With so many brokers today in currency trading, it can be tough to find the best Forex brokers to open your account with. It seems that all of them are promising something just to get you in their team. This is why would-be Forex traders are advised to be more vigilant with their choice of brokers. For those who are currently looking, following are some tips and signals on how to find ideal brokers.
Registration
The most important thing when looking for a Forex broker is checking the legitimacy of their operation. They should be regulated by Forex authorities to ensure that they aren’t just ripping you off your trading cash. A good authority to belong to would be the National Futures Association, the Financial Service Authority and the Commodity Futures Trading Commission. Try searching for brokers by browsing through their list of members.
Account Requirement
Some brokers may need as little as $25 to open an account while others might require a higher capital. Keep in mind that the best Forex brokers don’t always demand the highest initial investments – some of them allowing trades less than $2,000. Typically, anything below the $2,000 mark is considered a Mini Account. For those who are just starting out, choose brokers that correspond to your capital limit and start trimming the list from there.
Help Desk
The broker should provide 24/7 help access to their traders, especially since the Foreign Exchange market doesn’t really sleep. With 24/7 help, traders will be able to resolve problems immediately, preventing them from losing precious minutes in this highly volatile industry.
Timely and Accurate Trading Tools
Charts and signals are an important part of trading in Forex. Without these, even the best traders will not be able to come up with decisions that could increase their earning potential. The best Forex brokers are those that not only supply charts and signals but also make sure that they are reflected on real time. Some brokers might carry other features that the trader will find useful.
Available Trial
The best Forex brokers are those that are not afraid of offering would-be clients a trial. Always choose the trial first before actually opening the account. This would provide a fairly accurate view of how the broker’s system works and if it would fit the needs of the trader.
Overall Cost
Some brokers might charge more than what they have initially stated. In fact, hidden charges like news services, account maintenance and going below the stated maintaining balance may be present. Make sure to be aware of everything the broker deducts from your account. Knowing exactly how the broker makes money from your trade should also be a giveaway of whether you want their service or not.
Some new traders might want to browse around and find out what others have to say about the broker. Most of the best Forex brokers are those that have excellent feedback from different clients. As a rule though, don’t just rely on one website when checking out client responses. Instead, explore the whole internet in order to find less-bias opinions about the broker.
