With $4 trillion circulating the foreign exchange market daily, the forex market is a gargantuan financial market. Traders are forced to use brokers due to the absence of a central marketplace. In brokers, they must do all their activities inside it.
Choosing a brokerage firm to work with is no easy task. The brokerage firm roster is vast and researching each and every firm is a substantial time investment. Fortunately, armed with the checklist below, you too can choose the perfect fit for you.
There exists a small number of golden rules inside the forex broker world. The most paramount rule is to avoid selecting a currency pair based on your forex broker. Instead, select a broker for your chosen currency pair. Bear in mind your trading style, strategy, and attitude to risk. These three must be complementary to the currency pair that you pick. Traders usually fall under either one of the four major pairs after doing a simple self-assessment. This is because a great deal of traders find themselves resonating with these major pairs. With this knowledge, a broker is relatively easy to find as these pairs are on top of the popularity chart. On the other hand, traders with exotic pairs will find themselves in a pickle finding their perfect fit. Stand resolved and never give up. The perfect broker will present itself soon if you keep on looking.
Paired with the optimal currency pair, supportive and fast customer service is critical to a trader’s success. You need constant access to your broker’s customer service since the forex market is open 24/7. They need to be available to all your calls to them at every chance you need them to sun up and sundown. Their job is to supply you with support and respond to all and any questions you may have during trading.
Another thing is that a firm that takes so long for you to reach a professional is a huge red flag. You will lose a lot of opportunities and trading windows waiting through the answering machine to get help for your trading decisions.
The best window to ascertain the start of customer service of your firm is during your initial inquiries. Ensure to call at random and inconvenient hours out of ordinary business hours to test the phone line’s speed to get you to an actual forex broker. Walk away if it takes more than a minute.
The platform you will use must be perfect to the point where it ticks all your boxes on your checklist. If you’re not happy with one platform, switch to another one. Match all of them in a compare and contrast chart with their features, pros, and cons. It will not be worth your pain later on.