If you’re looking for a Forex broker you might as well go all the way and make sure that it’s the right one for you. There are certain tells that will allow you to quickly identify whether or not a Forex broker is the right one for you or not. Certain qualities cannot go missing when it comes to this type of provider, and therefore researching whether or not the one that you have your eyes on possesses them is highly impactful to how your relationship will unfold in time. In this article we look at how you can make sure that a Forex broker is the right one for you. So if you’re trying to find the best London Forex Broker, this will definitely help you improve your search.
Execution
How your Forex broker handles execution should be one of the top priorities in your book. What this means is that you should be asking yourself some questions regarding the Forex broker’s execution in order to figure out whether or not it’s the right one for you. These questions vary from “is their execution fast enough?” to “will they trade against me?”. Other useful execution characteristics you should research involve whether or not they offer automatic execution or what the trade cap is before you need to request a quote.
The account types
Those with a limited investment capital as well as little to no experience in online currency trading will be often times given a mini account. You should inquire whether or not the Forex broker has such accounts. These accounts usually come with an initial deposit requirement of $300 or less which isn’t that bad.
Getting the proper trading platform
The platform used for trading is essential for the proper functioning of the system. It’s very important to choose a broker with a trading platform that shows live prices and not just indicative quotes. The latter is never a better solution than live prices which you can use to properly calculate and determine what you need to do at every step of the way. You also need to make sure that you will have access to features that will allow you to hand over your trade to the software once you’re done setting it up, so you don’t have to “babysit” it the entire way.
Support is invaluable
Considering the nature of this trade and how the market never stops, neither should the customer support line. It’s very important that you choose a Forex broker which will provide 24/7 support. This will ensure that you always have a grip on the market and that you are always able to receive valuable support when time is of the essence. Being able to close positions over the phone represents another valuable asset that not all Forex brokers offer.
