Choosing a forex broker.
An important question for any novice trader, is the choice of Forex broker . I will try today to put together, all the tips and recommendations from professional traders, so as not to search you infinitely on the Internet .
The main concern when you make a choice of a Forex broker is the reliability of the turnover of your money. After all, no one wants to invest $ 1,000 to find out the next day that his broker has closed, gone bankrupt, or turned out to be a fraudulent office. Given the wild increase in the popularity of earnings at Forex, then brokerage houses appear like mushrooms after rain. Choosing among a great many can be a real headache.
Choosing a forex broker. Reliability and reputation.
So, let’s define a list of criteria by which you will make a choice of a Forex broker .
- Reputation. Large and serious companies are very jealous of their reputation, and will not allow it to fall for the sake of any immediate benefits. We carefully study the recommendations of other traders. The Internet today allows you to comprehensively examine any company for good and bad reviews. Attention! Be wary of perfect reviews. Ideal companies do not exist, and people themselves are such creatures that they will complain even in paradise. Look for where the positive reviews dominate, and most importantly are described more fully and with emotions. Stupidly – the company rules, I recommend – most likely, written by the managers of this broker, or for money.
- The term of their work in the market. It is the duration of their work that can show their stability. After all, without serious risk management, most newcomers very quickly merge into this turbulent world of finance.
- Spread sizes. I already wroteabout spreads , so I will not focus on this point.
- Terms of trade. I found one review that the trader did not read the contract carefully and as it turned out, there was a limit on the duration of trading sessions – at least 15 minutes. As a result, scalping cost him a lot, as the broker canceled most of his operations.
- Terms of withdrawal. For example, there may be restrictions on the withdrawal period – in 2-4 weeks. As you know, this money will not work for you at the same time, but it will be good for the broker itself. It is important to remember that the broker is not the owner of the money, but only their keeper. The owner is you, and your withdrawal requirements must be met immediately, without any reservations. Experienced traders, for checking, fill up the minimum amount and in a couple of days they give a task to withdraw funds. If the operation was immediately satisfied without reservation, then this broker can be ticked in the list of advantages.
- The novelty and reliability of the software. Trading platforms must be modern, respond to all current requests of traders. Reliable, do not crash, do not fail, do not eat computer capabilities, and so on. Another important point that many people do not pay attention to is the presence of that language in which you speak and work freely. In our case, Russian. There are a lot of settings for all platforms. You can’t sit with a dictionary.
- Support technicians. In the reviews, pay attention to the availability of technical support, the speed and completeness of their answers, since there will still be problems, and you will be contacting your broker for help. Again, it will be a big mistake to open an account with a reliable, but foreign broker, without knowing their language.
- Start-up capital. Here different conditions may vary from different brokers. European companies may require to put on the account from the outset from $ 5,000 and above. Russian are more loyal to their traders and offer to start with $ 200 or more. Here the recommendations from professionals are generally similar. In any case, start with demo accounts, and then with minimum amounts that you shouldn’t lose. Plums will be plenty. Even professionals with many years of experience merge. Be morally ready for this.
- The speed of your orders. It depends on the quality of their hardware and reliability of communication. Therefore, again, you need to pay attention to the reviews of other users, where they describe possible problems or lack of them in terms of processing orders.
- Service Products. Here we have in view of the availability of additional facilities for traders in the form of topical news from the world of Forex, quotes, article reviews from professional analysts, recommendations from experts and so on.
- Leverage For beginners, it is recommended to choose brokers with a leverage not exceeding 1: 100. Although – here is your risk and your choice.
- Types of accounts. In addition to the demo account, it is desirable for beginners and the presence of a cent account, for working with minimal amounts, as well as micro or mini accounts, for dollar trading.
In general, it is worth looking closely at, without any choice on a whim and chuik, to Forex brokers. It is better to spend extra time before work begins, rather than suffer, and lose money because of someone else’s mistakes, low qualifications, or outright fraudsters.
By the way, when choosing the least worth paying attention to the various stocks and zamanuhi. They are one-time, usually during registration, but then you need to work for a long time, maybe all the time – and here reliability and convenience matter.
I wish you all reliable earnings.