Security of the Broker

The most important factor that is good broker must have is the high level of security he can offer.

It is very obvious that you are not going to hand over thousands of dollars to a person you don’t know properly, right?

But you don’t have to worry, because it is not very difficult to check the credibility of the forex broker.

There is an International regulatory agency all over the world that separates trustworthy forex brokers from fake and illicit ones.
Below we have given the country name and the corresponding regulatory bodies:

United States:

• Commodity Futures Trading Commission (CFTC)
• National Futures Association (NFA)

United Kingdom:

• Financial Conduct Authority (FCA)
• Prudential Regulation Authority (PRA)

Australia:

• Australian Securities and Investment Commission (ASIC)

Switzerland:

• Swiss Federal Banking Commission (SFBC)

Germany:

• Bundesanstalt für Finanzdienstleistungsaufsicht ( BaFIN )

France:

• Autorité des Marchés Financiers (AMF)

Canada:

• Investment Information Regulatory Organization of Canada (IIROC)

If you are thinking of putting your money to the brokers, you have to make sure that the broker is a member which is authorized by the regulatory bodies.

Broker Transaction Costs

No matter what kind of currency you trade, there is always a transaction cost that you have to pay.

Every time when you entire to trade, you have to pay either the commission or the spread. So it is very natural you look for the cheapest and most affordable price rate. Sometimes you have to pay more transaction costs for a reliable broker

So so if you need a tight spread, you have to make sure and review all your available options. after all, you have to maintain a combination of low-security costs and a reliable broker.

Deposit and Withdrawal Facility from the Broker

If you find a good broker there will be no hassle to deposit your fund and when you withdraw your earning.

Broker has no other reason to make it difficult for you to withdraw your fund, they just want to hold it longer to facilitate their trading

The broker holds your money just to continue their trending, So there is no other reason for you to spend a hard time, good broker always makes sure that the withdrawal process is very speedy and smooth.

Trading Platform

In the online Forex trading, most of the time trading happens by the broker’s trading platform.

Which rules the trading platform provided by the broker has to be very user-friendly and stable

When you look at the broker, check what kind of trading platform it offers. Whether it offers a free news feed. What kind of tools do they offer?

Are they easy to work with?

Do they provide all kinds of the necessary information to trade properly?

Execution Office a Broker

It is very important that your broker provides you with all the necessary support at the best reasonable price for your wader.

Under the normal market, the condition is very important that you are broker feels you out very quickly. For example, suppose you have a proper internet connection, now if you click by Euro/USD for 1.5000.

You should be get filled at the price within a microsecond. The speed at which your order gets filled is very important, especially when you are scalping. A few pips difference in price might make it much harder for you to trade and make a profit. These are the key driving factors for a particular currency pair.

If a certain country has a trade surplus it means there is a high demand for its product in the outside country.

On the other hand, it also means there is a greater demand for its currency Which increases the currency value. in the same higher relative interest rate leads to the cash inflow by increasing the value of that particular currency.

Customer Service of the brokers

There is nothing like a perfect broker and you have to pick a broker that they can easily contact when you need it.

A broker is considered competent if it provides all kinds of technical support to the accounts.

It is a common acquisition that the broker may be passionate while opening an account, but you might have terrible sales Service from that broker.

Conclusion

Choosing a forex broker should not conflict between you and your broker. Find a broker that doesn’t go against you. Make sure your broker is regulated by government bodies.

Their demo account should be as like at their real account, if there is a difference then you are going to lose money on real ground. Make sure your demo account is free.

There are people who charge for demos but you should not be paying for a demo account. Good market selection is another important issue. In major pares the spread is very tight so you should not be paying additional fees.

The broker has to be transparent. Their address or website has to be proper. They should be regulated by government bodies. You should cross-check all the information. You suppose to ask all the questions to verify. When you see that transparency, you can invest.

It is a two-way deal, we want to make money, on the other hand, they take money from all other people to trade so that they can make a profit. So it is a win-win situation for both of us.

Determine the customer service they provide. Call them, text them and see how quick they are in responding. There is a team 24/5 dedicated to your service. A good range of tools is another important thing.

In a trading platform, it is very important to have all the necessary tools.

Sometimes it so happens that we choose a broker but after it does not fit right and sometimes we have to change the broker. So all these are more or less important things to verify while choosing the right Forex broker.

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