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Forex broker selection criteria


23 / February / 20 Bunsi Shakiramal Visitors: 96 Rating: ★★★★★

Having successful trading skills in the Forex market, the trader can only decide who to work with, that is, which broker to trust for long-term cooperation

The right approach when choosing a broker will allow you to make long-term money, while working with a broker completely on trust, thereby creating for yourself comfortable psychological working conditions

 

Criterias of choice

Work experience of a broker in the market. An expert in the financial services market can be considered a broker who has been providing them for at least 3 years. Thus, the company demonstrates its successful experience in the market, the volume of the client base, achievements, and quality conditions for the provision of tenders for the trader.

 

Availability of a license for the provision of brokerage services. The broker must be regulated by the relevant authorities, and have a full package of documentation and permits. In any case, this fact must be carefully checked before opening a broker's trading account.

 

Name and number of currency pairs for trading. In addition to the main currency pairs, such as: dollar, euro and pound, the broker must provide the maximum possible number of currency pairs of different countries. Since each trader has his own specific strategy, associated precisely with the pair that he carefully studied.

 

Conditions for depositing and withdrawing money. An honest broker always provides the largest selection of payment systems for depositing and withdrawing funds, which allows you to create a high level of comfort for each trader. Also, the broker must allow the input and output of funds using payment cards. If there are restrictions on several popular payment systems, this may be a sign of a fraud broker. It is necessary to pay attention to the commission and the timing of the withdrawal of funds. If the commission is clearly overstated, for example, more than 5 percent, this is no longer right and good. Withdrawal dates should not exceed 5 business days.

 

Studying customer reviews working with a broker. For the correct solution to this problem, information about the broker must be collected from several sources. First of all, these are forums, large financial portals, blogs, websites with analytics. The fact is that some brokers can camouflage themselves by buying positive reviews. That is why you can not be limited to only one source.

 

Output

Choosing a Forex broker, you need to show the maximum level of attention and responsibility. Even if it takes a certain part of the time. Because, on the correct choice of a broker, successful and long-term work depends. Even after choosing a broker, you need to periodically about once every six months, check it for all five points in order to find out in time about possible positive or negative changes in the broker.

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