Tuesday December 19, 2017 - 17:48:26 GMT
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What to Look For in a Forex Broker
Approximately $3 trillion is traded every day on the Forex market, unmatched by any other global market. The sheer size and potential is most likely what attracts initial traders to Forex, but traders stay around for the accessibility and profitability. If you are considering trading in Forex, the first step is finding a good broker. Here are some things to keep in mind.
The most important thing is to make sure you are investing with a credible Forex trader. Doing a periphery background check should not be too difficult. Each country publishes lists of licensed Forex brokers so just check the relevant one. However, just because someone is certified doesn’t mean they are right for your needs. The best way to find a broker is often through referrals so ask any contacts who trade Forex if they would recommend their broker.
How much can you invest?
Some brokers will have limits on the minimum amount you can invest, so if you don’t have that much right now and your ideal broker requires it, consider whether you want to wait until you have that amount or go with an alternative broker. In addition, if you have a lot of cash you invest some brokers will give you a cash bonus, so if this is your situation make sure to shop around to make sure you don’t miss out on a good deal.
Access to funds
Why do we invest? To make money. The inflow and outflow of funds should be a smooth process so look for a broker with which you can withdraw money quickly if you are in need of money. Access and customer service is almost as important as the skill of the trader, so be sure to check customer service before making a commitment.
Thinking of branching out?
It is well known that it’s beneficial to have a diversified investment portfolio. The size, accessibility and profitability of Forex make it a great place to start but you may get to the point where you want to consider stock trading as well. The methods to find the best online brokers for stock trading are similar to Forex: search for credibility and suitability to your needs.
There are many great brokers out there, but you will have to do some research. Good luck with finding a broker that meets your needs.
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