If you are new to trading this could help you when researching the market for Forex brokers that could best for you. Most in the FX game will tell you it’s hard to pick the right broker to open an account with, this article will help you pick a broker that is just right for you and get you started on trading. Here is what you need to consider;
Is Your Broker Regulated?
Be sure that the broker you go with is properly regulated. Also if you decide to go with a broker in a foreign country, be especially careful, as some jurisdictions have limited administration of trading establishments, and you may not have a source of help to any compensation plan if that broker should fail.
Minimum Account Size
Figure out, what is the minimum required to open your account? This can be a consideration if you intend opening accounts with more than one broker. Once you are trading, what terms will apply to the cash you keep on deposit with that broker?
Does the broker allow you to do virtual trades? This can be a handy way to experience the forex broker’s service levels and the speed at which trades are executed. It also allows you to get a better feel for any proprietary trading platform they offer, or smooth out any technical problems that might crop up with integrating your desk top trading software.
As you might know, forex markets are global, 24hour markets, and you may want to keep tabs on trades while away from your computer. What sort of support does your forex broker offer for mobile devices?
If you are a newbie to this forex trading business, what levels of support does your broker offer new traders? Here the larger brokerages can have the edge, as they have the resource to organise seminars and webinars for their clients. Even if you are a highly experienced traders, there may still be one-to-one coaching and training on offer.
Will you have the flexibility of your trading platform? Be sure you know weather you be forced to use a firm’s own trading platform, or can you make us of MT 4 or other third party technology to execute FX trades? How easy would it be to achieve this? What sort of additional costs would you face?
Does your broker give you the go ahead to use expert advisors and other algorithmic trading applications? And even if they do, how easy would it be to implement them in practice?
Opening a Forex Account
The above are some of the questions new traders should be asking before opening a forex account with any broker. Time spent in early research can save money and many hours of heartache later. Speak to other traders, including on social media, to find out what they think of your chosen broker. An independent viewpoint is always valuable.