If you have finally decided to enter the financial markets and start with Forex, the most important step on your journey is the choice of a broker. It’s your trading intermediary, and you must make sure it’s reliable, transparent, and trustworthy to start off in a safe trading environment. Naturally, we will choose the one that suits our personal preferences, but there are some generalities to stick to. Here are the most important characteristics of a good Forex broker, such as good spread, training material, regulation compliance, and so on.
Regulation compliance
It’s the first thing to focus on when you are choosing your broker online. Considering that most traders leave the market due to their troubles with the scammers, going for a regulated broker is ultimately important. You don’t want to be kicked off the market just because you didn’t pay enough attention if the broker has the license. When you choose the right trading intermediary, you practically should protect yourself and the hard-earned money you want to invest.
Spreads
Forex market spreads are also crucial. Make sure that you always check this part of the trading condition. A big difference between asking and bid price is not good. What you ought to look for is a spread that amounts to one to five pips.
Free education
Free ebooks, tutorials, video training materials, and mentorship at some point..these are the free educational materials you ought to seek if you wish to stay up to date with the best strategies and always stay on top of market trends. No matter your experience, it always comes in handy to check some theoretical knowledge before applying it to new trades. If you are not a total rookie, you should be more interested in technical analysis and some advanced trading strategies. Make sure that your broker has all these points covered.
Variety of trading accounts
The possibility to match your experience and knowledge with the appropriate trading account is important in your trading strategy. Therefore the more variations the broker offers, the better for you. Don’t rush into the VIP and Gold or Premium account options straight away, even if you have a ton of money to invest. Start slowly and explore the platform for some time with the basic account. If you don’t feel comfortable with the platform, you can more easily switch to another one.
Bonuses
Bonuses are always welcome. There are so many types of bonuses, but not every broker is ready to offer them to their clients. It could be particularly lucrative to start with the bonus since it gives more space for leveraging from the very start of your trading.
Versatile and professional customer support
Check customer support even before you make your first deposit. Try them via chatbots, phone, or email with some random question. See how they manage the situation and if they are responsive and professional. Finally, it’s always better to have a good communicator on the other side of the line who speaks your native language.
