Those who decided to start trading on Forex often face the question how to choose a good broker. First, you need to understand what exactly should influence your choice.
Specialists of Trading Group decided to share their secrets on how not to lose and earn a good amount of money on Forex using certain techniques.
How to choose the right broker for Forex trading
The selection of a broker is the most important component on the way to making money transactions. There are two important features that you always need to look at while making a choice. There are complementary factors that are also important. Let’s consider the 5 most important of them.
Reputation and volume of work
These features are closely related. The quality of the expert’s work consists in the execution of orders, the presence or absence of interruptions in communication, time of input and output of funds. These factors have the most unbearable effect on your profits. It is worthwhile to understand that slippage can be made worse by tens of percent. Execution of orders is of great importance in active trading. It is necessary to imagine that each transaction will be fulfilled by 1 point worse. For 1000 such transactions you will lose the same (and even more after one year) amount of PP.
Another important point is interruptions in communication and withdrawal of funds. If such problems are observed for the broker, then it doesn’t help you to earn. He can only interfere with this. When the company operates in good faith and there are no similar claims in its direction, then, accordingly, its reputation will be OK, and all problems will be solved promptly, as in the Trading Group.
When you choose a broker to trade forex, trading conditions are also important.
Money is lost on the costs like swap, spread and various commissions. At first this may seem like a minor trifle. But it is worthwhile to understand that in different companies the amount of such costs can differ at times. The main earnings of an unscrupulous Forex broker are just such commissions and spreads.
As an example, if you lose an average of 30% on swaps and spreads under excellent conditions, then you can lose 60% with a not very good broker . Therefore, it is worth remembering the golden rule: the lower the costs are, the more you will get by total.
This factor is not so important, but in the work of newcomers it is also influential. Support is used only at the first stages of trading, when still there are strange situations and questions on them.
It’s fine when there is a choice of software. The company-broker has no equal if it is able to offer applications for smartphones. It is very comfortable for a trader not only to lead the main activity from a desktop PC, but also to monitor the process from the phone at any time of the day or night.
How else can you choose a reliable broker? It is necessary to assess the level of security in working with it. If the broker is ready to open accounts for everyone without checking documents (requesting scan copies), this should be an alarm for you. At the reliable companies a conclusion of means is made only on the account of bank or with a code word through phone. Accounts involved by suspicious brokers can be hacked and withdrawn from them. The difference is palpable.
The Trading Group company is responsible for its customers as much as possible. All of the above points are fully observed by our specialists. The company’s rating is the highest in the country, which means that millions trust us. You can be calm for your bills and opportunities, and we have the lowest interest rates on commissions!