Are you a trader or just looking for a reliable online forex broker? You have come to the right place. In this article, we will share the Methodology for Evaluation of Brokers. If you visit a financial news website, you will see hundreds of advertisement brokers. You can choose the best one by considering these things.
The first thing to consider while choosing a forex broker is to check its reputation in the United States. A good forex broker will be a member of NFA, which is a self-regulatory organization. You need to keep in mind that a flashy website is not an indication of a good broker and proves that it is an NFA member. You can find the NFA member number on the “About Us” page of the website. You also need to keep in mind that every country has its own regulatory body.
Features of Account
Every broker offers different features for the traders. In this article, we will share some areas to consider when comparing features. These features are leverage and margin, initial deposit requirements, commissions and spread, and ease of withdrawals and deposits.
Most of the online forex brokers can be funded with small initial deposits. A forex broker Roboforex offers a minimum initial deposit of $10. However, the buying power is much greater, which is the main attraction for new investors and traders.
You also need to keep in mind that brokers have different withdrawal and funding policies. You can fund an account using ACH payment, wire transfer, credit card, and PayPal.
Currency Pairs Offered
There are lots of currency pairs available for trading. However, there are some pairs that get the attention of the majority of traders. The major pairs include EUR/USD, GBP/USD, USD/JPY, and USD/CHF. A good broker can also offer other pairs as well, but the important part is that they should interest you as a trader.
Another important thing to consider is customer service. A good forex trader offers these services 24/7. You can contact the support team at any time of the day. You also need to consider how easy it is to get a person to live on the phone. If a representative picks your call in few minutes, it is a clear indication of good customer service.
The last important thing to consider is the platform itself. A trader needs to make sure that the platform provides them with all the necessary tools that they need for fundamental and technical analysis. You also need to make sure that you can enter and exit a trade with ease.
A well-designed trading platform will help you make decisions at the right time. A poorly designed interface can lead you to make entry mistakes. It is also better to choose a platform that is customizable. Most of the online forex broker offers a free demo account, so you can test the interface in real-time. Moreover, a demo account can help you learn to trade as well.