Choosing a broker for long and effective cooperation – practical recommendations
In aid for Forex trader beginner. Choosing a broker for long and effective cooperation. Practical recommendations.
Completing the training and getting the fundamentals on Forex, the question of choosing a broker arises for every trader beginner inevitably, cooperation with who would bring not only pleasure, but also profit. Therefore, it is important to take the issue with due attention. Thereon, strictly speaking, your success as a trader will initially depend. So, where to start?
- Reputation and work time on the market
- Working platform
- Input-output of means
- Client support
- Trading conditions
Reputation and work time on the market
As in any business, reputation is often crucial. Quite often trader beginners make their choice in favor of broker on the people’ advice who work in Forex market of some length. Good advice is always a great help in any business, but it rests with you to decide. It is a good practice not only listen to someone’s recommendations, but also read reviews over the Internet.
The second, but not less important criterion is the broker’s work time on the market. Five-year work experience is an indicator already, especially if during this time the broker has survived financial crises times or other economic shocks. So, the longer the service is, so much better. Consider the broker’s site during the first encounter on the Internet carefully. The site should be bright, recognizable and easy readable. A self-respecting broker would not save on it.
On Forex market there are brokers, working on their own development platform, but the main part of them work on the universal MetaTrader4 and already use more advanced MetaTrader5. Now these platforms are developed for various mobile devices, which allows trading easy from tablets and smartphones practically from anywhere, where the mobile connection and the Internet are.
Five-six years ago this could only be dreamed of. Moreover, some leading brokers began to use trading platforms such as Webtrader, which allow trading directly from the Internet – browser using a wide range of tools, both for trading and for technical analysis. Using this type of trading platforms, the trade can be done without applications’ installing and from any Computer.
Input-output of means
Account replenishment, withdrawal of funds can be carried out in a variety of ways in our days. As a rule, large and reliable brokers use from five to ten ways of means’ input-output. These can be transfers to bank cards, transfers through various electronic systems, for example, WebMoney. Opt on that broker, whose input-output can be implemented 24 hours, 7 days a week. If you plan to work with petty cash, pay attention to the minimum amount of funds’ input-output.
The attitude to customers expresses volumes. For you, as for beginner trader, twenty-four-hour client support will be necessary, because the maximum number of questions arise at the initial stage of work. Contact the support center, by phone or online immediately. Ask few questions, make sure that the answers are given quickly and competently. It will guarantee that in the future, if there is any problem, it will take a minimum of time to solve it.
So as trader beginners usually start working with small amounts of funds, choose such types of accounts that allow you to work with micro lots. Amount of funds on such accounts can be displayed in cents. The absence of minimum deposit amount will allow you to trade even with an amount of several dollars. Before you start working with real funds, open a demo account in broker you have chosen and analyze carefully the size of the spreads with high market volatility, if the spreads are floating.
If spread is fixed, then it has one meaning for different volatility. If you are limited in means, then the size of the leverage is also important. At present, the normal is the leverage 1:500, but there are brokers, who provide the leverage 1:2000 on Mini accounts. Test the work in order execution mode. If there are frequent requotes during normal work, think about choosing another broker. Oft-repeated disruptions also make against broker’s reliability.
So, be careful, look, analyze. Ultimately, you get to choose. Taking the right choice in favor of one or another broker, it is possible to turn work with him into mutual cooperation and avoid a lot of unnecessary problems. Dare! Good luck!