Choosing the best broker for you is the key for your trading success. You can save lot of money and problems if you choose a good broker for you. How to choose the best forex broker:
What should I take in consideration to choose the best forex broker?
1. Broker language
It’s very important to have a good communication with your broker. If someday you have doubts about something related with your broker, you need to ask fast and in your main language. Otherwise, the website and the platform are always better if these are in your language. You will understand how to work with the platform better and you will not have problems creating or modifying your account through the website.
Normally, all forex brokers use English as their main language. But some of them also have the website, the support and the platform in other languages such Spanish, Chinese, Russian, Deutsch…
2. Minimum capital
All brokers have different kind of accounts usually with several discounts for big accounts. Therefore, depending on your starting capital you can choose one broker or another and take advantage of their promotions or special accounts.
You also need to be careful with low capital accounts; some brokers do not allow you to work with micro lots, so you need to risk a lot of money in each transaction due to broker restrictions.
The platform is where you do your trading transactions, your door to the forex market. It’s essential to have real time chart with fast news feed and enough historic data to study the market. You also need to see all the currencies in your trading platform, some brokers only offer major currencies, so your trading strategy becomes limited.
If you have some expert advisor you will need a specific platform to run it. On the other hand, you will need a broker with faultless historic data in order to back test your trading strategy safely.
Choosing the right broker is very important for a retail trader. Take in consideration everything before you create your trading account.
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