For those who are new to forex trading, it can be hard to know where to begin. One of the most important early decisions that you’ll need to make is who to use as a forex broker. This choice will be vital to your success on the foreign exchange as time progresses, as your broker will become your portal to the markets, your advisor, your supervisor, and your first port of call when it comes to making hard decisions.
There are thousands of different brokers available to choose from, and their talents, skill, expertise, and services vary wildly. Sifting through them can be a minefield, and finding the right one for you can sometimes seem utterly impossible. However, there are a few very important criteria that will help to narrow them down. Anyone who doesn’t meet them can be discounted immediately. The three most important are these…
Their Currency Pairs
It is a wise man that said you ought to choose your broker based on your currency pairs, not your currency pairs based on your broker. There are thousands of different pairings to choose from, and the ones you select will have a marked impact on how successful your strategy proves to be. It’s incredibly important to make decisions based on your personality, and thus to build your strategy around this. As such, it should be one of the first choices you make. Don’t ever be tempted to renege on your decision simply to suit a broker; if a brokerage firm doesn’t offer the pairs you want, discount them immediately.
Their Customer Service
Part of the beauty of forex lies in its flexibility, and you need to find a broker that reflects this ethos. The forex market is available 24/7 so you should be able to trade whenever you want; if this is outside of business hours, find a broker who’s available when you need them. One of the best ways to assess this is to make your initial enquiries after 7pm or so – if you can speak to someone instantly, you might just have found a broker who ticks the box. Make sure, too, that you can talk to a live advisor as opposed to an answering machine, as there’s nothing worse than having to navigate electronic messages before a trading window closes.
Their Trading Platform
Your trading platform will be your portal to the markets, and as such it needs to be utterly perfect for you. Most brokers will offer demo accounts to trial their services, so be sure to take advantage of these. The most important things to consider are arguably aesthetics, ease of use, and accessibility, but if there is anything at all that you’re displeased with, discount that broker immediately; there are so many firms available to choose from that you never need to settle for second best.
Follow these tops tips today and you’ll find the perfect forex broker for you.