Choosing a Forex broker: 5 rules by Onlinemarketshare broker
22 / June / 20 Visitors: 283 ★★★★★
Choosing a Forex broker: 5 rules by Onlinemarketshare broker
The profitability of Forex trading depends on different factors, including skills, experience, and the trader's dexterity. However, the broker also plays an essential role in successful trading. The broker, like Onlinemarketshare, can provide several trading instruments, different leverage, flexible spreads, and trading terms for its customers. The number of satisfied customers reflects the quality of the broker services, as well as the level of data security, privacy, methods of funds withdrawal, and access to analytical data.
Since a trader cannot trade directly on international exchanges, he needs a broker anyway. Onlinemarketshare broker (onlinemarket-share.com) recommends choosing a broker carefully to avoid disappointment and money loss. Forex broker acts as a service provider for the trader and earns money from the spreads. However, every year several fraud brokers enter the market to manipulate client's data. These brokers are called scammers. Onlinemarketshare warns from such cooperation since it cannot bring you any good profits. Onlinemarketshare forex broker provides five basic rules for choosing a broker that can be helpful for the forex traders.
Regulation is a significant point. A trustworthy forex broker should follow regulations of reputable financial institutions. As a rule, the information about the jurisdiction is placed on the company website. Check the "About Company" section or the footer of the page for the name of the country where the broker is located. The right jurisdiction adds weight to the eyes of potential customers and broker's rating in the trading world. For example, the Onlinemarketshare broker is registered in Hong Kong, and its regulator International Financial Institution is also located here. That’s the sign that the broker has a strong connection with a financial market of its location and the world financial system as well.
First, you need to check the status of the broker, read reviews about the company. Onlinemarketshare broker reviews can tell this is a reliable broker with flexible terms and helpful support. There are two main types of reviews: the comparative rates for brokers and the long detailed reviews for one or several companies. Both types are useful, but the reader should remember that some young brokers cannot enter the rating lists because of their small-time on the market. Besides, some negative reviews can be paid or written by competitors: unfortunately, some unfair brokers buy reviews to praise them and decrease their competitors' reputation.
The reliable broker should run the convenient official site. It should be well-designed and informative; all links and forms should work correctly, the texts and signs on the site should not have many typos, and so on. The convenient search within the site is also essential. It is important that you can easily find all the information you need on it, read not only about the broker but also about all the offers.
If the website looks unprofessional and primitive, please beware: it can be a scam, Onlinemarketshare states. Of course, the website itself is not the proof, but if the company does not care about its presentation, it’s odd. Onlinemarketshare broker recommends checking the company in detail.
Forex broker must have a technical support service that is ready to resolve various issues. Onlinemarketshare broker offers 24\7 support, though, on holidays, the number of operators online is minimal.
Sometimes the quick and accurate response of the support service saves significant money. During trading operations in the forex, traders transfer large volumes of money in short periods. In the peak hours, for example, there is some risk of technical issues at the periods of market volatility. The issue results in the inability to carry out a particular operation, open or close a deal, technical malfunctions, a failure to use a trading platform, and so on. A trader cannot fix the problem on his own because it is above his competences and responsibilities. So the trader should consider this point seriously. So analyze the response time and willingness and ability to help, check the reviews about the client service and try it on your own.
For better profitability, a trader needs to choose a broker who allows working with several markets at once: stocks, currencies, commodities, and indices. Reliable broker must meet the expectations of any trader, offering a choice of account types - from the most affordable to VIP. Besides, some brokers offer the demo account to try working before investing money into trading. Onlinemarketshare provides a demo account, four types of real accounts, and unique Islam accounts for Muslim traders.
The trading platform is also an important feature that helps to evaluate the broker. The broker must allow the trader to work on a modern and efficient platform. For example, the Onlinemarketshare broker offers MT4, including modification for the webclient, mobile gadgets, and modification for online work. This is the set that a good broker should offer with MT4, a wholly functional and reliable solution for trading. Many well-known traders and experts in the field of programming, trading, and economics worked on this system. The platform is intuitive; it is easy and pleasant to work and trade with it. Metatrader4 must be installed on a trader's computer, or you can use its web version or mobile application. The platform is simple, reliable, it includes a large number of technical tools, and it allows the installation of various additional elements, such as advisor robots, indicators, and so on.
