The first thing a new Forex Trader must decide is which broker to use fxcm markets. All of them sound great on their websites, but how can you be sure to put your trust in one? Here are a few guidelines to help you pick a reputable Forex broker.
You should also check the minimum capital that is required to open a new account. You might want to use micro lots as a beginner. Find a broker dealing in micro lots. If you’re not familiar with the Forex markets, look for brokers who require a small initial deposit.
Consider Customer Service
Because the Forex market operates 24 hours per day, the broker needs to be available at all times. The broker should have staff you can reach at any time. Even though trading is done online, the broker should be reachable by phone in case you have any questions or issues.
A good Forex Broker will have a platform that’s easy to use, and also reliable. It is important to be able open a practice account for trading before using real money. It allows you to test the system and determine if it is right for you. Make sure that the broker has the currency pairs that you are interested in trading. The broker should have a range of pairs to ensure that you can expand your trading to new currency pairs without having to change brokers.
Check out their reputation
Check out the broker before opening an account. You can search for them using their name along with “complaints”. On Forex message board, ask them about it. They will likely make a lot of noise if they have had a problem with the broker. You should also pay attention to reviews, but be selective, because most brokers, unless new to the market, will have some complaints. Check out reviews of professional traders with experience in the industry. Ask experienced traders for their advice. They are more likely to know which traders to trust and which to avoid. You can open two demo accounts and test them out to see if they provide the features that you want for your trading.
Find a regulated broker
Forex trading may not be regulated but brokers are. Select a broker who has been regulated by the official regulatory body in your country. It is important to take your time choosing a brokerage. You shouldn’t rush into trading or pick the first broker you come across. You need to find someone who you trust and with whom you have a long-term business relationship.