10 Tips For Selecting A Forex Broker

how to choose a forex broker

Choosing a Forex broker can take several weeks for the final decision should be considered and compared a variety of factors. These include:

1. Location. Traders feel more comfortable working with a broker who operate directly in their country. It gives a sense of security, the trader can go to a physical office, it has the opportunity to file a complaint or lawsuit if the broker misconduct.

2. Regulation. You enlist the maximum guarantees, if you open an account with a regulated broker, which is under the control of the appropriate authorities.

3. Deposit and Withdrawal. When it comes to financial transactions, a merchant account, it is important to know not only what replenishment methods available, and what are the additional conditions the output processing:
• Is there a minimum threshold for payment?
• Can you at any time to withdraw funds or order a conclusion?
• How much time it takes to conclude?
• What are the conditions for canceling a free bonus?
• Is there a withdrawal fee?

Every Forex broker offers its own set of tools replenishment, the most popular include:

• Paypal;
• Remittance;
• Webmoney;
• Credit / debit cards;
• Bank transfer;
• Liberty Reserve.

4. Security. Cyberspace is full of potential risks associated with scams and fraud. It is important to choose a forex broker that will protect you from hackers and phishing attempts. But the trader must take responsibility for their personal information. Avoid opening e-mails that contain suspicious offers and clickable links.

5. The free demo account. It works on average during the month. Check how similar trading conditions on demo and live accounts. They should be as identical.

6. The minimum deposit. Values ​​range from $ 1 to $ 2,000, and the final choice depends on your ability. Most affordable conditions offer mini accounts, it is worth it to go after the trial practice. To choose a Forex broker, is to know that there are even some that offer a cent trade. So you will be able to improve trading skills, having undergone a minimum of losses.

7. Trading Platform. One of the most popular platform among traders is MetaTrader 4, it is offered by many brokers. This downloadable platform with powerful trading tools and charts. Although there are a lot of other platforms to satisfy your shopping needs.

8. Trading conditions. To choose a forex broker, be guided by:
• Low spread. This is the difference between the prices of supply and demand.
• Sufficient shoulder. Consider options to 1: 200.
• Several types of accounts. There are mini and standard accounts with a variety of available features and services.

9. Support. The broker must provide customers with technical support during market hours (24/5), e-mail, phone or preferably through an online chat. You may have questions regarding the execution of orders, closing orders, or even failure of the trading platform. Before choosing a Forex broker, you can test its capabilities and customer support expertise, establish contacts through the available methods and asking questions.

10. Quotes. The last but not the least important point is good quotes. Even some first-class brokers do not provide a good software to produce accurate quotations. Therefore it is better to find a broker who from the start with a good quality quotes.