How to Choose Your Forex Broker

Jeremy BiberdorfBy: Jeremy Biberdorf

April 9, 2017April 9, 2017

How to Choose Your Forex Broker

When you decide to trade in the Forex market, you first need to decide on the platform where you’ll open a forex broker account. UFX, for example, is one of the world’s leading Forex brokers, enabling traders to buy and sell a wide range of currency pairs, CFDs, and stocks, quickly, easily and securely.

What defines a reliable Forex Broker?

#1 Is the broker regulated?

It’s important to check regulatory status before opening an account with an online broker. A reputable and trustworthy broker should be licensed by an official national government regulator and must display its certification clearly on the platform homepage.

#2 Does the broker provide good customer service?

As trading is a 24/7 activity, you may want to be sure you can reach the broker’s customer support team at any time. A professional, dedicated and committed team will be able to answer any questions you may have about how the platform works, although they won’t offer you specific trading ideas – that’s your department! It’s a good idea to test a broker’s customer service before you start trading, by asking detailed questions about spreads, margin, leverage, and the available assets.

#3 Is the platform user-friendly?

Before you decide to invest real money, you should thoroughly test the trading platform. The best sites offer demo accounts so you can do just that. Try placing, modifying, and closing a trading position, view advanced charts, experiment with various trading tools, and see how easily you can monitor your open positions and manage your account details.

#4 Is the platform adaptable to your needs?

Each Forex broker has its own trading conditions. You should check the leverage and margin on offer, as well as details such as spreads, rollover, slippage, required initial deposit, and payment and withdrawal methods.

Being the largest and the most important financial market in the world with more than $5 billion traded daily, the Forex market offers the widest range of trading opportunities. With access to the right online environment, buying and selling currency pairs can be a rewarding experience for traders of all levels of experience.

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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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