Are you considering Forex trading as your long-term career that will provide you with huge profits one day? Would you like to make a living off it? If so, you are probably aware that choosing a good, reliable broker is one of the most crucial things you must do to make your dream come true.
It’s no wonder that the Internet is filled with numerous fraudulent brokerage, flashy websites which are nothing more but a pale copy of what a broker should be. Among multiple Forex brokers, you have to know how to distinguish between quality ones and those who aren’t.
Speaking of that, we are here to help you recognize quality brokers for your future trading and to choose the best one. Let’s get started with tip number one.
#1 Do proper research of Forex brokers
Many beginner traders often skip the first mandatory step to do proper research of available brokers. One good forex broker review can give you all the necessary information you need to choose the right broker for you.
It’s imperative to do profound research on Google about every Forex broker of your interest and compare them so that you can narrow your choice. Reading reviews is always the best way to gather information and get the complete picture of what you can expect from certain brokers and otherwise.
Check its general information, such as funds trading and security, customer service, the trading accounts, platform, conditions, etc. See if your broker has a demo account for you to practice and their minimum deposit and transaction fee.
#2 Make sure your chosen broker is regulated
As mentioned above, the online world is full of suspicious brokers with flashy websites and unreliable information. What you must do is to make sure that regulatory agencies regulate your preferred Forex broker.
Suppose you are a citizen of the United States of America. In that case, you should check if these particular agencies regulate your broker: the CFTC – Commodities Futures Trade Commission and the NFA – the National Futures Association.
On the other hand, each European country has different regulatory agencies.
European regulatory agencies
- Sweden – Swedish Financial Supervisory Authority (Finansinspektionen)
- Poland – Polish Financial Supervision Authority (KNF)
- Luxembourg – Commission de Surveillance du Secteur Financier (CSSF)
- France – Autorité des Marchés Financiers (AMF)
- Denmark – Danish FSA
- Italy – Commissione Nazionale per le Società e la Borsa (CONSOB)
- Latvia – Financial and Capital Market Commission
- Netherlands – Authority for the Financial Markets (AFM)
- Lithuania – Securities Commission of the Republic of Lithuania.
- Cyprus – Cyprus Securities and Exchange Commission (CYSEC)
- Malta – Malta Financial Services Authority (MFSA)
- Portugal – Portuguese Securities Market Commission (CMVM)
#3 Its customer service should always be available
Imagine having a problem that you need to fix as soon as possible, but you don’t have anyone to help you. A reliable and quality Forex broker is the one that offers customer support 24 hours a day, on working days (Monday to Friday).
You must always feel free to contact a live person who can help you with your potential problems related to Forex trading in general. Please don’t underestimate this service, since you’ll need it sooner or later.