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6 Easy Steps For Finding The Best Forex Broker in 2020
The Forex market is a huge beast with more than $ 5 billion that are traded every day in the world. Open 24 hours a day, five days a week, it is the largest existing financial market.
Traders choose a currency pair such as USD / GBP and predict whether the price will go up or down in the future. If you choose wisely, you make some money! One thing you need to do to start trading is a registration with an online currency broker.
The question for many traders is the choice so pure in this area. There are hundreds of currency traders, you can trade with and not everyone is trustworthy.
Even those that are authentic may not suit your trading style and have everything you need to enjoy trade.
This makes it essential to do your research and choose the right broker to use with caution. But what is the best way to go about it?
Check online reviews
One of the best advice is to look at online reviews before choosing a forex broker. A simple search online under the name of the broker vomit all you need to know about real traders who have used the service.
If you do a general search for reputable brokers to use when trading FX, you will also find professional websites that review individual brokers or make lists of the best gathering to look around.
This will help give an objective opinion of a third party about worth trusting your money with.
Give the customer service call
This is something of an old trick, but it still works like a charm today. Very often, a quick phone call is all you must have an idea of why the broker is right for you.
If their support team answers the call quickly and deal with you in a courteous, friendly and helpful, it is a good sign. Of course, if they are uncomfortable or you may never get to everyone, maybe it is a sign to avoid.
If there is no phone number, try the Live Chat feature, or send a quick email. Quickly they respond and the quality of their service is the key consideration for search.
Check if they are regulated and secure
This is perhaps the most important factor to look before using a foreign exchange broker online – the fact is that the best Forex brokers will be regulated.
However, their website flashy and yet many positive comments that you find, keep away unregulated brokers. If they are not governed or regulated by a professional body, you may have no legal recourse in case of problems. It is often the sign of a scam broker site. You should also check that the broker you are looking for has a license that is current.
While checking, you must also make sure that the broker’s site is secure and uses technology such as SSL to keep your data safe.
Look what features they offer
Choosing the right broker is not just about online security. You must also make sure that the one you choose has the features you will find useful. You can also sign up with a real estate agent but have a bad experience.
Many traders will look for a function demo account because it gives them a chance to negotiate the practice or the opportunity to try new strategies risk-free. You should also look at which currencies or assets they relate to trade.
If you want to trade exotic currency, for example, not every broker can wear it. Looking at things like that, you will find the broker that has exactly what you need.
Besides you can also look for automated trading platforms in the feature list. Automated trading is on another level these days.
Check out reviews online is a great way to track down the perfect broker for Forex trading with but ask around your network of friends is also beneficial.
They may, for instance, use a broker you like and can offer an additional credible opinion about what is offered.
By the same token, they can mention the broker you have not heard of and give a new name to carry out further research. By using your friends in this way, you get a unique angle that can be an ideal platform for currency trading.
Take your time and get it right
If you need some useful tips on finding the perfect FX broker to use, hopefully, the above has helped. By doing some research and thinking about what you want in an online broker, you will be able to find one that meets your needs.
Of course, be careful where you use will also keep you safe from online fraud and cybercrime.
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Also, check for myfxbook for history, atleast 3 years and still running should be a good start. if myfxbook is fully verified and open, it should give a solid idea what the EA will do. it can show the drawdowns, what profit can you expect per month and trade frequency.
I think it is becoming harder to find the right broker these days because of many brokers joining the industry every day and at the same time most of the old ones leaving the market. So better to short list a few reputed brokers like hotforex, octafx, fxprimus, lmfx etc and accessing their demo accounts for further testing their processes. This will allow us to find the best suitable broker. Once the broker is finalized, go with small funds to further test the processes like withdrawal which can only be tested on live accounts.
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CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
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