You need help if you’re considering trying your hand in forex trading and you are new to the forex business. A forex broker is your best source of help. However, you don’t choose just anybody. You want somebody experienced and has the tools that give you a fair chance of earning some money from the forex market.
Some of the aspects to investigate when searching for the right broker are: length of experience in business, account types, funds safety, customer support service, and trading platform.
You need a forex broker that will allow you to open micro or mini accounts. Even if you can afford to open a large account, it is important to start with smaller amounts while you’re familiarizing yourself with the trading platform of the broker before you really plunge in.
Be sure to consider the broker’s trading platform in your choice of broker. You’ll do well with a broker using a MetaTrader(MT4), an advanced software that offers all the indicator tools you need to analyze currency movements with accuracy and has a feature which automatically delivers forex signals to subscribers.
The forex broker you choose should be able to provide a foolproof system of keeping your funds and trading accounts safe, and must be highly flexible when it comes to your deposits and withdrawals. It must have the most stringent firewalls and advanced SSL technology ensuring protection of information during transmission. The best forex companies allow local transfers through the major credit cards like Diners’ club, Master Card and others. You also want the broker to have the technology giving you instant access to your accounts anywhere and anytime.
A first-rate customer service support system should be at the top of the list of things you want the broker to have. A 24 hour live chat service with highly capable employees on the other end ready to respond to your queries and calls for assistance provides you excellent chances of earning from every investment to you put in.
Lastly, the broker you choose to help you manage your trading activities must be registered with either the CFTC or NFA or both, if it is US-based. A UK broker must be registered with FSA.