Which broker should I choose for Forex Trading?
Once you have decided to enter into the forex trading, you need to select your forex trading broker carefully. The popularity of this financial tool has created some challenges to find a legit and fully accredited forex broker among the thousand web pages ads. Keep in mind that you will invest real money and you expect to get the profits from it. Therefore, your forex broker is paramount to get the most from your investing.
If your broker real and legally authorized for forex trading
Before you even consider making your first deposit to open a forex account or disclose your personal or financial information. You need to do your research about your professional broker record and their certifications from the respective regulatory agencies. Do not be afraid to ask him directly about his certification and work experience as well as his license to be a forex broker. Try to read any possible adverse comment from proven former customers and investigate them. Do not disclose your information or make any deposit until you are 100% sure your broker is a real person or company, and he is fully accredited to do forex trading on your behalf.
Does your broker deal with your preferred currencies?
Once you have selected to trade forex, you need to select which currency pairs you want to trade. Afterward, you need to ask your forex broker if he can trade in your currency pairs particularly if you are going to trade crosses or exotic currencies.
Trading fees and transaction limits
Before hiring a broker, ask him to disclose the related trading costs, how much will he charge per transaction, how many transactions can you make per day, per week. Does he charge anything extra if you do not do any transaction for a period? How far in advance should I make the forex selection?
Broker’s operational hours
Be sure to ask for the broker’s operational hours and that his schedule is compatible with your trading section, keep in mind that some currencies are trading at up to 18 hour’s Time zone difference. Therefore is paramount that your trader is ready to make your transaction buying or selling your forex whenever you consider appropriate. Ask the trader operational hours and any waiting time to process your request. Remember forex trading and the stock market is time dependent.
Deposits and Withdrawal Minimum amount and frequency
Being able to increase your investing capital to take advantages of an excellent opportunity is more than desired for your forex account. Review the deposit policies and the accepted methods to do it as well as any confirmation period before your money is ready to trade. This part is rather simple since most brokers take credit cards as a payment option. On the other hand, verify the withdrawal policies, how much is the minimum amount you can withdraw, how long does it take to process your withdraw? How many withdraw request can you make per week? If there any limitations to make a withdraw request?