4 Tips on How to Choose the Best Online Trading Forex Brokers

By: Jay Molina

From: www.myfxventure.com

Today I’m going to be explaining to you how to

choose the best online trading broker that fits

your needs and that is going to allow you to

trade the Forex effectively.

Check a broker’s reputation and reviews

The Forex market is a great opportunity for any

investor that is looking to make some serious

money with very low risk and high potential of

massive returns. However, you want to make

sure that the broker of your choice is going to fit your trading style, investment capital and

trading strategy. One of the best ways to evaluate a broker is by reading online trading reviews

from people that have used this broker before. Another good way to get to know a broker is by

downloading the demo account and trading it for a while. The bottom line is that you need to

make sure that the broker you choose is going to take care of you and your money, so don’t rush.

Take your time to do the research and find the best broker for you.

Customer service and technical support

Trading the FX market can be one of the most rewarding experiences but at the same time you

need to be able to react to unpredictable situations pretty quickly. This is why being able to reach

your broker’s customer service is a must. Imagine this, you are trading the EURUSD and you

need to get out of your trade and you can’t because your platform is frozen. This is a trading

emergency and you should always be able to reach your broker to help you in a situation like

this. As a result whichever broker you choose to do business with needs to have a reliable

customer support service that you can reach at any time during trading hours.

Charting, Software, and trading tools

The quality features and extras of the software provided by your broker should be a high priority

for you as a trader. I’m going to summarize five things that you need to look for when choosing

a trading platform:

Number 1: your broker must provide charting with highly reliable data.

Number 2: your broker should provide you with a high variety of currency pairs for you to trade.

Number 3: your broker must provide you with the indicators, templates, different chart types,

and other necessary tools for effective trading.

Number 4: you need to ask your broker if there are any monthly fees for using their trading

software. Tip: Most brokers offer a Metatrader 4 demo account for free.

Number 5: make sure that your trading strategy is compatible with the broker and their platform.

Tip: trade your trading strategy on a demo account for several weeks before you open a live

account.

Spreads, interest in the fine print

The spread has an incredible impact on the cost of your trading on the profitability of your

strategy. It is very important for you to find a broker with very low spreads on the currency pairs

that you trade the most. Interest is also a factor to consider when choosing a Forex broker. There

are some brokers that charge you interest on your transactions that are held overnight, these

interest charges can considerably jeopardize your results. Make sure to ask all the questions you

need to ask before you put real money on the line. Last but not least, make sure to read the fine

print in the contract that your broker will ask you to sign. Many times people will take advantage

of the fact that most will not read the fine print and you will end up agreeing to things that you

might not want to.

I hope this gives you a better idea of how to choose a Forex broker and how to find the best

trading software and resources to take your trading to the next level. I will sharing a forex broker

list with you very soon.

To your trading success,

Jay Molina

Professional Forex Trader & Educator