Each person who wants to try his hand at Forex currency trading must, at the beginning of his career as a trader, make a choice of a broker with whom he will continue to work. The profitability of trading in financial instruments largely depends on how correct the decision will be. Today, there are a huge number of different brokerage firms, among which there are many scammers. And so the choice of a broker for an inexperienced person in such matters is a certain difficulty.
To facilitate this task, we will try to highlight the main factors that should be taken into account when making the final decision.
Reputation
The best option would be a well-known company with a solid history of working in the market. Typically, companies post information about their history on their websites, and finding this information is straightforward. In addition, these data can be found in publications in the press, blogs and other sources. You can also view various ratings, which are based on feedback from traders. Despite the fact that they have differences, you can limit yourself to the top ten, which usually includes the same companies.
Availability of commissions
The choice of a forex broker also depends on the size of the commission (spread) that it sets for opening each trading position. Its value usually varies from 2 to 6 points (pips), depending on the instrument chosen for trading. In addition, each broker charges a commission for transferring a position to the next day - SWAP. In the medium and long-term trading, a large swap can bring significant losses and therefore this nuance must also be taken into account.
Trading platform
Metatrader - although it is the most popular, but still far from the only tool for Forex trading. Some brokers develop their own software, which has additional functionality, attractive design, convenient graphs, a wider selection of financial instruments, forecasts, etc. The platform is essentially a virtual workplace of the trader, and it should be as comfortable as possible in all respects.
Feedback
The quality and efficiency of consultations also has a great influence on the choice of a broker. Forex is a very dynamic market and anything can happen in trading: they turn off the light, the system crashes in the laptop or the smartphone runs out. At this time, you need to close the profitable operation, since the price is turning in the opposite direction. To protect yourself from such situations, keep your broker's phone at hand.
Trading Tools
The wider the range of currencies, the more room for maneuver. When you
make a choice of a broker, it is better to give preference to those companies that give the opportunity to work with precious metals, especially with the pairs USD / XAU (dollar-gold) and USD / XAG (dollar-silver). The gold exchange rate makes it possible to predict the dynamics of the dollar - a currency that is involved in many trade transactions.
Cash deposit / withdrawal
A good broker has many options for crediting money on a deposit and withdrawing profits from an account. In addition, you need to check if any fees are charged. Many companies for advertising purposes provide a bonus of 20-30% of the amount to replenish the deposit.
Website
The choice of a broker also depends on the quality of its website. Fraudsters usually save money on their development, and at reputable companies they grow to real portals, with a forum, news, videos, analytics, training and contests.
Here, perhaps, are all the main criteria for the best choice of the company with which you will work. Successful trading!