5 Rules to Follow when Choosing a Forex Broker
09.04.2020
There’s an abundance of brokers to choose from when trading the financial markets. Trader’s are often wondering: How do I choose my broker? And, What should I look out for?
At Finior Capital we believe that who you trade with, defines your trading success and that's why we've created a list of what you need to look out for when entering the world of forex trading. Your broker is your “trading buddy”, your support system and your compass throughout your journey.
With forex being one of the most lucrative and liquid markets in the world with an average daily turnover of $6.6 trillion per day in 2019 make sure you are in the right hands.
Rule no.1 - Trading platforms
In an online trading environment, naturally, most of your daily trades are through your brokers trading platform. Therefore, it is vital that the trading platform is stable and user friendly. Make sure to check what forex trading platform your broker
is using.
Some of the world’s most widely used trading platforms are MT4 (Metatrader 4) and MT5 (Metatrader 5) with the last being one of the most powerful trading platforms in the world.
Rule no.2 - Security
Having locked your trading platform preference you need to make sure your broker offers you a safe and secure trading environment. This is the company you are likely to trust with your money.
Checking the reliability of your broker is thankfully not difficult. Regulatory bodies globally, make sure that forex brokers (like Finior Capital) adhere to the highest standards of safety and security.
Therefore always make sure to check who your broker is regulated by and registered with.
Rule no.3 - Deposits & Withdrawals
A reputable and trustworthy broker such as Finior, allows you to deposit and withdraw money easy and fast. Make sure the withdrawal process is also fast and smooth.
Rule no.4 - Costs
No matter whether you are trading minor, majors or exotics your trades are always subject to transaction costs. Those costs come in the form of commissions or spreads. Therefore make sure to check and compare.
Having said that, it's imperative to make sure that we have achieved the correct balance between broker safety & security, the deposits and withdrawals processes and of course that the broker matches your trading style
and needs.
Rule no.5 - Service
Last but not least, is the customer service they are offering you. Make sure you pick a broker who will be there to support you in good and difficult times. The ability of a broker to deal with your account, support you when you have questions or technical issues is as important as the rules mentioned above.
