The Forex market is probably one of the largest financial markets in the world, which runs on round the clock basis with no breaks. Almost 4 trillion dollars get traded each day in the market and the numbers are steadily and constantly rising. The best thing about Forex trading is that it provides easy access to anyone and the volume of trading is really high. With the growth of the Forex market, the numbers of Forex brokers are also increasing significantly.
If you are planning to get into the Forex trade industry, it is important that you choose the right Forex trading broker. Since the numbers of such brokers are quite high, making the right choice might be quite difficult. Here are some important and effective suggestions which will help in selecting the best Forex broker:
- Check the trading platform that the broker uses – When it comes to online trading in Forex, all the trading activities take place through a platform. Ensure that the trading platform that the broker uses is stable as well as user-friendly in nature. While talking to the broker, ask him about the trading platform he uses. The platform should be able to offer free news feed, have easy to use charting and technical tools etc.
- Regulations and connections to authority bodies – For a Forex broker, it is important to have the right kind of license and permit from the respective regulatory body in the country in which the broker is operating. Working with a licensed broker can provide protection against fraud issues. The legislation requirements for the registration vary from one country to another. Financial stability of a country also plays a crucial role in the authenticity of a Forex broker.
- Withdrawal and deposit methods – In Forex trading, you need to withdraw and deposit money from and to your account respectively. Check the funding methods that are offered by the broker. Genuine and reliable brokers will accept PayPal, debit/credit cards, Skrill (Moneybookers), bank wire transfers and so on. Along with knowing about the types of funding methods, know about the fee applicable for each of them. Some brokers have minimum withdrawal and deposit requirements – ask about that as well.
- Customer service whenever and wherever you need – Forex trading is done on round the clock basis. Therefore it is important that the broker should be able to provide the required customer support likewise. For testing the availability of the broker, try contacting him at different times of the day via various communication channels. The live chat service is an important tool that all Forex brokers are using nowadays. Speed and quality of the customer service is an important thing to consider.
- Ask about Forex bonuses – When you begin Forex trading with a broker, you will be offered bonuses with which the trading capital can be increased. On reaching a certain trading volume, it is possible to withdraw the bonus. There are some terms and conditions by which the trading bonuses are bound. Know that for the broker before getting into business with him.
With choice of the right Forex trading broker made, you can take online Forex trading moves to new heights.