Which Platforms Are the Most Trusted By People
The situation in the Forex market is changing every day, a lot of new companies appear. So, choosing a Forex broker is a complicated task because it is one of the factors that affect successful trading. You should approach this task with special responsibility, even if you decide to start trading with a small number of funds. If you make a mistake, you will at least spend time on registration, which sometimes takes several hours. This small guide will help you to avoid pity mistakes.
7 Tips to Select a Trustful Broker
If you are ready to spend some time on the selection of a broker, here are several points to take into consideration:
- Working Hours In the Foreign Exchange Market
Many start-up companies offer simply fabulous conditions, but as a result, you get unstable work of the trading terminal and delays in the execution of orders. This happens due to the fact that the technical part of the work of this broker is not yet fully developed, and most of the errors are eliminated precisely in practice. Therefore, it is advisable to cooperate with companies that operate in the market for more than a year.
- The Trust of Traders
There are many reviews of Forex brokers on the Internet some of which are written by employees of the companies themselves, others by their competitors, but from the total mass, you can always get a general idea of the company.
- Order Execution Time
Instant execution makes it possible to complete a transaction at exactly the price that you see on the screen, and slipping in just a few seconds sometimes results in a loss of 5-10 points, so always pay attention to this feature of the broker.
- The Size of the Spread
The smaller this indicator, the greater the profit from your transactions. There are two types of spreads – fixed and floating. Fixed ones make it possible to always know the size of the broker’s commission, and floating ones are sometimes less but require constant monitoring of the situation.
- Options and Terms for Withdrawing Funds
Money is always needed and sometimes very urgently, so before opening an account, check how you can withdraw funds and how much time it takes.
The speed of answering your questions plays an important role, so there should be at least three communication options – chat, e-mail, and phone.
Many brokers provide their clients with daily analytical data and forecasts for the coming day. This allows you to choose the right trading strategy.
The analysis of these indicators will allow you to choose the most suitable broker and save a lot of time to decide.