Your choice of a Forex broker is going to be crucial in your trading career, almost as much as the actual trading. Your broker will determine the quality of services you receive and therefore, your success. To help you make the best choice, here are some secrets to keep in mind.
Do not be swayed by attractive offers
There are so many Forex brokers nowadays that they have had to introduce promotional offers in order to attract new clients. Some of these offers can be tempting, and it’s easy to find yourself signing up just to receive the bonuses.
The secret is not to be swayed by these offers, regardless of how attractive they may be. What matters more is that you look under the hood at other features of the broker. Remember, promotional offers only get you through the door, but it’s the other features of a broker that will keep you consistently profitable.
Listen to what others are saying
You can never really know all of a broker’s services before you use all of their services. For example, you can’t know if the deposit and withdrawal services are fast until you make an actual deposit and withdrawal. However, you can’t go making deposits and signing up with every broker, so the only thing left is to hear other traders’ experiences.
Apart from learning the inner workings of the broker, other traders will also let you know how trustworthy a broker is from their own experiences. The best part is that it takes the risk away from your hands, allowing you to find only the truly great brokers.
Do an in-depth research on the broker
If you’re looking at a particular broker’s services, you need to look into the subtle details of their operations. At the surface, you may find out about their spreads and other charges, leverage ratios, number of tradable instruments, etc. These are just some of the things every broker will advertise, perhaps even on their homepage.
Now, you need to look at other aspects which may not be advertised as much. Find out about the broker’s regulator. The license number should be provided by the broker on their website, and it should match to that on the Forex regulator’s website.
Then find out if they are an ECN, STP or market making broker. Market makers will not declare to be market makers, but you will see how they avoid mentioning being ECN brokers. This is because they may be penalized by the regulator if they advertise as ECN brokers when they aren’t. When you know how the broker processes trades, you can then decide if you are comfortable with that. You can always learn more about forex brokers information on topbrokers.com website to understand all important differences.
Know what you want
This is all about you and your needs; you should know exactly what you want and do not be pressured into settling for less. For example, if you prefer using cTrader, you should not settle for a Forex broker that doesn’t have it. The same goes for all other aspects of trading beyond the Forex trading platforms which you prefer, from funds transfer methods, trading charges and whatever else.
Keep looking until you find what you are looking for, or else you will never be satisfied with what you get. The secret is to find that broker that fulfills all your needs such that you won’t have to look for another one later on out of frustration.
During your trading career, you’re going to make use of a broker’s customer support extensively. You might not realize in the first few weeks, but sometimes things go wrong and you will need urgent assistance. Most of the top Forex brokers will have a 24-hour live chat feature from which you can speak directly to one of the representatives.
Fortunately, you don’t even need to have an account to make use of this feature, and you can give it a go. Try enquiring about some of the broker’s features and see how long it takes to get a response. The faster they respond, the better, for those situations where you need urgent assistance.