To navigate the Forex market, you will need a Forex broker. It’s the intermediary between the traders, whether it’s a buyer or a seller, and the Forex market, which is more speculative than the stock markets. Among the Forex brokers, you will find the “dealing desks” that create their own markets (market makers). In general, these are large international banking institutions. And the “non-dealing desks”, are brokers who pass the orders through larger institutions and liquidity providers.
Forex brokers provide you with the things you need, such as trading platforms. Nowadays, and with new trading software and tools, online brokers have been very successful and constantly competing with each other. If you are a beginner and how to choose a broker, here is our advice.
Check out broker information
As we said above, Many Forex brokers are competing in the market where competition is very tough. Unfortunately, not all of these brokers are created equal, and the only person who can pay this difference with their money and time is the trader!
To avoid wasting money and time on a broker that is not worth the cost, some critical information from it can help you choose:
The reputable Forex broker must have a registration number or a license.
The broker must have displayed all of their contact information: phone number, address, head office, email, bank details, etc.
The broker’s terms and conditions must also be posted on the site and can be viewed openly.
What are the features of a reliable Forex broker?
Considering the number of scams that traders know nowadays on online brokerage websites, it is essential to learn how to spot fraud cases and dishonest sites. For this, follow our guide.
A good broker is a broker who offers a training
A broker who lets you embark on a trading adventure without offering you training (physical, remote, or through videos and downloadable courses) is a broker who does not care if you lose your money or make mistakes. Beginners that training can avoid you. Before registering and making your first deposit, consult your future broker’s website to find out if he offers training.
The quality of customer service
If you want to pick up the best broker, it is necessary to take an interest in the quality of customer service. Good customer service can maintain excellent relationships with users. It must offer a positive, informational and friendly environment. When you start to trade Forex online, you need serious support.
Client support should be knowledgeable enough to answer your technical questions and help you resolve your trading issues. You will undoubtedly have questions about deposit methods, news on the foreign exchange market, or the settings of your trading account. You must be able to reach them via various media, by email, instant messaging, or telephone. The broker must make himself available for an appointment if you feel the need.
A safe broker offers safe trading platforms
Broker sites will be nothing without trading platforms. These are generally not the private property of the broker. The choice of trading platforms is very important. It informs you about its quality because a bad platform will surely mean bad order execution, slow operations, and sometimes serious bugs that can make you lose money!
Beware of scams
We certainly agree that the internet is the realm of promised miracles and lies of all kinds. Several online broker reviews will dishonestly try to make you believe that this or that broker is the best when it is a pure scam. You have to be very careful with this kind of comparison and study them in great detail. Moreover, nothing beats your own experience on the spot.