Crucial Things to Consider When Choosing a Forex Broker

Crucial Things to Consider When Choosing a Forex Broker

The retail forex market is so competitive that just thinking about having to sift through all the available brokers can give you a major headache

Security

The first and foremost characteristic that a good broker must have is a high level of security. After all, you’re not going to hand over thousands of dollars to a person who simply claims he’s legit, right?

— United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)

— United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)

— Australia: Australian Securities and Investment Commission (ASIC)

— Switzerland: Swiss Federal Banking Commission (SFBC)

— Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)

— France: Autorité des Marchés Financiers (AMF)

— Canada: Investment Information Regulatory Organization of Canada (IIROC)

Transaction Costs

No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.

Deposit and Withdrawal

Good FX brokers will allow you to deposit funds and withdraw your earnings hassle-free.

Trading Platform

In online forex trading, most trading activity happens through the brokers’ trading platform. This means that the trading platform of your broker must be user-friendly and stable.

Execution

It is mandatory that your broker fills you at the best possible price for your orders.

Customer Service

Brokers aren’t perfect, and therefore you must pick a broker that you could easily contact when problems arise.

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