Many people have asked us how to choose the best Forex broker for forex trading online. This article will explain in detail how we feel you should choose a forex brokerage. For more information about forex broker please visit [https://www.fxcm-markets.co.id].
Transaction fees or low spreads
Forex trading transaction costs are in pips. The more, the better. Spreads range from 2-5 pips in average. Avoid forex brokers who advertise spreads of 0 pip. They may charge additional fees.
Margin Requirements, Leverage Options
You can use leverage to your advantage or disadvantage. Better brokers will have a variety of leverage options. You might find a 400-to-1 leverage ratio too high. Is there a 200/1 or 100/1 option? Forex brokers should offer the leverage you need.
Many online forex brokers charge interest on trader’s margin accounts. Remember that forex brokers will not allow you to earn interest if your margin requirement is less than 2% (50/1).
Forex Brokers Customer Service
Excellent customer service is almost as important as any other thing, especially in forex trading. Even if it isn’t used, you should be able to access the minimum service requirements. Do Forex brokers offer 24-hour support? Is it possible to reach them by phone? Email? Chat? Are they friendly and knowledgeable when you speak with them? Be aware that service can be better than opening and funding a real-money account. If this is the case then you should withdraw your money and start a new forex broker.
High quality Forex brokers
You want to be sure that your broker is a good one. Forex brokers don’t have to be registered with any agency. This is because the Forex market has been labeled an “unregulated”. However, better brokers will usually be registered as Futures Commission Merchants or (FMC) with the Commodity Futures Trading Commission and regulated under the National Futures Association.
Forex Brokers Trading Tools and Research
Forex trading is easier with better brokers. Most brokers will also have some type of research on their trading site.
Online Forex Trading Platform
Forex brokers allow traders to trade over the internet for most, if they don’t already. Their software system is the heart of any online forex trading platform and is crucial.