The number of Forex brokers offering trading platforms is so high that it’s really hard to choose the best one for your needs. Although most of them offer you attributes that can be used during Forex training, but you should also consider the long term benefits. Learning the functionalists of a new software takes time, so when you choose a Forex broker, you should try to stay with him as long as possible, unless a great piece of software is offered by a competitor, or they offer better trading conditions such as lower spreads.
Let’s have a close look at some important tips that will help you in choosing the best Forex broker:
* Easy to use software
If you’ve never traded before using a new trading platform can be bit daunting. Reading the manual or watching instructional videos can be too time consuming. However, if you’re interested in trading, you have no choice! The important thing is that you should be comfortable when using the platform.
* Demo account
This is important. Your chosen Forex broker should provide you a demo account because this will help you in testing your Forex trading strategies and you will gain confidence. In this setup, there’s a virtual environment where you’ll have real market prices. However, you trade with a fake money. However, make sure your demo account doesn’t last just few days. It should be accessible as long a you have your live account.
* Few Re-quotes
A re-quote is when you place any order and get “re-quoted” when the price changes. Immediately a message pops up asking you if you want to proceed further at re-quoted price. If the Forex broker shows a tight spread, but frequently re-quotes, then he’s not giving you the spread he is advertising. Therefore, you should opt for a broker that offers competitive spread and allows you to trade at the rate you see.
* Low commission and spreads
The lower the commission and the spread, the higher your profits from Forex trading are going to be. Some trader may offer no commission trading, but their spread might be bit higher. When you are trading higher frames, then spread should be just a small fraction of your profits. When you are trading on 1 or 5 minute charts, the commission/ spread cost will take much higher chunk out of your profits.
It’s important that your chosen Forex broker provides you the support when you are trading. Good support will save you time and you can trade with confidence.