Beside Trading Skill,Capital and your own MT4 system,as a trader you might think this important point to maximize your profits.That is choosing a good Forex Broker.The best FX broker and the highest bonus make nothing if you cannot cash out your winnings.
So,Read these several criteria-choosing a good broker:
- Safety and Reliability The most important points in choosing a broker are security, safety and reliability of the Forex broker.One of this is regulation.Not all countries regulate the same way, nor do they have the same regulatory environment and requirements when it comes to financial registration. Therefore, it is important for any investor/trader to choose a foreign exchange broker that is based in a country where their activities are monitored by a regulatory agency. It is also important to know if the broker or dealer is regulated in an on- or off-shore country, as the latter can be more liberal with registration requirements.
- Transaction Costs Every time you make a trade you will have to pay a commission or a spread. Low spreads mean higher profits for you. Check and compare the spreads of various brokers for the currency pairs you want to trade.
- Execution Speed of execution is also critical, especially if you plan on scalping. A difference of only a few pips can make the difference between gain and loss.If there is a long delay in the execution or if you regularly get a disadvantageous exchange rate (high when buying, low when selling), it is time to find a new Forex broker.
- Platform Many FX brokers have developed their own software. Take a closer at the software of your broker:
- Deposit and Withdrawal Make sure a broker's withdrawal process is effective, quick, easy.Brokers have no reason to prevent you from withdrawing your money. The only reason they keep your money for you in the first place is to facilitate trading.
- Customer Service It is important that the customer service is available 24 hours a day during at least five to six days per week.So make sure you pick a broker that is easy to reach when a problem comes up.
- Additional Services Such as offering analysis, news, signals, and even education for free.
- FREE Demo Account Before you trade for real money with a new FX new broker, you should familiarize yourself with the software for a long time period with a free demo account.Unfortunately, many of them offer only time-limited demo accounts, for example for 3 weeks. This is a short period of time, especially if you don’t have the time to trade foreign currencies daily.
Does it have a news flow?
What trading tools does it offer?
Does the platform display all the information you need to trade effectively?
As you can see, there is a lot to think about when choosing a broker. However, by using these simple guidelines, you should be able to narrow down the list quite a bit. A lot of it comes down to personal preference as well, and what your trading needs and wants are.But by paying attention to the important issues about regulation and capitalization as well, you can find the right broker for you.