To put it mildly, the retail Forex market has been competitive over the past few years.
The truth is – that it has become incredibly competitive, and these days, it is oversaturated.
On the one hand, you have a lot of options to choose from, which is cool. But on the other hand, this plentiful supply of possibilities overwhelms and makes it harder to choose the best one, especially when you are not fully aware of what you are looking for.
Let’s then check the 5 essential qualities you should consider when choosing a Forex broker.
1# High level of security
A high level of security is a superior quality that a good Forex broker must have. I bet you don’t want to hand over your hard-earned money to a random fly-by-night company, right?
Luckily, we have regulators who have verified the credibility of each Forex broker. Since you opt for the best, you should only consider those with maximum credibility, like IC markets. Check IC market reviews on forexrev.com.
2# Low transaction costs
If you aspire to be a trader, you must be aware that you will always incur transaction costs. There is no escape from them.
Once you enter any trade, you must pay the spread or a commission. Therefore, you should consider brokers that impose the lowest rates.
Nevertheless, you should focus on optimizing transaction costs rather than fixating on minimizing them. It is still more essential to go for a reliable job broker than a cheap one.
3# Easiness of deposit and withdrawal
A high-quality broker should also allow you to deposit funds and withdraw earnings carefreely and speedily.
Truthfully, brokers have no business impeding your withdrawal of money; they only hold it to facilitate the trading process.
Therefore, you should opt for the ones that openly state phrases like “fast withdrawal” or “instant deposit,” as IC markets, for example, do on their landing pages.
4# User-friendly trading platform
Since most trading activities happen on a broker’s trading platform, you should use one that is user-friendly and solid.
You should verify whether a given trading platform is clear, easy to navigate, and informative (for trading purposes). Also, consider whether it consists of technical and charting tools to assist you in trading.
5# Execution
Last but not least, a high-quality broker should always fill you at the best price for your orders, very close to the market price you can see once you click the “buy” or “sell” button.
Since a few pips difference in a price can significantly hinder your ability to win the trade, you should also consider the execution mode.
