Five Points To Choosing The Best Online Forex Broker
Choosing the right Forex broker can impact your trading success
. There are an ever increasing number of Forex brokers looking for your business in the current market. Having so many brokers to choose from making a decision as to which to select can prove difficult. Each list of online forex brokers will offer unique trading features some of which will influence your decision as to which use.Using a Forex Broker is a little like having a relationship. You need to be confident that your Forex broker will stay around and assist you with your trading. You need to have a good relationship with your Forex broker and a level of faith that they will be able to deal with any issues if you encounter any problems. We have compiled a checklist of the top five points that you need to review when deciding on a Forex broker.
1. Check to see if your Broker is Financially Regulated
Having a regulated online Forex broker gives you peace of mind that in the event of a financial crisis, your deposit money will be protected. Brokers tend to be regulated in their country of jurisdiction. {Brokers may have regulartory licenses in their coutry of jurisdiction}. Your deposit will be safeguarded by the regulatory body which presides over the broker.
2. Look To See the Level of Spreads Being Offered
Forex Brokers will offer either floating or fixed spreads. Having a floating spread in many instances can be preferable as they tend to be lower.When the market quietens down and the liquidity drops off, brokers see this as an opportunity to raise the spread on offer. Therefore for many it makes sense to have a fixed spread. Using a fixed spread means that the level is guaranteed not to be exceeded by the broker.
3. Trading Platform Reliability
The dealing platform offered by the broker needs to be reliable as it is your interface to the markets . It is no good if the plaform fails just as you are trying to execute a trade or close out of an open position. Test out the trading platform to make sure that it will run uninterrupted on your computer. Open a free demo account to try out the platforms on offer before you make a decision on which one to use.
4. What levels of leverage to you need on your account?
Each Forex Broker will offer a different level of leverage. Basically leverage can be described as the difference between the amount you can trade with and the actual deposit in your account. While high leverage ratios might sound good they can quickly lead to large losses if you are not familiar with using them correctly. Find a broker who will offer a sufficient amount of leverage for your trading ability.
5. Deciding the best way to fund your account
Most brokers will offer accounts denominated in US dollars. More commonly brokers are now also offering accounts in other base currencies, most commonly EUR,JPY and GBP. If you require the ability to run an account in your local currency then check that the broker offers this.
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