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Forex Brokers: Which One Should I Pick?

picking forex brokers

With the forex market being the largest financial trading market worldwide it is no wonder there are numerous forex broker firms operating global. Due to this increasing amount of forex brokers you are provided with the opportunity to pick one which is perfect for your particular trading needs. In order to do this there are certain questions which must be answered before making your final decision.

What trading tools are on offer?

Discovering what tools and resources different forex brokers offer is important. Particular features you will be looking at include forex charts and the option of apps. Below are some general questions the broker should be able to answer.

– Are forex charting tools available?
– If the charts are available, what are they?
– Are forex news feeds available?
– Is there live commentary on the news feeds?
– How regularly is the news feed updated?
– Are rate alerts issued?
– How are the rate alerts issued?
– Are reporting options available?
– What details can be provided on the reporting options?
– How user-friendly is the trading platform?
– What features are integrated into the trading platform?
– Are any iPad apps available?
– Is mobile trading available?

Of course, these are questions pertaining to particular resources exclusively. One must also examine and enquire as to other features such as customer support and payment structure. It is important you find a trustworthy, reliable and reputable forex broker.

Is there an effective support structure?

Effective customer support is a vital feature which must be examined. Forex trading operates on a 24 hour basis, thus it is imperative forex broker support is available at all trading times. Before opening an account with a particular forex broker you must determine the quality and level of support offered. Furthermore, the form in which this support can be accessed. Is it available via telephone, email and chat or only one of these three methods?

Is the payment structure satisfactory?

It must be remembered that forex brokers do not receive an annual fee or commission on trades as payment for their services. Instead, the forex broker earns income off the spread of their client’s trade. This spread is calculated as the difference between a bidding price and the offer on a trade. However, there are those who do present traders with the option of a commission-based payment structure with a slimmer spread. If you are working with this type of broker it is recommended you do calculations to determine whether a per-trade commission deal is more cost-effective that a spread-based deal.

Will orders be filled by the forex brokers?

It is important you discover how your take-profit and/or stop-loss orders will be filled. Are the stop losses to be filled once the bid price matches the stop price? Furthermore, are stops even guaranteed? If they are, what are the associated terms and conditions? Reputable forex brokers should have all this information on their website.

 

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