The foreign exchange market (FOREX) accounts for more than $4 trillion in average traded value every day, making it the world's largest financial market. Since there is no central marketplace for the forex market, traders must select a forex broker to help them conduct their trading activity.
Forex trading is one of the maximum lucrative business as one simple move of the market in your favor could make you a lot of money. The opposite is also true. If you don't predict the trend well you could also lose money. That's why is important to have good knowledge of the market, a lot of discipline and trade with a professional forex broker.
Inappropriately, you can't join the market on your own and you need to use the services of a forex broker. There are numerous brokers in the marketplace, but few of them are really taking care of their members. That's why you should do proper research and choose the right broker.
Below are the top five things you should consider when choosing a forex broker:
#1 - Regulatory compliance
Any reliable Forex broker must comply with the rules enforced by the regulatory specialists. In the United States, the agent you work through should meet through Futures Commission Merchant, U.S. Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), plus the Retail Foreign Exchange Trader.
You should not trade with a company that isn't compliant through the regulatory strategies.
#2 - Trading platform
Whereas you would be transacting over the broker, you requisite to perform the trades on your individual. This calls for you to pay close courtesy to the trading podium used through the Forex broker.
The trading platform must be easy to use. To create your work easy, go through a platform that has a communal base wherever traders’ could exchange ideas plus share their skills. You should never select a platform that is hard to understand otherwise with limited features, therefore, it doesn't give you sufficient information to create the correct move.
MetaTrader 4 is commonly considered the standard for forex trading, meaning that there are many tutorials and support resources available. MetaTrader 4 also has high-grade security for the trading transactions and can incorporate news feeds right into the platform.
#3 - Demo account
If you have never traded beforehand, you must select a broker who offers you through a free demo account. This is an account that has all the aspects found in a real account, however, it permits you to trade using the false money.
As a new trader, the demo account introduces you to Forex trading as well as helps you learn the chains without endangering your money.
#4 - Promos & Bonuses
Most of the forex brokers offer bonuses in order for you to try their services. Bonuses are a great way to learn about the forex market.
Keep in mind there is a difference between trading with a bonus and trading on a demo account. By real cash trading, you can feel the emotions and pressure related to the struggle for earning real money.
There are two main types of bonuses: Bonuses that require an initial deposit and bonuses without any deposit from you.
Bonuses that do not require a deposit
No deposit required bonuses are the best option to start trading without the risk of losing your own money. On en.brokersofforex.com/promo/no-deposit-bonus you will find the best no deposit required bonuses offered by the most known forex brokers.
Bonuses that require a deposit from you
New traders can get welcome bonuses added to their first deposits, whereas existing clients can obtain loyalty bonuses added to their further deposits.
This type of promotions are a good way to increase potential profits and comfort in choosing a trading strategy. On en.brokersofforex.com/promo/no-deposit-bonus/ you will find the best forex bonuses with user reviews and crucial information.
#5 - Customer support
Just like any additional technology-based platform, several things can go wrong, from time to time. Your money can vanish, you may not be capable of signing in, or any other problem.
As a trader you want the difficulty fixed as soon as likely. This calls for you to go for a firm with a devoted support desk.
You must be capable of reaching the support service fast plus in diverse ways including email, chat, phone plus any other way. Beforehand you settle on a broker, take your time toward reading the reviews left by preceding customers.
If there are multiple reviews of poor client support, you should stay away from that company. Better safe than sorry.
The truth is that not all brokers do stand by their world. There are some that are only interested to make profits at the expense of the customer and there are others who are committed to render quality services to customers.
Before you make your final decision when choosing an online forex broker, make sure you considered all these factors and read enough reviews of the selected brokers you want to try. Use this website for in depth comparison, reviews and informations about the most known forex brokers.
Keep in mind that your achievements in the Forex trading market starts with selecting the right Forex broker.