⭐ HOW TO CHOOSE a Forex Broker in 5 Steps?
"Quick Start" Research
The very minimum every trader needs to know:
- How much will you deposit?
- Does the broker accept clients from your country?
LIST your "WANTs" to narrow down brokers list
- Google reviews about Forex brokers you are strongly considering
- Avoid Red Flags, there are plenty...
- If in doubt and/or the Broker is a small company, do extra steps:
- Check their physical address in Google maps
- Write an email to customer service (for example: at which Bank client funds are held?)
- Test chat, call center to confirm business "well-being"
- Verify business/regulation licenses directly at websites of licensing Authorities
DO READ CLIENT AGREEMENT
Besides standard terms, it contains key information about:
- Broker's legal address
- Broker's dealing model
- Conflict of interests (if any)
- Negative balance protection
- Inactivity fees
- Prohibited activities & scalping policies
Give it a test run
- 1. Demo first = test platform & instruments
- 2. Deposit the smallest possible amount = test account opening
- 3. Trade for at least 1 week = test live execution, live spreads & overall performance (Live trading always differs from Demo)
- 4. Request a withdrawal = ensure you get paid & in a timely manner
- 5. If all passed, congratulations! Proceed to depositing more & full steam ahead!
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