Choosing a forex broker is simple and there are services that you want and don’t want so let’s look at how to choose a forex broker that can increase your chances of forex trading success.
Your broker’s role
Your forex broker’s role is simply to transact your forex trading signals in the market smoothly and efficiently. Many traders however think they can learn forex trading from their broker or their broker can give them advice – This is NOT their function.
If brokers were good at trading and had currency trading systems that made money they would not be brokers!
Forget getting trading advice or help from a broker concentrate on the cost of doing business with them.
Spreads
You see a lot of brokers who say they deal commission free and technically they do but you pay a cost for doing business and that’s the spread. You need to keep this as tight as possible - 2 – 3 pip spreads are common now, so look for a broker who will charge at this level
Other fees
Many brokers slip in “other fees” look at these closely and never pay an additional commission to the spread.
The trading platform
If you are trading via an online forex trading platform make sure it works and is flexible, reliable and secure. A broker will normally let you test drive a forex trading platform via a demo account which is useful in terms of judging it for yourself.
Support
Look for a broker who provides around the clock support 24 hours a day 7 days a week just in case you do run into problems.
Margin and Leverage
Look at the leverage your broker will give you. A level of 200:1 is ample for most but you can get up to 400:1 with many brokers should you require it.
Guaranteed Stops
Many novice traders are nervous about trading with a forex broker sue to the unlimited losses that trading on margin can cause. With these traders in mind many forex brokers will provide guaranteed stops and negative balance protection for peace of mind.
Minimum Deposits
A few years ago it was hard to open an account for under 10,000 today you can open one online with as little as $100.00. If you are new to currency trading and simply want to dip your toe in the market then shop around.
Look for forex brokers with online payment methods as these will enable you to fund quickly and also get your profits back quickly too.
Size and standing
There are many brokers that look big but are small and don’t offer the support or service of the bigger brokers. As a general rule look for bigger brokers and see how long they have been in business and look for a minimum of 3 – 5 years.
Your FX partners
Your broker is an important part of your forex trading strategy, not from the point of view of providing trading guidance but making sure your cost of business is low and the order process is smooth.
If you follow the above tips when choosing your forex broker you will find one that right for you and who can help you maximize your FX profits.
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