While picking a FOREX broker online, you ought to dependably think about security, support, expenses, and controls before you choose. You ought to likewise realize that finding the right broker can be difficult, on the grounds that many brokers have a diverse opinion.
It is very good to hear from others, what their experiences are, but you should also consider what your own criteria are. Which markets do YOU trade, and what do YOU need from a broker. Brokers offer so many different things, and so many variations of spreads, fees and charting software. So the best thing you can do is sit down and write a few criteria that are important for you, and begin to compare, rank and search for the best opportunities.
You can find a lot of great and regulated forex brokers, but you can also find a lot of forex brokers who are not regulated and who’s very low security or deposit guarantee.
Investors ought NOT to pick a broker in view of bonus offers they give you. Because the truth is bonus offers don't really go along way they are only meant for marketing, and for getting new customers. And as such, you shouldn't consider bonus offers when looking at brokers because you might never get to cash in on all the bonuses in view of the considerable number of terms and conditions that takes after.
THE BEST FOREX BROKERS ALL TICK THE FOLLOWING BOXES:
1. WHERE ARE THE BROKER REGULATED?
HOW MANY YEARS HAVE THEY BEEN IN BUSINESS?
Ideally 5-10years is the standard, generally, the number of years a broker has been in business is relative to how his numbers during the said period of time cause a broker can be in business for a few years and might be doing a lot better than a rival broker some light years ahead in the business.
HAVE THEY SURVIVED BEAR MARKETS AND BIG CLIENT LOSSES?
The answer should be yes.
HOW MUCH DO THEY HAVE IN DEPOSIT GUARANTEE?
Is your account deposit in a segregated bank?
It shouldn’t be, for easy accessibility for when you want to make a withdrawal.
What support opportunities do they offer?
Are there reachable when you need to reach them? Do they provide mobile support and market feedback?
When you have answered these first questions, you can begin to compare spreads, fees, inactivity fees, charting software and anything else that might also be important for you as a trader.
• Account Details: In a perfect world, your agent should offer different account types or some form of flexibility. Aggressive spreads and simple stores/withdrawals are great pointers as well.
A number of Currency Pairs offered: The different currency pairs on offer, and also the amount, ought to be viewed as (the greater amount of both, the better).
Quality of the Trading Platform: search for a platform that is user-friendly, clear and offers a collection of technical and analytical tools to enhance your trading experience
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.