The retail Forex market has got, to put it mildly, pretty competitive over the past few years.
On the one hand – you have a lot of options to choose from which is cool. But on the other hand – this plentiful of possibilities overwhelm 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 take into consideration 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 just 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 and every Forex broker for us. Since you opt for the best, you should only consider those with maximum credibility, like for example IC markets one. 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 be always subjected to incur transaction costs. And there is no escape from them.
Once you enter any trade, you will always have to pay the spread or a commission. Therefore, you ought to take into consideration brokers that impose the lowest rates.
Nevertheless, you should rather focus on optimizing transaction costs rather than fixating on minimizing them. As it is still more essential to go for a reliable jobs broker than a cheap one.
3# Easiness of deposit and withdrawal
A high-quality broker should also allow you to both deposit funds and withdraw earnings in a carefree and speedy way.
Truth be told, brokers have no business in impeding you to withdraw your money as they only hold them in order to facilitate the trading process.
Therefore, you should opt for the ones that openly state phrases like “fast withdrawal” or “instant deposit”, like, for example, IC markets do on their landing page.
4# User-friendly trading platform
Since most of the 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, you should consider whether it consists of technical and charting tools that will 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 “buy” or “sell” button.
Since a few pips difference in a price can significantly impede you to win the trade, you should take the execution mode into consideration as well.
