How to choose Forex Broker ?

Written by Posted On Sunday, 25 April 2021 07:47
How to choose Forex Broker How to choose Forex Broker

Forex Broker acts as an intermediary between you and the Forex market, so you need to be careful in choosing an exchange. There are many Forex Brokers in the world and this number is increasing due to the constant growth of Forex. When you decide to go with a broker, credibility and reliability of an exchange must be considered first. A Prestigious Forex Platform must meet the conditions listed below:

Is Forex Broker Licensed and Regulated?

Legal is one of the key factors in choosing Broker. You cannot arbitrarily entrust your money to any Forex Broker. Instead, it is imperative that you study their security, as well as the safety of your deposit, by finding out which agency is overseeing the exchange's financial activities.

Better yet, choose Forex Broker based in countries that have specialized regulatory and law enforcement bodies for this sector; for example, CySEC of Cyprus, FCA of UK, ASIC of Australia and IFSC of Belize. In addition, if you choose to trade with an unlicensed broker, you will have to take your own risk, not have the right to compensate for losses or appeal to the authorities because your exchange is not. a member of the compensation program or any similar entity.

Forex Broker Client Support Services

The quality of Forex Broker's customer support is very important. They should support customers conveniently through different channels such as email, live chat and phone. Support staff must be polite and well-informed to be able to answer all questions and guide you in the best way, so you can count on them if something goes wrong.

Spreads, Commissions and Execution

Forex brokers are required to pay the spread (the difference between the Bid and Ask prices) for their own source of income. The fixed spread is always the same regardless of transaction size. Meanwhile, Floating Spread varies with market movements and usually starts from 1 pip. Therefore, you need to consider which spread is right for your trading strategy and choose accordingly.

Forex Brokers profit from the spreads for client trades. Some brokers calculate higher spreads to earn more profits. While other exchanges offer their services for a lower fee to attract more customers. The Dealing Desk spreads for every profitable currency pair in the short term.

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