subject: How To Ensure You Select The Best Forex Broker For Your Trading [print this page] Finding the best Forex broker for your trading is not an easy undertaking. Forex traders can choose from a wide selection of brokers, each with unique trading packages. However making a decision as to which to use can be difficult as you wont know either the performance or the level of service they offer until you actually open an account with them.
While some brokers should be avoided, there are a number of very good Forex brokers that can be relied upon for your trading. This includes both the reliability and functionality of the platform offered as well as their service quality in dealing with clients.
The Forex market is a largely unregulated market. Because of the global nature of Forex there is no international body to provide global regulation. As a result a broker can operate and sign up trading clients without the need to have its financial actitivities regulated. This is not the best of positions to be in if you have a large number of funds deposited with them.
In an effort to clean up the Forex market, many countries now regulate brokers activities under their own local regulation. These only provide regulation for signed up brokers within their jurisdiction so it is essential to check for this prior to account opening. This will not only help to guarantee your financial transactions with them it will also guarantee your deposited trading funds.
You also need to take a look at the level of service that the broker is able to offer. Regulated Forex brokers will work to a specified level of minimum standard as laid out by the regulator.
Good customer service shows not only that the broker will be able to support your trading but also that they value you.
Look for a range of easiliy accessible support channels. Brokers offer a range of help including email, telephone and web based chat. This can be tested by opening a support ticket with the broker before opening up a live trading account.If you don't receive a suitable response back from the broker which deals with your question then try another one.If they fail to respond in a timely manner before you sign up with them then they are even less likely to when you are a client.
Also dont forget to check out the trading platform on offer. This is the primary tool that you will be using for your trading so it is important that it exactly matches your needs.
Many platforms are available and you can often try these out by opening a free demo account. One of the most popular trading platforms, Metatrader can also be used to trade when mobile. Ensure you choose a Metatrader 4 Forex broker if you think you might like this facility in the furture.
While you may be seduced simply by the sign up offers being offered, this should be only your secondary decision. In the end if you intend to take your trading seriously then you will be trading for a long time. Having a good relationship with a quality Forex broker will far out way a few dollars deposit bonus. This will ultimately benefit for Forex trading in the long run.
