Interested in Forex Trading? But don’t know how to start? Need not worry! Let us help you gain all the information and knowledge you need to become a pro in the currency trading market. But first, you need to have an account through which you would be able to execute your trades. This account needs to be functioning, usable by you and your broker who is available there to execute your trades and give you accurate advice for future trades. Since this is crucial for you as a trader, therefore, here in this article we’ve mentioned the factors you should consider when selecting a forex broker for your account beforehand to make your life easier.
The Forex Broker Is Regulated
The first factor that you need to consider to make sure that you are handing all your money in safe hands is that the broker that you select should be regulated. He should be regulated by a renowned compliance authority or a self-regulated organization to meet regulatory responsibilities and protect the integrity of the market, its traders and investors.
Transaction Costs Are Transparent
This means that the forex broker should be clear and transparent with you about every kind of costs they are going to charge you once you open an account with them. The costs that are most commonly charged by forex brokers include the commissions and spreads through which they are able to make money for themselves. A forex broker might also ask you to deposit an initial amount to open the account which is a requirement of their firm.
Ease of Deposit and Withdrawal
A forex broker’s firm always has their own specific account maintenance and operations policies which you must go through before selecting a forex broker for your account. These policies should allow you to deposit and withdraw your earnings without any kind of a hassle. They should also have the option of transferring funds online or through a wire transfer to facilitate a smooth trading experience.
Offers All Major Trades Along with Others
It is important to select a forex broker who offers all of the major trading currency pairs, thus offering you the higher liquidity. He should also be able to facilitate trade in other currency pairs apart from the ones in which the customer is interested to trade.
The major currency pairs of forex trading are; USD/JPY, EUR/USD, AUD/USD, GBP/USD, USD/CHF, USD/CAD, and NZD/USD.
Provides Customer Support
When selecting a forex broker for your account, you need to keep this factor in mind. This is because forex market is 24/7 market where trades take place almost all the time. So in order to facilitate your trades, the broker should be available at any time you want and can solve your problems as soon as they arise.
They should also be able to deal with all your account related issues and queries and should support you and look into the matter if you are facing any technical glitches in placing an order in your trading platform.