Keys For Selecting a Forex Broker


For the new trader, something as setting up a Forex trading account can be a daunting process. I know, I've been there.

Picking your Forex trading broker is something that you don't want to take lightly. There are many brokers to choose from, some better than others. Also, a broker that might be right for you might not be appropriate for someone else, for example, if you live in different countries.

When considering which Forex broker you should set up an account with, you will want to look into the following six areas:

1. What trading platforms do they support?
Do you want to trade the MetaTrader platform? Some brokers support this while others have their own trading platforms.

2. What is the minimum account balance that you're required to hold?
If you don't have a lot of capital you can search around and find a broker that requires a small deposit.

3. How easy it is for you to deposit and withdraw funds from your account?
This can be a big turn-off. Some brokers make it very easy for you while others don't.

4. What are the brokerage fees?
This is very important. The brokerage fee structure can make or break your trading plan.

5. What type of support do they offer?
You want to be assured that your inquiries will be answered promptly. Do they have a support number you can call and, if so, what days and hours are they available? Is there 24hr online chat support?

6. How long has the firm been in business for? Do they have a good reputation?
It's your money, make sure you place it in good hands. A good place to get recommendations is through Forex forums. Ask around and find out other traders experiences with brokers you are considering.

A good way to test the waters with a Forex broker is to set up a demo account with them. This allows you to test their systems and also your own trading strategies without any risk.

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