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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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: