To get to the Forex market, you will need the support of a brokerage company. Find your company as a trusted intermediary is not always possible. It is especially difficult for the newcomers. With the rapid growth of the financial market, there are a lot of companies, among which there are a lot of frauds. And here it is necessary to know some of the nuances, so as not to fall into the trap to dishonest people.
Reputation Of The Broker
First of all, attention should be paid to the reputation of the broker. Dishonest actions of companies do not remain invisible. Brokers who maintain a good reputation, do not allow fraud in relation to their clients. In problem situations, conscientious companies try to quickly deal with them. By opening the reviews page, you can see the reputation of reliable brokers and use them to filter out unscrupulous brokers. To date, comments of some brokers only positive, so they are very popular and are at the top of the ranking.
Quality Of Work The Broker
This factor is determined by the speed of trade execution, good communication (without interruption), the time for adding or withdrawing funds. These data are closely related to your profit. For example, if there are communication outages, the transactions will occur later than the return of your order. At first glance, it’s not so serious. However, the more points, the more you lose.
Conditions For Trade With A Broker
Trading conditions include swaps, spreads, and some commissions. They are calculated from your deals by the broker. There are traders who do not attach importance to the size of commissions. And in vain. Costs in different brokerage companies are very different. Even under excellent conditions, commissions can take away a quarter of a trader’s profits.
Safety Of The Broker
If the broker is interested in security, he will ask the trader to make verification trading account, and you have to send a copy of your passport. This way, brokers will be able to secure your money.
Technical Support Of The Broker
This item is not a major. Because with a reliable broker, you don’t need to contact support. However, you need to be prepared for any cases, because in reliable companies there are failures. And if technical support works quickly, it will quickly cope with the problem and will not cause losses. Especially since if the monetary losses occurred due to the incorrect actions of the broker, he is obliged to return the losses to you.
These are the main criteria to be taken into account when selecting a broker.