In this video and accompanying commentary, we are looking at the EIGHT factors that any prospective trader should consider when choosing a Forex Broker or for trading any financial markets.
The EIGHT factors we would suggest considering when choosing a FX Broker are:
- Trust
- Investment Offerings
- Commissions and Fees
- Trading Platform
- Research
- Education
- Customer Service
- Mobile Trading
Trust
- Know your broker.
- Are they regulated, and if so, is it by a respected authority?
- Do they have a long and stable history?
- Is the company Publicly Listed? If so, it is more likely to be trustworthy.
- Check out online forex reviews, including from ourselves at FX Explained.
Investment Offerings
- What is available to trade?
- Does the broker offer multiple asset classes, Is this important to you?
- Are they a specialist broker, concentrating on a certain asset class? This may attract you, or not.
Commissions and Fees
- What is the fee structure per trade?
- The spread? How big is the spread?
- A fixed commission per trade?
- A combination of these?
- Are there other fees?
Trading Platform
- How good is the trading platform? Is this even important to you?
- If you are trading from technical analysis, how solid is the technical analysis offering?
- How user friendly is the trading platform?
Research
- Is there a strong and in-depth Research offering? Is this significant for you?
- If you are trading from a macroeconomic or fundamental basis, how solid is their fundamental/ macroeconomic research?
- If you are trading at a company level, how strong is their microeconomic and individual company research?
Education
- Are you a beginner or intermediate level trader, do you want to learn more?
- If so, is the educational offering strong and in-depth?
- Are webinars and videos offered?
- Can you ask questions and interact?
Customer Service
- How easily can you contact someone at the broker if you need to?
- Are they available 24/7, or just during working hours, only Monday-Friday?
- Is there telephone support, email support, online chat?
- What is the response time like?
- Is this even important to you?
Mobile Trading
- Is mobile trading offered?
- Are there dedicated apps for iPhones and iPads, Android phones and tablets?
- Are the mobile trading apps user friendly? E.g. do the mobile apps synchronise with the desktop accounts?
Choosing a broker to trade with is an important step, please do try out both demo and live accounts to get a taste of the offering from different brokers.
And you can always check out our reviews page here https://www.fxexplained.co.uk/best-forex-brokers-in-uk/
