Broker Checklist - Finding the Right Forex Broker That Fits You (Module 9)

Are you planning to start trading currencies? Do you know where to go and who to contact in the market? If not, hold your plan for a moment and read module 9 of our series: "Easy Forex: Trading guide for beginners."

Deciding which broker to choose is crucial than what you’ve expected. Your soon-to-be broker will have a huge factor in your success or failure in the forex market.

Now let us discuss the qualities you should look at in choosing your forex broker.

Among the characteristics you need to look at a broker is its credibility and ability to meet your basic needs. Look at the trading platform it offers, its execution, the cost/fees, and its available customer support.

Trading Platform

The trading platforms are the main portal to forex markets. Look for a stable and user-friendly platform. It should be visually pleasing, easy to use, and have technical and fundamental analysis tools enabling traders an easy exit and entry in the market.

Meanwhile, a badly designed platform are likely to result a costly losing trades. For instance, you accidentally add a position instead of closing the trade.

Execution

A dependable broker provides you the best possible prices for trade. There are no news release, surprise events, or normal liquidity. Your soon to be broker should update the market price you may expect when clicking the sell or buy button in the platform. Verifying the prices is critical when processing a request. The trades should be processed with just a bit of a delay.

For example, you do have a stable internet connection. Whenever you purchase EUR/USD at 1.1686, you are to have it priced accurately within its micro-pips, because it will be critical if you do scalping trade.

Cost/Fees

At each entry trade, you are to pay either its spread or its commission. As spreads come tighter, the less cost it could be for you when entering and exiting a trade.

Spread could also vary in each currency pair and could come tighter at high volume pairs. The spreads should also not be bigger than five pips on major currencies.

Support

Similar to all things in life, brokers tend to have their flaws. That's the reason why having an easy to access customer support should also be considered when choosing your broker.

Before you open an account on your desired broker, try its customer support. If you don't get a customer support you expect to have, find another broker.

If you plan to start trading currencies now, visit our main website and discover how awesome our services are.

That ends our discussion on how to use and apply trendline analysis in the market charts.

   

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