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Which Forex broker to choose and what factors to consider?

Table Of Contents

  1. The Main Criterion
  2. Additional Criteria
  3. Forex Brokers Reviews
  4. Legitimacy and Diversity of Activities
  5. Trading Conditions
  6. Conclusion

Before you start trading on Forex, you must first select a broker who will represent your trading interests. There are many pitfalls, as it is very difficult to determine the best intermediary by just one feature, especially for a beginner. What's to be done in such a case? After all, your initial success depends on which Forex broker you choose at the very beginning.

Выбор брокера forex

The Main Criterion

When considering candidates whom you will entrust your capital, pay attention to a number of criteria. Reputation is above all things. The choice of Forex broker should primarily be based on this, as serious dealing centers do not engage in shady undertakings because they set a high value on the trading majority’s opinion.

You need to carefully examine the Top Forex Brokers and determine the position of the intermediary of your choice. If it is in the top or even in the middle of Forex rankings, it may be further considered and compared to others in various important categories.

Additional Criteria

Upon carrying out such a rough selection and narrowing the search range to a few favorite companies, you need to compare their experience in the financial market as well as secondary, not less important criteria.

Forex Brokers Reviews

First, you should pay attention to what customer reviews say about Forex brokers. Forex broker ratings are often accompanied by various opinions, which make them a goldmine of information helping you choose your Forex broker.

When viewing comments, pay attention to the negative and positive feedback. If the latter is not available, study the former carefully. This is the way you can find out the important advantages, which, perhaps, will be decisive in individual situations.

Legitimacy and Diversity of Activities

First, it is important that the intermediary had a special license for performing its activity, that is, broker activity in the Forex market. Second, it is the number of tools used by the broker, that is, how many currency pairs and other assets one has. This will indicate the seriousness and the future prospects of working with him in case you want to try something new.

Trading Conditions

When choosing a Forex broker, it is necessary to pay attention to the conditions offered to traders. Beginners do not attach it much importance, which results in minimization of their profit or in the fact the work becomes not so comfortable; yet, if we place emphasis on the question: "What Forex broker do I choose?", we could avoid this.

  1. Spread value is an important indicator that must be tracked for each tool along with the size of various commissions. The lower these indicators are the more profit will a trader make.
  2. Forex Company Rating also includes such indicators as the size of the initial deposit; it is a very important factor for beginners.
  3. Experienced users will also find it useful to learn the size of leverage in advance, which will allow forming a larger rate amount in the bidding process. This is mandatory information from Forex rating.
  4. If you want to earn on the foreign exchange market, be prepared to immediately withdraw the money you earned, as every trader is entitled to doing it. Therefore, it is necessary to know not only how to replenish the deposit, but also how to withdraw money. If broker is abroad, there may be a variety of complex procedures. However, they cannot be ruled out in case with the Russian companies.
  5. One last important aspect – the choice of Forex broker must be based on the availability of user-friendly software. Working two hours a day, this will grant you additional comfort and safety of your money. There were cases when slow software resulted in the loss of money as trader did not have enough time to close or open a transaction.

Какого брокера форекс выбрать

Conclusion

Thus, a responsible approach to choosing a Forex broker will help you begin trading under the best conditions. In the process, avoid being distracted by various negative thoughts that hinder the study and the sober analysis of graphs.