More and more forex trading brokers are now offering their services over the Internet. Traders should know exactly the criteria they are looking for in order to reduce exposing themselves to fraudulent operators. Some of the most important benchmark usually surrounds the size of profits that can be achieved when trading currencies. These norms are clearly listed in the detailed list of services that forex trading brokers offer.
1. SPREAD AND FEES:
Some of the typical services offered by brokers include the following: low spreads, low initial deposit requirements when opening a trading account, instant order execution, free demo accounts, interactive charts, and high leverage among other features.
2. CUSTOMER SERVICE AND REPUTATION:
Forex trading brokers should provide customer support services (by email, phone or chat) to its clients around the clock as markets are open 24 hours a day each business day. It is also crucial that customer service staff possess professional knowledge forex trading is quite complex. Essentially the success of traders, as measured by their profits of course, is usually directly reliant upon the quality of service and support offered by that trader’s broker. Subpar trading tools will affect the potential success of that trader so one needs to be vigilant when filtering through the many providers.
3. DEMO ACCOUNT:
This is an important forex trading service that should be offered to clients. A demo trading account allows an investor to review and test the features of a trading platform before funding the account or placing trades. A demo account is typically "funded" with simulated money, which allows the investor to conduct fictitious trades in order to become familiar with the ins and outs of the platform.
4. TRADING WITH MOBILE FRIENDLY PLATFORMS:
Traders require a more active management style on their trading platforms with all the necessary news, information, charts and analysis. Most traders want to finish their trade via their smartphones, so it is essential that such an option is included too. Meta 4 Trader for Android allows mobile trading on almost any Android smartphone. Besides the possibility of monitoring the market and placing orders, this mobile platform offers tracking of the current price in the market which is beneficial to those who use shorter term strategies. Meta Trader 4 is among the best trading platforms used by almost all the best forex trading brokers. It is the best for the development of technical analysis and in addition to monitoring trends, you can change the time period and add various indicators. Adding indicators is easier than ever before. You simply need to touch the screen and you’ll get a list of indicators that you can use, same as on the desktop. It’s really simple to use and all you need to do is install the application and log in with your existing account. You can also use free demo account where you can try out all the available functions and learn how to use the application. This is another forex trading service.
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.