The foreign exchange also called FOREX is a huge market used by many people to make some money from your home.
It is known that to start in this world it is required to know many strategies and a little bit of knowledge of the market; but one of the most important things is to make the selection of the broker. To know which could be the best forex trading broker to work with, there are some factors to which we must pay special attention.
Now, here you are going to find each one of the characteristics that you need to know to make the right choice.
1. Broker regulation and license
The broker license is one of the most important things, to know by who the broker is regulated its essential because if it´s not regulated by any license, then it is not a trustable broker and you see yourself exposed to scams.
Usually, the licenses are CY and FCA..
2. Customer service and client support
To choose the best Forex trading platform it is really important to know if the customer service and the client´s support platform are working in the right way. They must be available for you 24/7 to make you feel safe.
Also, make sure that they are available in your language.
You may ask why this is so important; the truth is that if you are a beginner this is going to help you in the way that you manage the platform and the understanding of it.
3. Use of platforms
There are a few types of platform and to know them it’s an important step to expand your knowledge of how it works the market.
The most known are:
• MT4: it’s probably the most famous platform and the most widely used in the foreign exchange. This platform owns web and mobile trading support.
• MT5: The Meta traders 5 is the successor of MT4, they both have the same functions of MT4 but with some improves.
• cTrader: it owns an excellent take profit and stop losses system, varying the chart time frames and it works with a new interphase.
An important tip is to make a deep research about the platform you are going to use and to make sure it is compatible with your devises and your computer.
This is the cherry on the cake of the brokers, is what makes them attractive and gives them that additional touch that attracts each user.
For example, in some of them we can find things like the ECN account, the Classic account or premium account, these are accounts that make the broker look more attractive by making the minimum deposit something truly insignificant.
There are some other features like the “one click trading” or a mobile app.
Opening an account
Because of the fact that you are a beginner the process of opening the account should be easy and comfortable to you, so you should search for the easy process.
Last but not least, to make the right choice about the best forex trading broker, make a deep research through the web, find recommendations and comments about the broker you may like, this way you will have different points of view about it.