Forex brokers are online brokerage firms that specialize in providing financial trading services to forex investors, financial instructions, traders, corporations, central banks, hedge funds, and individuals at large. These brokerage companies provide effective trading parameters that aid the trade of various financial instruments like currencies, cryptocurrencies, precious metals, commodities, CFDs, ETFs, indices, stocks, and bonds. In today’s forex trading, there exist a good number of forex brokers who advertise their effectiveness in form of promotions just to get customers to subscribe with them. However, most of them turn out to be swindlers, who engage in financial irregularities, scams, exorbitant, charges, and hidden fees. Most brokerage firms even offer bad practices like offering high leverage options to traders being fully aware of its high-risk exposure. In other to avert these scenarios, here is a list of features to look for in a forex broker.
The primary criteria that define a broker’s reliability, transparency and security is the regulatory body to which it is affiliated to. Regulatory authorities’ functions by setting rules, regulations, and guidelines that protect traders, investors and the forex market itself from fraudulent acts of brokers. Regulated brokers tend to exert more amount of security of clients funds, data, and information at every point in time. Regulated brokers look into the affairs of trading losses, provide segregated accounts, and performs trades at the prevailing market price.
EFFECTIVE TRADING PLATFORMS
Brokers are known for providing trading platforms for the trade of financial instruments. One basic element to look out for in a broker is the effectiveness of the available platform. Adequate trading platforms should be able to execute trade orders effectively, they should include a user-friendly and beginner-friendly interface designed to create an easy trading environment. These platforms should include parameters like the availability to trading tools, provide trade signals, include real-time streaming quotes, carry out trade executions in seconds, offer a one-click trading system, give traders the ability to view trades in a single chart and more.
The effectiveness of a trading platform can be known by methods of engaging in a demo trade practice. Subscribe with brokers that offer demo trading platforms. Examples of trading platforms include MetaTrader 4 platform, mobile trading platforms, and web trading platforms.
CUSTOMER CARE SERVICE
An important element to look out for in a broker is its customer service support system. A reliable broker should be able to provide a 24 hours customer service support throughout a trading section. There should be an availability of good communication channels via emails, telephones and live charts where client’s complaints can be attended to instantly. Forex traders should look out for brokers who provide a multi-lingual trading system where trading can be conducted in different languages thereby breaking communication barriers. Other customer care services should include the availability of a one to one idea sharing between a client and an expert/professional trader.
DEPOSIT AND WITHDRAWAL OPTIONS
Traders should look out for brokers who offer quick, easy and simple deposit and withdrawal options. These payment options should be effective and adequate with protected means of money movement. Examples include Visa cards, Master cards, Credit and Debit cards, PayPal, Poli internet banking, UnionPay, Bank wire, BPAY, Skrill, Neteller, Qiwi Wallet, FasaPay, B2B, and other local funding methods.
In conclusion, the choice of a forex broker requires research and practice. As a trader, you have to make sure that you choose brokers who exert a strong security system for data and information in addition to the above-listed features.