The choice is important, and yet many folks don’t get it right first time. Having the right broker can actually make a difference to your profit or loss. So what do you have to look for in a forex broker?
1. Investment Level
Look for a brokerage service that’s directed at clients at your investment level or a little higher. They vary widely from a $25 minimum right up to $10,000 or more . Don’t go for the forex broker with the lowest minimum investment unless you are going to invest the minimum. Each company’s spread and services will be different, and you need a service that’s a good match for you. Regulation
Check their membership of regulatory bodies. Keep in mind the regulators will rely on the country in which the company is registered. The main US regulators are the Commodity Futures Trading Commission ( CFTC ) and the nation’s Futures organisation ( NFA ). Foreign brokers may not be registered with them but will have other alternatives. Platform
Take a look at the software platform. Unless you plan to subscribe to a separate technical analysis service, you’ll need something that offers good charts. Some foreign exchange brokers also offer financial reports alerts which can be useful. Don’t forget to test the order process is clear and simple, to avoid mistakes.
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