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how-to-find-best-forex-brokers-part-3

How To Find Best Forex Brokers – Part 3

With so many online forex brokers now, it is difficult to choose which one, or which ones, is the best, or which are the best, and which are truly competent and effective. It is a fact that finding and choosing the best forex brokers increases your chances of getting more profits and staying away from various risks. Choosing the right broker is the most important decision you can make for your forex venture.

We write in part 1 and part 2 about some criteria you should take into account before choosing a forex broker. In this article, we will once again deal with other criteria and delve into others that have already been mentioned.

It is very important to find out if the platform and/or application used by the broker is effective, reliable, easy to use, user-friendly, has an easy-to-understand interface and is easy to install. Good forex brokers develop and maintain their own platforms and/or applications.

Just because a broker is available doesn’t mean they are regulated. If a broker is regulated, he must regularly submit financial reports to Organs responsible agencies. If these reports are not submitted, they can be fined or terminated. Anyone can view these financial reports (similar to publicly traded companies).

If your forex trading broker is based in the United States, he should be registered as a Futures Commission Merchant with the Commodity Futures Trading Commission and a National Futures Association member. To verify the credentials of a particular broker, simply phone NFA at (800) 621-3570. Thus, it is important to check which country the broker is registered in to define the laws that govern the forex market in that country.

A forex broker must be knowledgeable and be able to respond quickly, courteously, and satisfactorily, to all your customer inquiries. Their hours of operation must be aligned with the hours of operation of the global forex market.

important questions

Some questions that you can ask the forex broker: how many currencies does it offer for trading? The forex broker must offer at least 7 currencies (AUD, CAD, CHF, EUR, GBP, JPY and USD). Does the broker receive a commission and a spread? Make sure the spread is small enough to offset the commission they earn. Does the spread vary depending on the time of day, or is it always constant? Is there a maximum amount of leverage allowed by the broker? What is the broker’s policy on scalping? Some brokers will put your account on manual execution if you scalp. This means that all your transactions have to go through a live person to be executed, which will slow down your trades and possibly keep you from getting some trades.

Choose brokers who are enabling online payments and transactions. At the same time, make sure online transactions are always safe and secured.

Defining the best forex brokers is not an easy task, but it is very rewarding. There are many criteria that must be taken into account when investing in one, or more than one, forex broker. We emphasize that the selection criteria must be evaluated together, and NEVER separately. We hope that we have helped you in your mission to choose the best forex broker so that your profits grow more every day.

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