The Forex market does not have a central marketplace, so in order to trade you need to find a quality Forex broker to assist you in your trading activity. There are an ever-growing number of Forex brokers, making it a confusing and frustrating task to choose a quality broker. Particularly, if you have to wade through the vast number of advertisements in the print and electronic media spruiking various broker attributes. To help make your broker choice easier, it is helpful to take the following points into consideration.
The people element is still the most important factor n all financial transactions. Knowing that your broker has systems in place to attend to your needs when you need them is critical. Of course, it’s easy for a broker to promise a level of service and quite another for them to deliver on that promise.
A good way to gauge a broker’s commitment to customer service is to make a call to their service desk. Have some general questions ready about spreads, leverage, regulations and company details then ask away. This little interaction will give you a good indication of key service elements like call waiting times and the phone operator’s ability to quickly answer your queries.
Another way to judge a broker’s customer service reputation is to look for online reviews of their service.
Customer service can also be measured by the range and depth of information and support supplied by the broker.
As with all financial transactions, you want to be sure that the people who you are dealing with are reputable reliable and comply with all of your country’s regulations. Simply taking a Forex trader at their word isn’t very wise.
Fortunately, most nations have regulatory bodies that you can access to check the credibility of a Forex broker.
The United States has the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) the UK also has two bodies – the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). ASIC – the Australian Securities and Investment Commission is the governing authority in Australia.
For your own peace of mind and security you should ensure that your broker s registered with the relevant regulatory body.
Brokers make their money in two ways – through commissions on transactions or through spreads. It pays to understand the nature of transaction costs and how they will apply to the way you intend to trade. You also need to balance the transaction costs against the reputation of the trader. Lowest cost isn’t always the best option.
It should be non-negotiable that you be allowed to deposit funds and withdraw your earnings easily.
Brokers are holding your funds simply to enable you to trade. While each broker will have their own specific deposit and withdrawal policies, however, there should be no reason to make either transaction more difficult than it should be.
Without a trading platform you can’t access the markets. As such, it is vital that the trading platform and any software supplied by the broker is simple to use, has a range of technical and/or fundamental analysis tools, and allows trades to be entered and exited easily. Without these key elements, traders can inadvertently make costly order entry mistakes
A commitment to Forex education provided in a structured format that will cater for all traders regardless of experience and knowledge. The availability of one on one coaching sessions, regular seminars, structured trading lessons, and up to date information provided in an easy to understand format are all beneficial items that the very best brokers will provide.
Tools that give you the opportunity to gain a competitive trading advantage can make all the difference in your trading profitability. Brokers that make programs like Recognia, and trading platform plug ins like the advanced and special tailored indicators MT4 plug in available are offering you the very best opportunities to make informed decisions in real time. The more you know, the better your decision making will be.
Ultimately you want a professional Forex Broker that you can rely upon to support you so that you can focus on analysing and developing Forex strategies. At USGFX we deliver a strong set of beneficial and trading conditions and would encourage you to tap into the USGFX advantage today