A web trading terminal is a very useful thing in the sense that work can be carried out from any computer without installing the program, as long as there is access to the network. Another way to trade forex is an application for mobile gadgets that are designed specifically for true traders who cannot imagine life without forex and earnings. Imagine a situation that dawned on you to open some promising and profitable deal, and you are on the road/fishing/out for weekend with a family. In order not to miss the opportunity, you can open the necessary positions from your smartphone. Such applications, in most cases, are based on MT4 and work fine on Android and iOS. That is why the Onlinemarketshare forex broker uses Metatrader4 as a trading platform.
Spreads and Commissions
Spread is the source of the broker's primary income. Sometimes a Forex provider does not charge a commission, but only earns on spreads. Suppose we work with the EUR/USD currency pair and open a position with a quote of 1.3950-1.3953, the spread here is determined as 3 pips. It turns out that at the moment when the trader buys at 1.3953, the position will somehow lose these same 3 points since, at the same time, it is possible to sell it for 1.3950. In this example, we can see that the wider the spread, the more difficult it is to make a profit. It is also worth noting that on main currency pairs, such as the mentioned EUR/USD, the spread is usually narrower than on exotic ones. Therefore, the strategy for the exotic on the forex must be chosen wisely. Onlinemarketshare forex broker offers static and suitable spreads for different types of accounts which gives traders wide range of options for trading.
Brokers set different spreads and commissions. As for commissions, a brokerage company can set a percentage of a position, although this is more often applied to securities and less to currency pairs. Onlinemarketshare broker has no additional commissions showing that it’s highly interested in increasing of the trading volume, providing its client with best trading options on the market.
Each trader is trying to find the smallest spreads, and this is normal. If you find a narrow spread, do not forget to check on what conditions you can use it. Some brokers offer the narrow spreads for new traders and only the limited period. As for Onlinemarketshare, terms of trading are equal for all traders on same account type, no matter the experience. Experienced market participants recommend checking the spreads information before the trading process itself.
The forex brokers usually offer customers a choice of several account types, as well as Onlinemarketshare does. The amounts can differ not only in the minimum amount of deposit, but also in leverage, spreads, commissions, margins, and so on. Leverage is a type of loan that a broker provides to clients with a margin account. The size of a loan varies in the range from 1:30 for those who use start-up accounts and 1: 500 for professional and VIP, where the service package is expanded. Consider an example. A trader opened a start account with a leverage of 1:50. With 1000 USD on the trader account, it is possible to open a position of 50,000 USD. It is necessary to increase profit potential. Onlinemarketshare forex broker offers leverage of 1:300 for all types of accounts.
Another vital point is money withdrawal from a broker. Brokers can use different systems for withdrawal: credit cards, bank accounts, online payment systems, and electronic wallets. Onlinemarketshare broker does not recommend cooperating with a broker, which offers not enough possibilities of withdrawal. Broker can charge a commission for withdrawal, or the bank can do it too, and the most reliable companies can do a withdrawal only the same way that you’ve deposited the money with. Onlinemarketshare forex broker does not take a commission for withdrawal, but sometimes a payment system does.
Why Choose Onlinemarketshare broker
Onlinemarketshare broker proved the away to access market and start working with indices, currency pairs, and securities, not mentioning all the energy assets and more. After analyzing the internet reviews, check it according to the criteria described in this article. The result will show that Onlinemarketshare broker has a reputation of a reliable partner for those who start cooperating with it. It is also essential that Onlinemarketshare has a will to increases customer loyalty with various bonus programs, partnerships, and promotions for working on forex.
It is difficult to find a broker who would pay so much attention to educational programs. The corporate website offers a whole section "Education" with a lot of training materials: video records, glossary, ebooks, and much more useful and exciting. Onlinemarketshare broker also cooperates with successful traders to increase brand awareness.
At last, the Onlinemarketshare broker offers round-the-clock technical support. It is also ready to give technical advice when you need it most. Stable and reliable server operation, data protection, and the best connection speed ensure the flawless work of a broker.
So, after a thorough investigation, check the results and compare with your expectation. Probably, you will register a demo account on which semi-real trading is conducted. Demo accounts for Forex trading are not the necessary feature to broker. However, the demo account is available to start with it and check all the issues and situations close to real ones. And after that you can start actual trading with Onlinemarketshare broker in a field of financial markets.