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Choosing a Forex Broker in 20 Easy Steps
You are probably on your way to being a millionaire. Well, if good knowledge is important for full success, your success also depends on your broker. So, before Trading in the FOREX (FOREIGN EXCHANGE) Market, choosing a good broker is a milestone.
A broker is simply an intermediary (a middleman) between YOU as a person and the actual FOREX market. The broker (an individual or a corporation) will actually execute your orders to buy or sell currencies.
Now we’re going to go through the next 20 items you need to find the right broker to work with.
1. The Trading Platform
To send a buy/sell order to your broker, you use a computer software called a ‘Trading Platform’. Most of them come with a demo account. Use the demo account to check the software for ergonomics (ease of use), fast execution, slippage (difference between the price of a currency at the time of the order and the price of the currency at the time of execution), charts, etc.
2. The Lever
The Leverage enables you to take a position that is more important than the capital you invest. The higher the leverage and the greater the risk of losing your money. So, in order to limit the risk, the leverage should be lower than 10.
3. The Distribution
The spread represents the difference between the ask price and the bid price offered by a broker. For example, if the broker offers a fork of Bid: 1.3600 and Ask: 1.3608 on the euro / dollar, this means that you can sell the parity to 1.3600 and buy it to 1.3608. The difference between the two prices is 0.0008. We say that the spread is worth 3 pips.
The spread is important when applying short-term trades with little movements in pips.
4. The financial soundness of the broker
Choosing an important broker is very helpful. Indeed, with a large capital, such a broker can guarantee your deposit.
5. The Language
The main global brokers that provide access to Forex are mainly located in the United States. In fact, to be able to invest in this market, it is necessary to speak English and to know a minimum of American law in order to choose the good broker. However, with the growth of individual investment in the FOREX market, many brokers offer services in different languages and we can find serious brokers outside the US, for example in France.
6. The Country
For the same reasons mentioned above, you can trade currencies while living almost anywhere in the world!
7. The Customer Support Service
Contact the broker via phone, email or live chat and check the delay of the responses, the availability of the customer service and the relevance of the answers given (are the answers useful to you?).
8. The speed of execution of orders
Use the Demo account and the platform to test the execution speed of the broker.
9. The Margin
The lower the margin requirement (the higher the leverage), the greater the potential for higher profits and losses. The percentages of margin vary from 0.25 and more.
10. The Minimum Deposit Requirements
Most brokers have minimum balances to start forex trading. The bottom is the best. Generally, they range from $250 to $1,000.
11. The Transaction Costs
Of course, do not forget that the cheapest broker is not the best.
12. The Slip
About the slip, it is necessary to rely on comments left on forex forums.
13. The Withdrawal
Request all information related to withdrawal. In reality, it is often difficult to get your money out of your trading account.
14. Is the FOREX Broker registered?
If your broker is located in the United States, verify that the broker is registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and an NFA member. These two organizations (CFTC and NFA) have missions to protect the public from fraud with abusive trading practices and manipulation.
Phone: (800) 621-3570
15. The internet connection speed
I emphasize how important it is for you to make sure you have a high speed internet connection and a good connection speed.
16. Additional Services
A serious broker will provide you with some extras including real-time FOREX quotes, integrated charting and technical analysis packages.
17. Mini accounts
Mini accounts are accounts with lower minimum requirements ($250 or $300). A mini account is good to start and test your trading skills and become experienced.
18. Available currency pairs
The prospective broker must trade for the seven major currencies (AUD, CAD, CHF, EUR, GBP, JPY and USD).
19. Rollover Charges
The Rollover charges are the difference between the US interest rates and the interest rates of another country. The greater the interest rate difference between the two currencies in the currency pair, the greater the conversion charge will be. For example, if the British pound has the larger interest differential with the US dollar, the rollover charge for holding British pound positions will be the most expensive. On the other hand, if the Swiss Franc were to have the smallest interest differential against the US dollar, overnight costs for USD/CHF would be the cheapest of the currency pairs.
20. Trading Hours
The global Forex market trading hours are: 17:00 EST Sunday to 16:00 EST Friday.
So make sure your broker allows you to trade in this trading period.
In short, since choosing a broker is extremely important to trading currencies in the FOREX market, take time to choose your trader before you start. I especially suggest you join FOREX forums and get feedback and tips from experienced traders.
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