If you are a forex trader, there’re dozens of forex brokers out there that are working to win your business. You are welcomed with an overwhelming number of ads from forex brokers whenever you visit any financial news site on the internet. In this blog post, you’re going to know about the things you should consider when opting for a forex broker.
Regulatory Compliance
That’s the first thing to look for in a forex broker. In the USA, a reputed Forex broker will be an active member of the National Futures Associations – a self-regulatory organization dealing with the futures industry. It will also be licensed with CFTC (Commodity Futures Trading Commission) that is responsible for regulating commodity options and futures in the USA.
Mostly websites don’t guarantee that they are an NFA member or CFTC compliant. A professional forex broker will usually provide its NFA member number in the About Us page. Moreover, each country has different rules and regulation for forex brokers. So, it’s highly advised that you double check your broker’s regulation status.
Account Features
Each Forex broker offers multiple account offerings. The following areas should be considered when comparing brokers’ features: commissions and spread, leverage and margin, ease of withdrawals and deposits, and initial deposit requirements.
Customer Service
You never know what is going to happen with your trades in the forex exchange market. Having a customer support staff that operates 24/7 is a big plus for forex brokers. So be sure to make sure your forex broker has a friendly and dedicated customer support staff.
Trading Platform
A trading platform plays a key role in helping you with your forex trading journey. it should come with fundamental and technical analysis tools so the trades can easily be exited and entered with ease.