Choosing a currency broker can create a lot of uncertainty for traders just starting out in the Forex market. This is independent of the type of broker that we want to select and that we have already seen their differences. When one goes to buy a home, its exterior appearance, its design, its decoration, etc. are not enough.

Surely, we want to know if your pipes are in good condition if your foundations are solid if the gas supply is adequate, that which cannot be seen with the naked eye.

Here are some tips on what a trader should keep in mind when selecting a currency broker.

A regulated forex broker is essential

This aspect is deeply linked to security. Remember that a trader is going to give thousands of dollars to the forex broker to act on his behalf. It is not enough to trust the broker to tell us that he is a reliable forex broker.

For this, in most countries, there are brokers regulated by credible government agencies that undoubtedly dependable. A broker who is under regulatory rules makes the difference from one that could be a fraud.

How much will the currency broker cost us?

Having the services of a forex broker will demand the payment of costs – there is the benefit of these businesses – and not always choosing a “cheap” one guarantees us good services. Recall that, according to the type of currency broker, the forms of compensation vary. Some have fixed spreads, other variables; others have a combination of low spreads plus commissions.

Our choice must be based on the type of operations and strategies we want to carry out and an adequate balance between security and transaction costs.

Clear forms of withdrawal and deposit

One of the aspects that we must consider when choosing a currency broker is that its deposit and withdrawal process is transparent, agile, and without complications.

A broker should not offer any kind of obstacles so that the traders can have their funds at the time they want. Therefore, it is necessary to consult what are the mechanisms that the trader has at its disposal to have the benefits that it obtains from its operations in the Forex market.

A friendly platform

Because the operations that the trader will perform in the Forex market will be through the forex broker platform, online, it is essential that the platform is friendly, easy to understand.

The trader will spend several hours in front of the platform, it is essential that it has a free news service, which makes charts and easy-to-use tools available to the trader. We must not forget that we must have a quick-access “user manual” so that learning in the use of the platform does not require us too much time. And if you have an online help service, great!

Correct execution of orders

The forex broker is obliged to fill their orders at the best available price and without surprises for the trader.

When the trader clicks taking a buy or sell position, the broker must fill his order just as the trader has sent it. On certain occasions, it may happen that, due to news, sudden changes in monetary policies, the Forex market may be affected, and significant volatility or lack of liquidity appears.

For the trader, it is important to have a stable and fast internet connection; otherwise, a delay in the time in which the forex broker receives the order may mean the loss of some pips, especially if their strategy is the scalping.

A solid customer service

A forex broker may be the most stimulating and friendly person we know when he is in the midst of offering his services, but will it always be that way for the duration of the relationship?

Good customer service implies that in the event of any inconvenience that arises, we can resort to our broker are delays and with an adequate communication system. With these simple tips, traders who have just started in the Forex market will be able to search inside the different currency brokers and thus be able to choose the most convenient one.

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