While many people want to begin trading forex and enter this ever-evolving and exciting world, it can be tricky picking the right forex broker. You want one you can trust, but you also want one that gives you the best chance at making money.
oanda.com understands what potential clients may need. There are numerous points to look out for when picking a forex broker, and this post will go over the most important ones.
Know your Needs
The first thing you need to consider is what you want out of your broker and out of your forex journey. Much like other trading platforms, whether it be forex, stocks, or crypto, some can be far more detailed or simple.
If you want to keep things easy, you may want to choose a platform that is clean and easy to use. If you aren’t sure of your needs just yet, you can contact a platform and discuss how their services will help you on your path to achieving your goals.
Reviews are always an effective way to judge the abilities of a broker. While there are some reviews you should take with a pinch of salt or ignore completely (we will discuss those next), reviews are still helpful.
You can use multiple websites that will show you customer satisfaction ratings. Still, reviews and posts discussing platforms are readily available for almost every platform that is worth your time.
“Loser” reviews are something you will be all too familiar with if you are in the crypto game or have even read video game reviews. Users poorly review a site or service because of mistakes they have made.
Success is never a guarantee, and unless the platform is involved in fraud or theft, it can’t be the platform’s fault if things don’t go to plan. These reviews are very easy to spot and should be weighed against the positive reviews.
Privacy and Protection
If you are putting your money into a platform, whether it be a betting, crypto, or forex site, you want to ensure that money is safe. It is relatively simple to research the protection a platform uses and if there have been any problems with it in the past.
However, it is also essential to consider fixes. Even the biggest crypto platforms in the world have been found to have weaknesses, but how they fix those weaknesses is what should be important to you.
While not always a make or break, platform features are important to people. There are some features you may not be aware of if you are new to forex trading, such as leverage and commissions.
Another factor that has risen to prominence across trading platforms as a whole is the ease at which you can deposit and withdraw your money. This feature can be more important than you think, especially if the day comes when you quickly want to withdraw profit to put it into another investment.
The number of forex currency pairs available is an essential aspect of a platform when it comes to trading. With so many currencies available to buy and sell from around the world, you want as many as possible at your fingertips.
On the other hand, having too many options can be overwhelming, especially if you are new or sure about what you want to trade. You can very quickly and easily find out which pairs are available on a platform before signing up or depositing any money.
The user interface may seem like a secondary aspect, but many studies have proven that the ease of using a platform determines how much you use it. Once again, it is relatively simple to test a platform before signing up.
If you want to test a platform properly, you can deposit a small amount of money onto the platform and make a few practice trades and see how you feel about the platform.
Finally, you want to know that your platform has excellent customer service. No platform is perfect, and considering you are depositing your money into it, you want to make sure your questions and queries get answered promptly and helpfully.
Customer service is also an essential factor when dealing with a significant problem. Once again, these things happen, and you want to be sure you have a solution to your problem as quickly as possible.