Finding the best forex broker for your needs requires extensive research. Hundreds of online trading platforms now compete for your account. You want a forex broker you can trust to handle your funds and your trades so that you can get the best possible outcome. Here are some of the criteria and features you should look for when searching for a competent forex broker.
Reputable and trustworthy brokers are regulated. Regulators provide traders with the security of knowing the broker’s operations are being overseen by an independent authority with the goal of keeping the business honest. Regulators ensure that complaints and breaches of financial rules are advertised publicly.
It is necessary to choose a broker that secures all data entered into online forms using industry standard SSL-encryption or better. Another key issue involves the efficient storage of data so that it will not be lost in case of disaster. Many online forex brokers use duplicate data farms with high security to assure the safety of your account information.
Choose a broker with a vast variety of currency pairs, indices, shares and commodities. Make sure that your forex broker offers all of the popular pairs. Some traders also like to have access to precious metals like Gold and Silver, in addition to oil, especially if they will be trading the commodity currencies like AUD and CAD whose exchange rates can depend on commodity price fluctuations.
Account types vary considerably between brokers, but most offer demo accounts for practice, mini accounts for newer traders with a low minimum initial deposit, standard accounts for more experienced traders with a moderate deposit, and finally VIP accounts for larger initial deposits.
Also, the features offered with each account type vary quite a bit among the various forex brokers, so be sure to see which reputable broker will offer you the best deal for the initial deposit you have available to you.
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Most of the better forex brokers offer their own proprietary trading platforms for you to use to execute forex transactions with and to keep track of the market. These usually take the form of web-based platforms that use access via your Internet browser or client-side platforms that you download to, install and run on your personal computer.
In addition, some brokers support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial forex trading robots are designed for.
Many traders are enticed by the convenience of trading on the go and keeping in touch with the forex market via their mobile phone or other smart devices. Many brokers provide mobile platforms for ease and convenience.
Newer traders often require educational materials about the forex market, other trading assets, and trading in general to get started the right way. Many brokers provide learning centres equipped with pdf guides, live charts, live market feeds personal training coach and more.
Many brokers offer multilingual support. It is important for new traders to have access to both dealing support and technical support. Most brokers offer 24/5 live support coinciding with the market hours through live chat, email, and toll free phone numbers.