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3 Things to consider when selecting a broker

Avatar Yashu Gola 3 years ago

There are many online trading brokers that deliver high-quality services and generally make their clients happy. However, it is important to be aware of the scams that only imitate the image of the stunning brokerage. Need a shortcut and don’t want to read the whole article? The good broker will always offer the attractive welcome package, you can click here for best Forex bonus offers or any similar promotion.

While regulation is the well-known prerequisite for picking the trading broker, there are 3 things which can be overlooked, especially by the novices. Let’s take a closer look at them in this article.

The quality of the trading conditions

Trading conditions refer to a wide range of aspects, from the account setup to the platforms provided.

Whenever you sign up with the broker, it is important to check what are the features of the trading accounts. For example, brokers can be evaluated on the basis of the initial deposit requirement, spread size, the trading commissions if any. These factors pinpoint the costs of trading which are of paramount importance whenever you look for the great brokerage. Additionally, the broker might offer extra features to deliver more the privileged trading experience, e.g. professional trade signals or market reviews. If the account conditions are poor, then the broker is certainly not proficient enough to satisfy a demanding client.

Another part of the trading conditions is the platform supplied by the broker. The trading platform has to be user-friendly, equipped with an advanced charting package and also should provide all the risk/money management facilities. The broker should allow testing the trading platform by offering a practice account.

Education & Research

The education center is also one of the critical things that should be taken into account. Beginner traders need the opportunity to learn the basics of trading, deepen their understanding of the particular trading instruments and so on. For this reason, when you look for the broker, it is highly recommended to view if there are any articles, helpful tutorials, educational videos. Usually, these features are offered for free. Hence, it is advisable to avoid brokers that charge fees for using educational tools or do not offer any of them at all.

In order to facilitate the website navigation, the online trading broker should offer a comprehensive FAQ, where all the information has to be clarified explicitly.

Proficiency of the Customer Support

In the long run almost every trader may deal with the customer support. You might have questions that are unanswered in the FAQ, may experience troubles with the trading software or want to negotiate the bonus terms. Considering this, client support should be qualified enough to assist you.

Additionally, the broker must offer the comfortable ways of reaching the client support. This is because all traders have their specific needs and preferences. Most frequently the support can be contacted via email or phone. However, the best option is the live chat as it allows you to get straight to the point without spending 24 or 48 hours waiting for the response.

Cover Image via Flickr

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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