How to Choose a Forex Broker in Three Easy Steps

Many people turn to investments as a way to bolster their income. For those working around an existing job, the forex markets often hold a particular appeal, thanks to their accessibility, flexibility, and the many opportunities that they offer.
However, forex success does not come easily. Trading the markets is a complex art, and making a profit turns on a wide range of factors. First among these is choosing the right broker. If you’re one of the thousands of novice investors who simply don’t know where to begin, then try following these three simple steps…
Step One: Find a Broker Who Offers Your Chosen Currency Pairs
In the world of forex, there is a widely embraced adage that advises investors to choose their broker based on their currency pairs, not their currency pairs based on their broker. The combination/s you select will have a major impact on your strategy, and it’s essential that they complement your personality, approach to risk, and method of trading. If you find the perfect pair, don’t ever be tempted to swap them based on the broker you’d like to use; there are so many to choose from that a perfect fit will come along soon enough. In the meantime, holding onto your currency pairs is a great way to narrow them down and select a firm that really suits your needs.
Step Two: Assess Their Customer Service
Once you’ve narrowed it down and made a shortlist of brokers offering your currency pairs, it’s time to evaluate their customer service. The forex markets trade 24/7, and the chances are that you’ll be working around a job and trading outside of business hours. You need to make sure that your broker is available as and when you need them, so make your initial enquiries during your normal trading hours. If there is no one available to speak to, or an answer machine fields your queries, then look elsewhere.
Step Three: Evaluate Their Trading Platform
The foreign exchange has no central marketplace, so the trading platform you choose will act as your conduit to the markets. This means that it has to be perfectly suited to your needs. Most traders will offer demo accounts, so be sure to take advantage of these. Spend the hours that you’re using the platform to assess its aesthetics, ease of use, and the tools you have access to. If there is a single aspect that you’re unhappy with, then look elsewhere; with thousands of brokerage firms to choose from, you don’t need to settle for second best.
Find a broker that ticks all of these boxes and you’ll be well on your way to forex success.