMF in Canada. Regulation protects you by binding all regulated brokers to abstain from all illegal activities , failure leads to heavy penalties or a total ban.

Security and Safety

The second aspect I decided to look into is the security and safety which covers good security practices in place, including firewalls, security software, and SSL/TLS encryption. This will protect your personal and financial information you share during account registration and fund transfers. If you observe that there are no security measures your trading can be disrupted, your financial information stolen and your identity is also at risk of theft. You can also look into other security features that are popularly being adopted such good two-factor authentication.

Depositing and Withdrawing

After trading and making profits, you go on and make a withdrawal, also after losing your money, you need to deposit and continue with the business. Taking that into consideration convenience when it comes to the depositing and withdrawal methods provided by your broker is of paramount importance because thus the reason why we trade forex, all trading aspects come in play when the money is deposited and as a trader you will continue trading after making sure that your profits are withdrawable. Therefore make sure that the broker you choose provides convenient, secure and fast payment methods. Also take into consideration that there must be several methods offered for deposits and withdrawals. Some of the main categories include cryptocurrencies, e-wallets, credit/debit cards and local payment methods.

Customer Support

As a trader you must choose a broker that provides professional top-notch customer service. Make sure that the broker customer services are fast , easy to reach and civil. If this service is poor its an indication of fraudulent business and vice versa.

Trading Platforms

On the trading platform you must check reliability, user-friendliness, responsiveness, should have good analytical and automatic trading capabilities plus many other robust features that enhances quality performance. Ideally, the broker must  effectively execute trades fast so that you wont face slippage problems.

Commissions, Spreads and fees

Check if the broker spread is fixed or variable, I opt for brokers with fixed spreads. Also check other fess charged such as dormant fees, withdrawal fees. Know how the broker makes profit, some don’t charge commission and cover up with huge spreads which affect your trading competence.

Variety of Financial Instruments

Look for a broker that provides a wider choice of financial instruments so that you can have a larger pool of instruments choose from.

Conclusion

Trading with a good broker is of paramount importance in your trading profession. The factors above will guide you as you do through research and reviews looking for the best broker.

Other Trending Posts