3 Tips To Consider When Choosing a Forex Broker - The number of forex brokers in today's market is staggering. However, this sheer size does not mean that they are all really interested in you. However, there is also a huge list of 'reliable' brokers and choosing the right one especially if you are a new trader and don't know what to look for.
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With that in mind, below is a simplified version of the types of factors to consider when analyzing a list of forex brokers.
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Transaction Cost
This refers to spreads and commissions. Spread is the difference between the buy and sell prices of a currency pair. For example, if the price of EUR/USD is 1.38850 / 1.38860, the spread is 10 pips. This means that you need a profit of 10 pips to break even. Only after this point can the trader make a profit.
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Wide spreads are not necessarily a bad thing as they can show that the rates offered by the interbank market are being kept in the same range. In some cases, spreads have been lowered to attract new business (especially from new, knowledgeable traders), and brokers have been found to cheat by making trades for their clients.
Commission is a fee that is collected from the customer when placing an order. Depending on the broker you use, you tend to see low spreads with high fees and high spreads with little or no fees. Whatever your group, you need to ensure that the prices offered are fair and transaction costs are low.
Easy To Use Platform
MT4 or MT5 is now widely used, but some forex brokers also have their own trading platforms. In fact, all trading platforms do the same thing. To enter and exit the market. The fancy tools that come with it will likely be useless to you so they are nothing more than sales tools for your new business. It is about being able to act on your trading decisions in a reasonable way.
The Support
This is especially important if you are a new trader. A great support team will say great things about the company you choose. No matter what kind of question you have, if they can help you in a professional manner, you should be safe.
You may not be safe. Also, while depositing funds into your trading account is quite easy, withdrawals require a two-week process and you are often required to sign a number of forms. this is not true. You can easily deposit or withdraw funds from your account as many times as you like.
Our website offers the most comprehensive training courses for beginners and future traders and we also include a list of trusted forex brokers that you can choose to start trading with.