Trading the financial instrument is extremely difficult and the number of successful traders in this industry is very less. Statistics suggest that out of every 100 traders only 5 are making consistent money in forex trading. Those who are making money in forex trading have undergone many hardships and due to their strong determination, they are successful in today’s trading world. Most of the traders always look for a trading strategy which will give them high-quality trading signals in the market. Most of the novice trader often forget that the right trading environment is extremely important for become a successful trader. If you truly want to become a professional trader then you need to choose the right broker with the right trading platform. Most of the retail trader don’t know how to choose the right broker which will offer them the best trading environment. In this article, we will discuss how to choose the right broker for our trading career. Always remember that if you don’t select the right broker then it will be extremely difficult for you to become a profitable trader in the forex market.
Establishment date: When you select the trading broker, it is extremely important that you see the establishment date of your broker. Don’t start your trading career with a new broker in the financial world. Rather you should be selecting the broker who are operating near about 6 – 7 years in the financial world. You might be wondering why we don’t select the broker who are operating for more than 10 years and who offers paid trading platform to the retail traders. The simple answer lies within their service. Most of the old broker in the financial world doesn’t serve their customer in a friendly manner. They all have their fixed customer and they treat them very well. But when the new customers come, they rarely pay attention to them. They know that the new customers are novice trader and they will probably quit forex trading within few days.SO they don’t like to pay the new customer close attention.
Customer service: When you chose your first trading to broker it's extremely important that you assess the customer service of your preferred broker. Always look in how many ways you can contact then how do they treat you in the live chat support. Before opening an account try to contact them with their provide email and look for the response time. If everything looks satisfactory then you can give them a try.
Order of trade execution: It’s extremely important that your broker has the best technological stuff in order to ensure high-quality trade execution in the market. So when you select a broker to look in their execution time period of each single trade. Open a demo trading account and test their trading platform and make sure that every order is smoothly taken by the servers. If you see any delay or requotes in your demo trading then you should look for another broker since slippage and requotes is extremely bad in real life forex trading.
Regulation: Regulation is extremely important for every forex brokerage firm. The first thing that you should consider for selecting you broker is their regulation. Make sure that the broker has proper regulation to operate forex business in the retail trading community. Most of the high-class broker has more than one regulations in the forex market. So chose a reputed broker which has more than one regulations in the forex market and do some research on the internet and find out what people say about their regulations. There are many different sites in the online which will help you to find reviews about the different broker. So when you search for the broker make sure you read different people opinions in order to find the best brokers in the forex market.
Deposit and withdrawal method: In the eyes of trained forex traders deposit and withdrawal method is extremely important. Before you select any broker for your trading career to see their deposit and withdrawal method. There are many brokers who impose restriction in the withdrawal method by setting a specific holding period.SO make sure you do proper analysis and get a clear insight into their withdrawal and deposit method before you consider them as your price broker.
Account type: This is the last thing that you should do before selecting your broker. Most of the broker in the forex world are now offering a different trading account to traders which offer different trading facilities. So you should also look into various account type and find that whether this broker offers the right trading account for you or not. For instance, there are many brokers which don't offer to scalp to the traders so if you chose a broker which doesn’t allow scalping then you will be in a big trouble.
Summary: Choosing the right broker is extremely important in forex trading. Most of the novice trader things that choosing the right broker are not so important. But if you don’t have proper trading environment then you will never be able to give the best in your trading. Always make sure that you have the best trading environment. Your broker should offer you a clear insight about their service and they must be regulated in the financial world. Most importantly they should have an outstanding customer service section in the forex market. Last but not the list you should always assess them with demo trading account before making a real deposit in the market.