Are You Choosing The Right Forex Broker?

By Webb Ward

Posted: 18th July 2014 08:52

Foreign Exchange Market is an exciting business proposition marked by the presence of dynamic traders and as well as brokers. Owing to the high competition in the market, there are several brokers offering multiple advantages to a trader. However, finding the broker who/which will suit your needs the most is not that easy. You might as well be required to sift through a number of web and print advertisements in a bid to zero in on the right broker. Go through the post in a bid to be duly acquainted in this regard:

Check out the Standard of the Platform

One of the basic things that you need to look out for – is the quality of the broker’s platform. You might choose a Java or a desktop application, based on your needs. As a dynamic trader who wants to trade quite often and explore the market, you would like to trade on platforms which rarely crash or freeze.  The forex platform should be particularly stable during the times of global economics news or events. Besides stability, flexibility of the platform is another aspect that you need to watch out for. The flexibility of the site can be judged by how fast you are able to open or close a trade. Aggressive or the more active traders, who are watching the market on a round the clock basis, need to be more cautious in these respects (i.e. reliability, flexibility etc), as compared to the moderate or the lesser active traders. Check out platforms like cornertrader and www.fxempire.comto know more.

Is your Broker Regulated?

It is very important to find out whether the forex broker is duly regulated or not. Brokers in all the countries are not regulated in exactly the same fashion. They do not have similar requirements governing the financial registration. For instance, in America, a reliable broker will be registered with the U. S. Commodity Futures Trading Commission or the CFTC—being a member of the NFA or the National Futures Association. The NFA is a self-regulatory body which formulates the required rules and regulations as a means to sustain the integrity of the market. Other than the US, the countries like Australia, USA, Japan and the UK have dedicated regulatory agencies. Know how the regulatory body functions and whether the forex broker is regulated in an on shore or off-shore country. Only a flashy and sleek looking website cannot guarantee reliability or flexibility of a platform.

Customer Care Services

How well does the forex broker’s customer services perform? It’s always advisable that you opt for services backed by efficient customer care executives ready to fulfill your queries anytime. It is much more convenient to deal with a live individual than the laborious automated systems. Ring one of these brokers up in a bid to gain an understanding about their customer services (how adept they are at answering your queries, instantly), for how many years they have been in this industry, the size of trade volume they are handling etc. 

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