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Five Easy Ways to Choose A Trusted Online Forex Broker

There are several newcomers to the forex trade finding it very difficult to select a online forex broker. This happens if you are totally new to the forex trade. Again, the market is flooded with brokers, some new while others have been in the industry for long. Thousands of these online forex brokers are competing for your money. This makes it even more difficult to choose the right one. Most of them will try to tantalize you with seductive adverts and big promises of making profits. As a newcomer to the industry, the broker you choose will surely determine your success or failure. It is therefore very important to choose wisely to avert any likely regrets. Below are five essential factors to consider when choosing trusted forex broker.

1. Credibility

Credibility is a very important factor in any financial dealings. You must be very careful with the person you trust with your money. It is not good to trust money with strangers. Look for an online forex broker that has been in the market for long. Also look for big names and those with long history of reputation and sustainability. It is rather better to trade at premium with a reputable company than strange one that might become bankrupt anytime.

2. Low Spreads

Forex brokers makes profits from spread. Spread is simply the difference between BUY and SELL prices. It is measured in pips. For example, if the EUR/USD pair is trading at 1.2810/1.2813, the spread is 3 pips. Choose online forex broker that offer low spread. With low spreads, you need slight movement in currencies to start making profits. A typical spread would range between 3 to 6 pips.

3. Platform

This is the software that your online forex broker uses. Again, this is the software you will be using to make your trade. You should be very comfortable with the platform since you will depend on it every time you trade. Brokers have their proprietary platforms. Most platforms offer real-time quotes, advanced charting features, and fast execution. Platforms are either web-based or client based. Web-based platform is convenient because you don’t have to install the software to use it. Besides you can make trade even using other computers. Client based platforms have to be installed in the computer. It is slightly faster.

4. Leverage

Leverage allows you to trade using the money you don’t have in your account. It gives you control of more money and trade with more money than you have. For example, 1:100 leverage allow you to use 1000 dollars to trade 100,000 dollars worth of currency. Despite ten benefits, leverage bears greatest risks. It exposes you funds to high market risks. It is very important to understand the leverage that your online forex broker offers. The typical leverages are 1:25, 1:50, 1:100, 1:250, and 1:400.

5. Word of Mouth

This is the most important factor that most traders assume. It is very important to get referral from those who have dealt with that specific broker. In particular ask for their experience dealing with that broker. This will help you know what the broker is capable of delivering other than the promise they gives you. Ask several people to get enough information. Again, it is better to deal with a broker that you can easily communicate with.

Conclusion

When venturing in forex market, it is very important to know and understand the broker you are using. Before selecting an online forex broker, make sure you assess the kind of assets they have, the customer support provided, payment methods, and their company history among others. Also, use trade reviews to help you know what others are saying about them.

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