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How to Choose Your Broker?
How to Choose Your Broker

How to Choose Your Broker?

The market is full of online brokers – and each one claims to be the best.

However, you are not looking for perfection. You want a regulated broker with low spreads, low minimum lot size,outstanding execution, technical tools, and flexible leverage.

  • Is your broker licensed and authorized to operate its services? If not, your money and potential trading profits are at constant risk!
  • Does your broker guarantee safety of client funds? This means that your money is kept separated from the broker’s own assets, and so the broker is not allowed to use it.
  • Does your broker offer tight spreads? The tighter the spreads, the better value you get. Why? Wider spreads mean a higher ask price and a lower bid price. In other words, with wide spreads you’ll find it difficult to make a profit because you pay more when you buy and you get less when you sell.
  • Does your broker provide spot on execution? That’s crucial! It means that your trading orders are carried out without delay, at the best market price possible, without rejections or re-quotes.
  • If you are a beginner, trade small lots – this means lower risk. Choose a broker that offers trading accounts withmicro lots and a low minimum deposit.
  • Choose a broker who provides you with all the necessary market information and analytical tools to make profitable trades.
  • A good broker allows you to change the leverage if and when you want. Brokers that force you to use the same high leverage only want you to lose your money. So your broker should ideally allow you to increase/decrease your leverage by a single e-mail.
  • Your broker should ideally offer you a great selection of trading platforms with top notch facilities: a high number of tradable financial instruments, streaming market news and technical analysis. These platforms must be cutting-edge web-based entities that contribute to investment growth and safety.
  • Forex is a 24-hour industry, and you as the client fully deserve to be provided with professional support round the clock. The ideal broker is by your side with 24-hour customer support via live chat, email, and telephone in a variety of languages. Ideally, a dedicated Personal Account Manager is at your service 24 hours a day to assist you with your inquiries and to help you make the best of your trading activity.
  • In forex speed is vital. And this also applies to withdrawals. A professional broker guarantees 100% automatic deposits and same-day withdrawals with a variety of payment methods that meet the needs of a varied client base – and he does this without hidden fees or commissions.
  • Without knowledge and practice there’s no gain – at least, not in the long run. Choose a broker with a rich forex educational program, ideally free of charge trading tutorials, as well as free and regular webinars and seminars held by professionals.