Besides regulatory compliance, a compulsory condition, there are many other aspects to consider when searching for your Forex broker. Some of them are different account types, great customer support, various instruments, and trading costs. Let’s look closer at these features so you can easily choose your Forex trading platforms.
1. Various Trading Accounts
Typical account types one brokerage can offer are Beginner, Standard, and Premium. In between may come many variations of these types in order to meet different customers’ needs.
The trading account must align with your trading skills, the capital you aim to invest, the trading plan you have created, and the strategies you intend to implement.
Brokers that offer more types of accounts on their platform signal that they go the extra mile to meet the customers’ needs and overall experience. So even if you will be fine with typical account types, prioritize the broker with the larger offer. They seem to be more reputable and trustworthy.
Such brokers, that offer a wide range of account types to cater to their client’s needs, are XM, Exness, and RoboForex. For example, XM’s commitment to offering a diverse range of account types is a testament to its dedication to providing a top-notch trading experience for its clients. In Exness or XM broker review, you can find all the information about account types and many other factors that make them a reputable and trustworthy option for traders of all levels.
2. Various Trading Instruments
Even if you zero in currency trading at first, you might need to switch to another trading instrument at some point. It’s especially good for the diversification of your trading portfolio. Diversification is a great tool for asset hedging in volatile financial markets.
Also, it’s always better to have as many instruments as possible on one brokerage platform at your disposal than to switch from one to another. That way, you avoid additional charges and costs.
3. Trading Costs
Trading costs include initial deposits, leverage, withdrawal fees, rollover fees, spread, and commissions. If you are unsure what these represent, we urge you to consult some of the many online trading resources before making your first deposit.
4. Educational Resources
You should prioritize brokers who have in mind the disparity in trading skill levels of their clients. Besides trading on a demo, these brokers will enable you to access audio and ebooks related to various trading strategies, everything related to the Forex market, the factors that determine price volatility, the best time for trading, and many more.
5. Customer Support
What makes good customer support when it comes to Forex brokerage platforms? First and foremost, the support is available in many languages, not only in English.
No matter how your English is, it’s crucial to communicate in your native language to avoid any misunderstandings and adversities related to it. Bittradehouse Brokerage offers support and operates in more than fifty languages. Check out the Bittradehouse review if you would like to know more about this platform for online trading.
6. Trading Platform
The trading platform or interface must be easy to use and created with an impeccable user experience in mind, which is important for beginners. A trading platform shouldn’t contain unnecessary and distractive components that may interfere with your trading. Badly designed dashboards can lead to significant losses due to order entry mistakes.
When you check all these features, it means you are on a good way to finding a good broker for your currency trading business. However, these were just the most important features to pay attention to when choosing a brokerage platform. Other important factors are the availability of mobile trading, easiness of withdrawal and depositing transparent business details, and no trading system breaches recorded.