Forex market is the world’s largest financial market and traders select Forex broker for helping them in conducting the activities of trade. Since the competition is growing the Forex brokers are growing rapidly in number. Choosing a right Forex broker for all your Forex trade needs is very important to gain success in the Forex world.
Here are some of the most important tips in selecting a good Forex broker for you.
A Forex broker should be a member of a regulatory compliance authority
A professional looking website with lots of attractive features does not guarantee that the broker is registered with regulatory compliance authorities like National Futures Association (NFA) or U.S. Commodity Futures Trading Commission (CFTC) or any other. These authorities help to protect market users and others from fraud and abusive practices related to commodities sales and futures and options. Every country has its own regulatory body and you should always investigate that a Forex broker is registered under a proper regulatory body so that your interests are protected.
Check all the standard features offered by a broker
Check that your Forex broker offers all the standard features offered by other brokers in your region. For example- Initial deposits leverages, margins, deposits and withdrawal mode and commissions and spreads. Check that it is according to the industry or not.
Broker offers all the standard currency pairs
There are a number of currency pairs which can be traded all over the world but there are some which get the highest attention. The liquidity is highest in them and the examples are – USD/JPY, USD/CHF, EUR/USD and GBP/USD. Check that your broker offers the pair you are looking for even though he has a good number of pairs to offer.
Trade platform offered by the broker
The crucial thing about Forex trading is the platform – the most important thing offered by the Forex broker. It should be pleasing, should have a variety of tools for analysis and the software should be very user friendly. The buy and sell options should be well designed with everything clear and working. If the interface of the platform is not well designed, it can lead to mistakes and confusions for the user.
Customer support service
For each and every professional service a sound customer support system is important. Forex market operates throughout the day and night and for every trader a customer support service is always important. Broker’s support service should be accessible and available all the time. A live person should be available with ease so that customer gets his queries solved. A broker’s customer service quality can be determined by the factors like waiting time, quality of service, problem solving abilities and politeness. These all factors show that how good the broker has experience in the field of Forex market and the quality of service he provides to his customers.