Choosing the correct forex broker or the best one for you is might be the hardest thing to start trading forex. You need to find the best broker for you. Because you’re gonna give all of your trading capital in the hand of that forex broker, expecting them to make a huge profit for you.
Having great forex strategies will mean nothing if your broker runs off with your money. These are three tips that may help you choose great forex brokers.
Finding the best forex broker for you:
Define your needs
The first thing you need to do is defining your needs. You need to ask yourself these questions, will you trade a lot or a little?; Will you trade small moves or get bigger moves?.
Besides, you need to also consider the amount of capital you own. If you have a small capital, then you have to choose micro-lots.
The last part is to decide your deposit and withdrawal funds. Different brokers offer various different methods. Thus, you need to decide your preference first, then, choose a broker that aligns with your needs.
Choose broker offering
After you know your needs, now you need to narrow the list of potential brokers according to your needs.
In choosing the brokers, you have to make sure that the broker is regulated in a country accompanied by a well-established financial system. Try to find brokers that are regulated by U.S., U.K., Canadian, New Zealand, Japanese, or Australian authorities.
Besides, find a broker which will always be available every time you need them. To do that, open a demo account with a broker you chose and send them emails to your questions.
Now, monitor their speed on responding to your question. If the customer service is not good, then, eliminate that broker from your list of potential brokers.
