How to choose Forex broker?
How to choose the right forex broker, the foreign financial market is the largest financial market in the world, with an average daily turnover of more than $ 4 trillion, and it is difficult to choose the appropriate forex trading platform because it does not include a central market, in addition to the huge number of Forex brokers And the ever-increasing, due to the demand for Forex trading to achieve many profits in a short period of time, such as achieving the profits of metals trading, oil trading, gold trading.
So when choosing the right broker for traders, you should focus carefully and check through certain methods, especially in the midst of this huge number of broker advertisements across magazines and the Internet, so we discuss in this article the method of choosing the appropriate Forex broker.
How to choose the right Forex broker
Through these steps, you can choose the appropriate Forex broker to conduct your business in the foreign financial market, as follows:
Regulatory commitment in the United States
When choosing a trading broker, you must ensure that he mainly joins two organizations. Firstly, the National Futures Association “NFA” is a self-organizing organization that manufactures futures contracts in the United States of America. This organization works to protect the listed financial market and traders and investors and helps traders to Take organizational responsibilities.
Secondly, the United States Futures Committee “CFTC” is an independent government agency that regulates commodity and options futures markets, and that organization works to protect its broker and market participants from fraud, manipulation, and improper business practices, by selling commodities and futures financial options, as well as Supporting urgent contracts markets and opening up areas of secure financial competition.
The famous website that advertises a commercial broker is not necessarily affiliated with these organizations, but when entering the web pages of brokers, information about them will be available in the “About Us” section and you will know when reading the description whether they are affiliated with “NFA” and subject to the laws and rules of the “ CFTC ”.
This is not only in the United States, but each country has its own regulatory bodies, due to the potential risk to deposits and broker guarantee, so it is necessary to do business with companies that are subject to the agreed upon regulation in the country.
Initial deposit in Forex trading
Forex accounts carry a very important feature for new traders, as they allow the account to be funded through a small initial deposit, it can be only $ 50 in addition to the leverage, which enhances the purchasing power more compared to the small initial deposit, and the majority of brokers in Forex provide standard and small accounts And infinitesimally small.
Easy deposits and withdrawals
Forex brokers usually offer easy ways for account holders in withdrawal and deposit policies, where account holders can deposit their money by credit card, ACH payment, or through PayPal, or via a bank transfer, or a commercial or personal check, as well as making withdrawals via transfers Bank or checks, against a small fee charged by the broker for these transactions.
Currency pairs shown
It is necessary for brokers to offer popular currency pairs in the financial market, as there are a huge number of currencies available for trading, but interest only stipulates some of these currencies, and as a result trading occurs with high financial liquidity, the main currencies are “the US dollar, the Japanese yen, the euro , Swiss Franc, British Pound.
Customer service 24 hours
Trading in the financial market is permanent 24 hours a day, so brokers’ customer service must operate during that period, as the response via recorded voice messages is bad in many cases, and through customer service you can know the answer briefly n the differences Prices, leverage, and broker legal regulations, and knowing the broker’s period of work in securities trading and trade volume, because dealing with larger brokers is an experience that provides access to better prices.