When it comes to the highly competitive forex market, choosing a forex broker that suits both your trading habits and personal lifestyle can be crucial to the success and potential profitability of your trades. However, with the news that the average trading value on the forex market was $5.067 trillion in 2016, in recent years there has been a growing number of forex brokers – meaning that the process of sifting through the good ones from the bad is becoming an increasingly time consuming and difficult task.
So, in today’s blog post, we’re detailing 3 vital things you need to consider if you want to properly commit to this lucrative market and learn forex trading in the best way possible by selecting a broker that’s right for you.
As with most industries and professions, customer service plays a crucial part in your day-to-day operations and the way you go about your business. As such, you need to make sure you pick a forex broker that is easily contactable should problems arise.
It’s vital to remember that while their performance on executing trades is important, their ability to deal with technical issues or problems with your account is, ultimately, the thing that could prevent you from making big losses. So, don’t just judge their customer service from their cheery tone during the account opening process, but instead, read reviews and their specifications regarding their after sales support to ensure you’ll be properly looked after throughout your trading journey.
Naturally, when it comes to online forex trading, activity occurs through the brokers’ trading platform. As such, traders need to make sure the platform that they’ll be operating on and the software they’ll be using is easy to work with, aesthetically pleasing and has a number of tools that ensures trades can be entered and exited easily.
So, before picking your forex broker, make sure that their platform offers all the necessary tools such as a free newsfeed, technical and charting tools and clear buy and sell buttons, as well as having plenty of customisation tools in addition to this.
Crucially, the best way to trade forex is through a secure, regulatory compliant broker. As such, one of the first things you should do before considering your brokers’ trading platform or customer service is whether or not they are a reputable forex broker. This can be done by simply checking their accreditations online or, for US-based traders, ensuring they’re a part of the National Futures Association.
So, before even considering putting your money in a broker, make sure that your chosen broker is a qualified member of a regulatory body in your desired country.
Ultimately, if you have complete confidence in your forex broker, you’ll be more able to devote time to developing and analysing your trading strategy. As such, doing some thorough research into what different brokers can offer you will go a long way and can help increase your odds of potential success in the busy forex market.
For those of you just starting out in the world of forex trading, let us here at Learn to Trade help you find your first steps by taking advantage of one of our free forex workshops – you can sign up right here!