Choosing a reliable forex broker can be a stressful task, especially if you are a novice trader and have no clue what you should be looking for.
In this article, we will share the key characteristics any trustworthy broker should have and what you should focus on when picking the right forex broker for yourself.
- Regulation
Regulation and license are without any doubt the first criteria to consider. The broker must have a license to provide financial and brokerage services and must be regulated by an official organization. If the activity of your broker is not regulated by any institution, it means that it can basically do as it pleases with your funds. The activity of a reliable broker should be governed by an official regulator responsible for handling any disputes and trade claims that may arise between a trader and the brokerage. So, if you want your interests to be protected and your money to be safe – a regulated broker is your first choice.
- Commissions and fees
All brokers charge commissions and brokerage fees for the services they provide. The rates depend on the broker type and the type of trading account a trader chooses for himself as the most suitable. Every time you enter a trade, you will have to pay for either the spread or a commission, so it makes sense to find a broker with the most attractive and favourable trading conditions.
Make sure you know if you need narrow spreads for your trading style, and then consider your available options. Your goal is to find the balance between security and low transaction costs.
- Deposit and Withdrawal
Speedy, hassle-free withdrawal and deposit process is the next essential criteria. Check out which payment methods your broker offers. Brokers, if they are not scammers, have no reason to make it hard for you to withdraw your profit. If the broker has a wide selection of various payment options – via bank cards, wire transfer, e-payment systems, it means that it’s dedicated to doing its best to make the withdrawal process as speedy and smooth as possible for you.
- Trading Platform and knowledge base
With forex trading, all trading activity happens online through a trading platform the broker provides. That’s why it’s essential that your broker’s trading platform has a user-friendly interface and be stable. It’s perfect if your broker also has a mobile app, so you can easily trade on the go from your phone.
When picking a broker, always check if the trading platform it offers has a free news feed and various easy-to-use technical and charting tools. Also, browse through your broker’s website to see if there’s a special education section with tutorials, articles and other training materials for novice traders. If your broker has all that, it means that it’s interested in your trading success.
- International awards and recognition
As a confirmation of its business success, every trustworthy broker should be globally recognized and have quite a few industry-related awards in its bag.
AMarkets is constantly proving its leading positions by winning global awards in various nominations. Just recently, the broker has added two more trophies to its shelf by winning the Best Copy-trading platform Nigeria and the Best Affiliate Program Nigeria 2021 nominations at the International Business Magazine Awards.
- Customer Service
And last but not least. Select a broker that has round-the-clock customer support. The competence of a broker when dealing with technical and account issues is just as important as its performance when executing trades.
Adedapo Adesanya