How to choose an online broker

How to choose a forex broker

As part of my second video series titled Financial Wellness Wednesday, this week I’ll be sharing a few tips on how to choose a trading broker.

  1. Regulation: you need to ensure that your chosen broker is regulated in your country. This means that they comply with the legislations in your region.
  2. Customer support: by having a strong support team compromising of account managers and a finance department, a good broker provides the support that you’ll need in the form of educational material, contact through emails and phone calls as well as providing the necessary guidance.
  3. Deposit and withdrawal methods: depositing funds into your trading account needs to be reliable and efficient. Withdrawing the very funds from your account should be just as effortless. A broker that provides various deposit and withdrawal methods accommodates its clients
  4. Trading platforms: whether your broker makes use of MetaTrader, social trading applications or web based platforms, you need to choose a platform that you’re comfortable. Always ensure that you’re familiar with the features of the trading platform in order execute your trades successfully.
  5. Slippage: slippage is when you enter a trade and it takes too long to execute which results in re-quotes and could even impact your potential profits. A broker that is quick in trade execution is a broker to keep.
  6. Account types: choose a broker that offers multiple account types, namely; demo, mini, micro and standard. This will suit your risk level and affordability (initial deposit).

You can open a trading account by following the below link: