As you have undergone the articles, we are going to discuss the ideal type of brokers for you. There are different types of brokers in the markets. Not all brokers are ideal for you, not all trades are best for you. But before selecting your broker, you can follow these steps to know if it is your right broker
- Reputable: It is safe to start your forex trading career with a reputable broker. They are the member of a various international organization and you can be safe with your money as they have protection policy for your money.
- Account opening types: There are many different brokers who will help you to open your forex account from very small to very large. But, for the first time, it is better to start with a small account. When selecting your broker, keep in mind that account information. Every broker has their own policy about account deposit.
- Customer Service: Forex is a 24 hours’ open market. You can face problems in your trading any time. For choosing your broker, select a type of broker that can give you the best customer service. The broker should have a service to stay 24 hours online and provide help to their client. Do not choose a broker if he has an automated system answer and you have to wait for a live reply in a specific time of the day.
- Rating: Watch for your broker’s rating before you select to trade your money with him. Most reputable brokers have a very good rating and they also provide help to their customers. It is better if you trade with a reputable broker for some little extra fee than non-reputed broker with no rating.
- Check if the broker offers your trading currency: We have told you in the beginning of our article when we were saying about the basic things of Forex, there are 8 major currency pair in Forex. There are also other pairs, which are known as the minor currency pair. Before choosing him, check if your broker offers your desired currency pair. If he does not offer your desired pairs, do not select him.
- Well-designed trading platform: The trading platform is the most important part of your trading. It gives you the live feed of the market condition. A good broker’s trading platform should be clear, visually pleasing and have all the necessary options for trading. It should not be complicated to the clients and have emergency options to close a trade.
- Check Broker’s fee: If you are a newbie, you should not open an account with a very big broker who has a very high fee. Broker’s fee is an important thing before selecting your broker. If he charges a too high fee, don’t select the broker. Watch for the broker’s annual fee, transaction fee, paperwork fees and other extra fees.
Forex market is a very big market. You should carefully choose your broker before you enter the forex market.