To choose 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.
After reading the first 2 steps, here are the rest you need to be aware of too!
Choose the best forex broker for you:
Personally Test Out the Broker
With a smaller list of potential brokers you have now, you have to personally test them, one by one. Here are ways to test them.
Open a Demo account and notes their trading conditions. Specifically, look at the way they execute your trade. You also have to check their spreads, which should be tight and stable.
After the demo accounts work in weeks, you have to open a live account and make a deposit. Don’t put all of your capital on the deposit. For instance, if you have $10,000, then deposit $1,000.
Trade the live account with that partial deposit for at least two weeks. Continue to test customer support during that time.
After that, try to initiate a withdrawal for some funds on your account. This is to check if you can make the withdrawal easily.
If there are no problems with those steps, then you can choose this broker. Now, you can deposit the rest of your capital and begin the trade.
Avoid Bonuses
Always avoid bonuses when you open a live account. You have to remember that nothing comes for free. Accepting the bonuses may result in interfere with withdrawals.
