5 Top Qualities of a Forex Trading Broker

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Forex trading is a very lucrative market that gives you a lot of opportunities to earn huge amounts of money. It opens a lot of doors for the picking. However, it won’t start out so well if you don’t know which kind of broker you have to pick. Since your forex trading broker will be your very first major investment, you should have some guidelines on picking the right one.

forex trading broker sitting on a chair with her feet up on a gigantic alarm clock while it's raining cash all over the place

Here are the top qualities you should look for when finding the best broker.


Regulation

This is one of the most important aspects when it comes to considering a broker. You have to how and if the brokerage firm is under any regulation. If the broker is based in the United States, it must then be under the regulation of The National Fund Trading Commission. Aside from that, you should also find its name on the registration list of the Commodities Futures Trading Commission. This takes a few moments of verification, and thus very simple.


Website

This is also a very telling sign if the brokerage firm is serious about providing quality service to traders. Their website should look professional since this is where they portray themselves in the industry. Their professional website gives you a better idea of what kind of broker you are talking with. You have to see if the website has all the aspects and functions you deem important with a forex trading broker.


Spreads

When examining a broker, one of the things that should come on top of your list is the kind of spreads that they offer. The spread is the difference between the selling price and buying price. Always remember that currencies are always traded in pairs and thus forex trading deals with currency pairs. To be specific, a good broker offers competitive spreads, which should be no larger than 5 pips for major currencies.


Support for the Customers

Like in other industries, the firm’s customer support should be efficient and very useful. It’s one of the key indicators to look for when searching for your broker. Remember that if the firm has poor customer service, it will be difficult to ensure the profitability of your trades. For one, if they do not respond quickly or if the service provision is not clearly outlined, you’ll probably have a hard time asking them for assistance in case something goes wrong with your trades.


Healthy Amount of Leverage

Using leverage is very beneficial for traders. However, there are always two sides to a coin. Remember that while using leverage can magnify your gains, it can also double or triple the losses you may incur. That means that your broker should be able to remind and guide you when using leverage. The leverage that firms should offer should be suited to your risk tolerance and ability to strategize around forex trading risks.



Conclusion

Finding the right broker is one of the very first major steps you’ll take as you embark on your trading journey. Remember that the broker you choose is the one that will handle your money for you. You’re entrusting them your capital, so they should deserve the trust you’ll give them.


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