Are you having thoughts of joining the Forex market? Wanting to start professionally but aren’t so sure where to begin? If you think the answer to these questions is yes, then finding the best Forex broker is a good start. Getting associated with a broker entitles you to a couple of benefits. But then, because of the surge in the number of participants in the market, it is now a great challenge to find out which broker should be the best and the most compatible one for you.
If you check online, you will somehow get a glimpse of the reputation of these brokers. This is a good way to determine which one suits your trading needs better. However, there are more things to consider when picking a broker that will help you handle your trades. After all, your hard-earned money is on the line.
Commissions and Spreads
One way that brokers get their share of earnings is through commissions, which is a percentage that they charge out of the entire spread. There are also brokers who aren’t charging any commissions but they earn through spreads instead. As much as possible, look around and check the commission and spreads of the broker before committing to them.
Stepping into the Forex market, you will see a whole bunch of offerings. When it comes to the features offered by brokers, you must check these four areas – easy deposits and withdrawals, initial deposits required, spread and commissions, and leverage. These features are different from one trader to another.
Easy Withdrawals and Deposit
You have to pick a broker with clear rules when it comes to deposits and withdrawals. There are brokers who are only capable of providing fast and easy deposits but when it’s time for you to withdraw your earnings, you are prompted to wait for a couple of days to get what you have worked for. Nowadays, there are already a couple of efficient ways to handle deposits. It can be done through online transactions with credit cards, bank cards, personal checks, and even PayPal. Meanwhile, for the withdrawal, the most common method is through checks or wire transfer.
One needs to have top-notch customer service to be able to get the satisfaction of traders, especially newbies. Since newbies are not very familiar with a lot of things, they tend to have many questions that must not be left unanswered. A good Forex broker needs to have top-notch customer service and a live person answering the questions too. They must also be available 24 hours a day because the Forex market is also open 24 hours a day for 5 days.
Of course, a reputable broker wouldn’t be reputable if not for its regulatory compliance. They must be following the rules of the regulatory body that they are certified to.
There may be brokers who cannot offer the trading platform of your preference. It is wise to check it out first before you get frustrated for not seeing the trading platform of your choice on the list of trading platforms that your broker offers.