There are many different retail brokers who offer online platforms for forex trading. Some of them have reliable platforms, and some don’t. Some charge a larger transaction fee, and some a smaller one. Some are regulated by reliable authorities, and some aren’t. The list goes on.
In today’s online-search-aholic society, it is important to remember that some of these brokers pay large amounts of advertising fees to the search engines so that they pop in front of prospective clients’ eyes.
The level of security is the first and foremost characteristic of a broker. You don’t want to hand over your hard earned money to a company that only claims it’s legit, right? Other important factors to check before opening a live account include but not limited to Execution and slippage, trading platforms, customer service, and minimum account size. Many of this also depends on your trading style as well. For example if you only want to test-drive forex trading, it would be important for you to choose a broker who allows you to open an account with $50 or something. If you are a short-term trader, slippage would become an issue.
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10 Things to Check Before Choosing Brokers
- Regulated or Not
- Transaction Costs
- Execution & Slippage
- Type of Brokers
- Minimum Account Size
- Trading Platforms
- Deposit and Withdrawal
- Customer Service
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