Even if you have the best trading strategies and skills, the most important and challenging rule in this process is finding the best forex broker that meets your needs. Within this article, you’ll find the top 5 features you need to seek in a broker, as described by the reputable Forex brokers reviews site – Daily Invest News.
A brief history of the brokerage firm
Before diving into essential details about what the broker offers, try to find out as many things as you can about its background and its current state. Whether it is financially regulated or not, where it is headquartered, its operational address and for how long it has been active on the market. This will give you a big picture of the legitimacy of that particular brokerage firm and will help you get a glimpse of how professional and trustworthy it is. Having a team of experts to cover this within a review for you will save you a lot of precious time!
Platform and trading tools
The whole package of what a broker offers depends on what you want. Asses your needs and choose accordingly to your current level of experience. Typically, you can find a resume on reviews sites like the one mentioned above along with indicators of how professional and effective a platform or tool are. For example, it is well-known that the MetaTrader4 (MT4) platform is the most popular and it became somehow a standard feature for any successful brokerage firm. The tools are essential and they need to satisfy your trading strategies and plans. A crucial instrument is the Economic calendar which needs to be updated on a daily basis and guide your decisions with accurate information regarding the market events. All in all … as you probably figured it out, the more trading tools a Forex firm offers, the bigger are your chances to gain profit!
Account types and minimum deposit demands
All forex brokers try to provide more than two account types with different, yet attractive advantages. From a standard account to a Premium or VIP one, you’ll definitely find something that will make you say “this is it, this is what I want”. Keep in mind that the safety of your capital comes in first! Make sure you read the reviews of that particular broker because experts might shake you up and tell you that you’re dealing with a scam. For example, a broker can demand a minimum deposit of $500 and offer more than 10 fantastic account features that you can’t refuse, but in the same time, that broker is not financially regulated and it also lacks a lot of essential features such as a demo account or a good trading platform. Choose a broker and account type that matches your capital! Identify your needs, read what experts have to say and then take the final decision!
The customer support service
Find a broker which is available whenever you need it! Open a demo account and try to communicate with the customer support team as much as possible. Ask them questions, see how fast they reply and check the quality of their answers. Professional reviews usually cover these details about a broker, because they contact them before writing down the review.
Pros and cons
After a rigorous research of the broker, you’ll be able to trace a clear line between its pros and cons. Reviews written by experts usually indicate that some features a brokers lacks can affect significantly your trading experience, therefore you should avoid trading with those firms. On the other hand, some brokers that have a number of cons, have a lot more pros that can compensate and turn your trades into profit.
Traders, especially beginners, tend to be subjective and choose an unreliable broker to start their trading journey. Nowadays, there are a lot of reviews sites with a team of experts behind, a lot of forums and places you can gather information from. Choosing the right brokerage firm is the first step towards profit and success, that’s why you should take your time, do your research and embark in this exciting journey with the right foot!