Selecting a CFD broker can seem like an intimidating task. It is probably the most important decision when you begin trading Forex, however, it is not always the easiest thing to do – after all, choosing the right forex broker for you takes time and research. There are a few things that may help you screen through your options.
In general, some factors should encompass your choices as a trader: quality customer support, platform features, and costs.
Forex Brokers with a Reputation for Performance and Customer Service
This is an important one. There are so many trading platforms out there that provide the same features. It is important to choose a broker with a reputation for great customer service, as well as good rates and reliability. To find a reputable broker, you will have to do some research. Check out independent reviews of brokers online as well as forums dedicated specifically to trading forex or commodities.
You should also look into the regulatory bodies that regulate your chosen country’s forex broker. The Financial Conduct Authority (FCA) in the UK is one example, though not every country has such an organization in place. You can check this site to see if a broker is registered with the appropriate government agency in your country:
Platform Options
A Forex broker that offers the ability to trade on many different platforms may not seem important at first, but it is incredibly important when picking an option. The differences between platforms can be vast. There are two main types of platforms: trading platforms and web trading platforms. A platform is made up of all types of software, apps, and tools that a trader needs for their trading needs. Viewing different platform options will allow you to determine which fits your needs best.