Looking for opportunities to make money in trading and decided that the forex market is right for you? The first step to put your plan into place is to find a reputable forex broker.
Because your broker is crucial to your success, picking the right broker is important. Below are five tips to help you to choose a great forex broker.
- Professional memberships – member of the National Futures Association (NFA) or registered with the U.S. Commodity Futures Trading Commission.
- 24/7 customer support – the markets never close. Does the broker have clearly defined avenues for you to reach them or their brokerage at any time of day?
- Transparent fees – whether the fees are commission or spread-based (fixed or variable), choose a broker who shares written fees schedules upfront.
- Reliable technology – if the platform does not work well, you may miss valuable trading opportunities. Verify SLAs and choose a broker with an intuitive, easy-to-use trading tool.
- References and Client Success Stories – does the broker have a proven track record of success? A history of satisfied clients is a good indication of their ability.
Of course there are additional factors that you should consider when selecting a broker, but these are common selection criteria that will help you make a decision. How you rank them and whether other needs are more important depend on your trading style and goals for entering the forex market. Regardless of which skills, services and certifications are most important to you, take the time to thoroughly research your options and vet your candidates before choosing the best fit for you.