A trader cannot independently trade on the international currency market, therefore all operations are carried out through a broker acting as an intermediary between him and the bank. Obviously, the success of everyone largely depends on him, because it is the broker who determines the trading conditions, the list of available instruments, additional bonuses, etc. That is why it is so important for beginners to choose a Forex broker, guided by a list of criteria that allow them to start trading at the most profitable and comfortable conditions.
What makes the best Forex brokers stand out?
Trusting the first brokerage ad you see is dangerous, or at least unwise. This specialist should become a powerful support and faithful assistant in trading, so his choice should be approached critically. The fate of a multi-thousand dollar financial transaction often completely depends on the support provided by the broker to the client. So what makes the best specialists stand out? Favorable trading conditions – you say. This is true, but far from the only selection criterion. Below we list the signs by which you can distinguish a true professional in this field.
- Successfully operating in the market for 5 years or more.
- Subject to country trade currency regulators.
- Serves a fairly large customer base.
- Has a high rating.
- Has positive feedback from traders.
- Does not require a high commission for each open session.
- Provides its traders with comprehensive support.
- Uses progressive software.
- Protects traders’ accounts from hacking.
How to choose a broker with good customer support?
Let’s take a closer look at the “trader support” criterion. It can be both purely informational – say, daily publication of news on the world currency market – and technical, because you are a client of the system. But how do you choose a broker with good customer support? It’s easy: pretend you’re having trouble navigating and contact support. If you are provided prompt and sensible assistance, this will be a sign of the credibility of the system.
Many consider this criterion to be key, and not unreasonably. Because trading conditions are, in fact, the ratio of opportunities and restrictions that you will receive when working with this forex broker. The first point is obvious – this is the minimum deposit.
It makes little sense for a newcomer to the Forex market to register with brokers targeted at professional players with many years of experience. It is not difficult to determine such ones – just by a large initial deposit.
Forex Broker Reviews
Do not trust unofficial forums – a good professional may well be denigrated by competitors. As a rule, reliable information is published in publications related to the rating of brokers, for example, you can find this on MTrading.com. You should be alerted by such information from traders:
* the specialist closed or opened an order without notifying the client
* the client received an unmotivated refusal to withdraw funds
* the system is characterized by inconvenient navigation, constant communication interruptions
* there are facts of non-fulfillment of any obligations of the broker to clients
Based on this information, you will be able to form the most objective impression of the service provider.
The speed of depositing and withdrawing funds, the presence of commissions
Among beginners, few take into account this criterion – the speed of deposit / withdrawal of funds. Meanwhile, this indicator is critically significant. After all, for example, if you see a good moment for a large bet, but you do not have enough funds on your deposit, you urgently need to replenish it. And if it takes 2-5 business days for this broker to replenish from a bank card, it is obvious that you may simply not have time to invest the way you wanted.
The reverse situation is similar – you have a large amount on your account, and you need it. But the transfer takes several days or even weeks. That is, you can wait for a withdrawal of 2 weeks, so you have to calculate in advance the time when to withdraw money so as not to be left without cash. And this seriously complicates life, because it limits you in conducting transactions.
Availability of special loyalty programs or bonuses
Many beginners make a critical mistake here, believing that it makes sense to focus solely on the long-term benefits of working with the site, and one-time bonuses are just a way for a forex broker to attract new clients. It is foolish to deny that in some sense it is, but often bonuses from him are not only significant, but largely decisive.
Carefully study what opportunities the broker is ready to provide you, compare them with your own ideas about trading on the Forex market. You need to understand that even a truly reliable broker will not be able to provide you with a good result if its trading strategy does not match your expectations. Remember also that a good broker will always provide you with competent technical support. When choosing, pay attention to how clearly certain actions are explained to you, how quickly the broker responds to your requests for solving problems.If you make the right choice and take into account all our recommendations, then you will avoid possible losses in the future and will be able to calmly carry out your activities.And get a lot of benefits.