Online forex trading had been one the most fascinating results of the financial industry and it now possible due to recent technological developments. However, since you will be trading from the comfort of your own home or directly from your smartphone, if you are traveling, you will need to work with a company that offers you access to live quotes and market liquidity.
The broker is the one that can do that for you and we’ve designed this article in order to help you choose a broker that will offer you the best tools required for you to trade.
Key aspects to watch when choosing a forex broker
Experience – the broker should have a long track record and should be in the industry for at least a few years. Why is that? Because the company will know what their clients want and will prove that it intends to have a long-term activity.
Regulation – retail forex trading can be very tricky, if your broker is not regulated. There is a huge conflict of interest in this business as a retail forex broker can open trades on the other side of the market (go long when you sell or sell when you buy). If your broker is regulated, that means a public agency is checking its activity and the chances of you being fooled by your broker are exponentially smaller.
Reviews online – If a particular broker is trustful, you should be able to find information about it online and see what can you find about it and also what other clients are writing about its services. For example, here you have a trade.com review, but there are also other websites who offer broker reviews like 100forexbrokers.com or forexpeacearmy.com. You can check them out and see if the broker you want to choose offers some quality services.
Wide variety of trading instruments – you should be able to have available as much instruments as possible as it can help you diversify your risk.
Different trading platforms available – desktop platform, web platform, android or iOS platform, as long as you have options available, you will be able to trade not just when you are home, but when you are traveling as well.
With that being said, these are some of the details you should watch before deciding to invest in the forex market through a broker. Hope you found the article useful.
Risk Warning and Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance.