Choosing A Good Forex Broker
Today the number of forex broker is very much at all, be it conventional broker, or who are online. Each of these brokers would have advantages and disadvantages. Therefore we should be able to choose a broker that suits our needs, and has good credibility. Not all brokers aim well, there are forex brokers who only intend to deceive, so that would be detrimental to customers.
Some things you can use as a reference in choosing a good forex broker, is:
1. Select appropriate to your needs.
First you should have a list of forex brokers. After that you should check to each website, and then note the service and its services. If you do not find the service or offer that suits your needs, then look for another forex broker agent.
2. Check the clarity of identity
Check the office address and a contact address or support, more complete (email, phone, fax, chat, etc.) the better of course.
3. The method of communication and assistance
Commitment brokers in providing support 24 hours / 5 days should be a primary requirement. The more complete method of communication (email, phone, fax, skype, chat), the better. Facilities live support (chat) can greatly help us, when in need of assistance on the spot.
4. Check the regulation:
It is not a 100% but the broker with the regulations will provide a feeling of security. The broker regulated broker means subordinate regulation and supervision. So that brokers do not own wishes in doing business. Usually information about this regulation is always included in the broker’s website. Usually the section about us, contact, or at the bottom of it.
We also need to pay attention to the regulatory agency (the regulator), the regulator must be bona fide and have strict rules and supervision reply. Example, NFA (USA), FCA (UK), ASIC (Autralia), CySEC (Cyprus).
Try to take a moment to browse, search and compare information about brokers in forums, blogs, etc. it. See how the experience of others, whether there is a problem with the broker. See which broker also many reviews or called. The more popular a broker in a country, then the broker’s commitment will be greater in the country. Broker will provide specialized support services to the local language, or facilities that are more regional.
6. Check the performance and applications
In general there are two models use the common application for online forex trading, that is, by using the application (MetaTrader) or simply with a browser alone. Now please try to advance are most comfortable with you. You could try using a demo account.
Some things you can address and check are:
- Note the speed of data (whether graphs intermittent or lag, the speed of order execution, if often hangs, etc.)
- Note also support facilities for technical analyzes. such as the completeness of the model graphs and indicators. Some for advanced users, the facility to create your own (customized) indicator also they need. With complete facilities will certainly help traders in order to obtain optimal results.
- For those who are mobile, facility access via a PDA / mobile phones, may be additional interesting features that are worth considering.
7. Check the commissions and fees
Generally current brokerage fees for trading forex is very small. There is no commission at all. Unlike the local Forek brokers sometimes still attractive commissions. Generally outside brokers charge already on the spread of the pair. So pay attention to the spread, if it’s too wide, meaning the brokerage fee is expensive.