Choosing a Broker to Trade Forex

Every person who wants to try his hand at currency trading on Forex should, at the beginning of his career as a trader, make a choice of a broker with whom he will continue to work. The profitability of trade in financial instruments largely depends on how correct the decision will be. To date, there is a huge number of different brokerage firms, among which there are many fraudsters. And so the choice of a broker for an unsophisticated person in such matters presents a certain complexity. To facilitate this task, let's try to identify the main factors that should be taken into account when making the final decision.

Reputation

The best option would be a well-known company with a solid history of working in the market. Usually on their sites the companies post information about their history, and the search for this information is not difficult. In addition, these data can be found in publications in the press, blogs and other sources. You can also view the various ratings, which are based on the feedback of traders. Despite the fact that they have differences, you can limit the first ten, where usually the same companies fall.

Availability of commissions

The choice of forex broker also depends on the size of the commission (spread), which he sets for the opening of each trading position. Its value usually ranges from 2 to 6 points (pips), depending on the instrument chosen for trading. In addition, each broker charges a commission for transferring the position the next day - SWAP. With medium and long-term trading, a large swap size can bring tangible losses and therefore this nuance also needs to be taken into account.

Platform for trading

Metatrader - this is though the most popular, but still not the only tool for trading on Forex. Some of the brokers develop their software, which has additional functionality, attractive design, convenient graphics, a greater choice of financial instruments, forecasts, etc. The platform is essentially a virtual working office for a trader, and it should be as comfortable as possible in all respects.

Feedback

The quality and speed of the consultations also has a great influence on the choice of the broker. Forex is a very dynamic market and in trade, anything can happen: turn off the light, the system crashes in the laptop or the smartphone is discharged. And at this time it is necessary to close the profitable operation, since the price is reversed. To protect yourself from these situations, keep your broker's phone close at hand.

Instruments for trading

The wider the range of currencies, the more room for maneuver. When you make a choice of a broker, it is better to give preference to those companies that enable you to work with precious metals, especially with USD / XAU (dollar-gold) and USD / XAG (dollar-silver) pairs. The gold rate allows to forecast the dynamics of the dollar, a currency that participates in many trade transactions.

Deposit / Withdrawal of Funds

A good broker has many options for crediting money to deposit and withdrawing profits from the account. In addition, you need to check whether fees are charged at the same time. Many companies for advertising purposes provide a bonus of 20-30% of the amount of deposit replenishment.

Site

The broker's choice also depends on the quality of his site. Scammers usually save money on their development, and from solid companies they grow up to real portals, with a forum, news, videos, analytics, training and contests.

Here, perhaps, and all the basic criteria for the best choice of the company with which you will work. Successful trading!