Forex Trading Brokers
There are hundreds of Forex Trading Brokers in the Forex market. The Forex Trading Brokerage market is a very competitive market and such Forex Trading Brokers will offer a host of incentives to attract traders. As a new trader you should set a set of criteria in choosing an Online Forex Trading Broker.
The criteria in making the choice of a Forex Trading Broker as your Forex Trading partner could be as follows:
Service
Look for Forex Trading Broker with a 24/5 Online Customer Service, twenty four hours; five days a week online customer service. In some cases, a way to overcome this is sign up your forex trading account with an Introducing Broker, Introducers or Affiliates.
Spreads
Most Forex Trading Brokers offer very competitive Spreads. It could be as low as 1.5 Pips for some of the major currency pairs.
Trading Platform
There are the web based trading platform and the Meta 4 Trader Trading Platform. In my opinion the Meta 4 Trader Trading Platform is more popular these days because of its flexibility and reliability. Test the Demo Account Trading Platform for its reliability in executing immediate orders (instant execution), pending orders and stop losses.
Leverage
Forex Trading Brokers are offering flexible leverage now. It ranges from 1 : 100 to 1 : 500. The choice of leverage is important as it is highly related to your capital investment and money management.
Deposit and Withdrawal Methods
The Deposit and Withdrawal methods must be convenient to you and make sure the server and the system used by the Forex Trading Broker is secured. Credit or Debit Cards could be a very fast and convenient method. In the case of internet banking or wire transfer it is good to the check the Forex Trading Brokers Banker’s and your Banker‘s corresponding Bank as time differences due to location of the corresponding Banks could cause unnecessary delays in the transactions.
Swap Free Islamic Account
If you are a Muslim, look for a Forex Trading Broker which offers a Swap Free Islamic Account. Swap charges is actually interest charges and Muslims are forbidden to trade in transactions with Interest Charges. Islamic Account should also have no additional charges or other hidden charges in lieu of the Interest Charges. One of the Forex Brokers with Islamic Accounts is Tadawul Fx.
Commission and Fees
The Forex Trading Broker may not charge any fees on your deposit and withdrawal but their Bankers will charge them a fee. Check the rate as this could be taxing particularly if the amount of your budgeted deposits and withdrawal is relatively small.
Standing of the Broker
The standing of the Forex Trading Broker is prime importance. Avoid dealing with Forex Trading Broker of low standing in the market. It is good to choose a Forex Trading Broker which has been operational for at least 5 years.
