How to choose a Forex broker?
First of all, your earnings, what you will operate on depends on what trading conditions the broker provides. Many specialized sites offer their readers comparative tables showing information on the terms of trade for several brokers.
For example, for Forex brokers, the key parameters are:
- spread size;
- minimum deposit;
- minimum lot etc.
By comparing the trading conditions of several intermediaries, it is easier to determine the most “attractive” of them. See Best Brokers in Malaysia and choose the best broker for yourself!
Deposit / Withdraw funds
When analyzing a broker, ask this question: how convenient will your deposit / withdrawal be?
The most common are broker account replenishment options:
- by transfer from a bank account or plastic debit card;
- through an ATM or terminal;
- from an electronic wallet;
- by transfer from another account in the personal account of the system.
The conclusion, as a rule, can be achieved by:
- a phone call to the broker;
- personal visits to the office of the intermediary with the preparation of the order;
- Creation of an electronic order in the Personal Account of the online access system.
When choosing a broker, pay attention to which trading terminal will be provided to you for work. With it, you will be able to withdraw bids online, generate reports, orders and inquiries.
Each web trader has its own web terminals.
Tariffs and fees
Super low tariffs and fees should not be a strong argument for you in favor of this broker. On the contrary, you should be alerted:
Assurance of the intermediary in your guaranteed profit (say, at 50% monthly);
Unnaturally low maintenance fees or no commissions.
A good broker, as a rule, provides several tariff plans – for users with different training, average number of transactions and revolutions per day. Calculate the commission for several companies and choose the best.
Availability of licenses
This is perhaps the first thing to check when evaluating a broker. The presence of licenses confirms the legal right of the intermediary company to conduct brokerage activities.
Important! One broker can have several licenses for different types of activities.