What criterias should you pay attention to when choosing one? Those and some other questions we ask ourselves when talking about the Forex market and trading with it. Before you open a trading account there has to be chosen a broker.
Each forex broker assure you they have excellent conditions, but it happens a lot that they change their mind right after you'd opened an account with them.
So, let's talk about all this. Based on the personal experience in choosing the broker for trading on the Forex market I pay a lot of attention to the following criterias:
- reliability;
- trading conditions, processing orders;
- trading terminal;
- an attitude to the clients
I will try to talk about the above issues in more details.
Reliability
I would say - the most significant part when choosing the forex broker. There's no secret that opening an account automatically means trusting them your own money. Doesn't matter, if you'd earned or not, at the moment when the forex broker is suddenly gone it will be very hard for you to get back all your savings. To increase your own safety, no matter what reputation has the exact broker, you better have a written contract for opening the account. Even if you're opening that account via the Internet, the serious brokers send you a contract with wet stamps by mail (if requested).
Trading Conditions, processing the orders
The Forex Brokers are supposed to process your orders as quickly as possible, they have to have a clear policy of opening trades, including the spread size, swop, commission. A software has to have the ability of an automatic trading (using Expert Advisors (EA)), trailing stop (movable stop losses).
You also need to check a speed of quotes updating, a delay in execution of orders in the most active periods of trading etc. This is a very long process, but it will help you avoid unpleasant situations with the unscrupulous brokers.
Trading Terminal
What is a perfect trading terminal supposed to be able to do?
- process the trading in a few seconds;
- receive the real-time information about the quotes and other instruments of the international financial markets;
- To conduct a full technical analysis of currency pairs and determine the most probable price movements;
- Receive real-time financial news from the leading information agencies;
- manage its own trading account not only with a usual computer, but also mobile phone and pocket personal computer;
- Automate your own trading strategies creating advisers (Expert Advisors), who will independently conduct transactions at any time according to the logic inherent in them.
An Attitude to a Client
This is an important component when choosing a forex broker. In any case, the principles of fair and equitable relations with customers should be respected.
The main points to be brought to the attention of:
- Customer support. Very often, the situations appear when customers contact a support center for clarification of certain points.
Here you should pay attention to the quickness of the response by the support, the manner of communication, a willingness to meet and desire to help you in disputes;
- Payment of funds to the account, withdrawals. An Execution time of the applications.
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