How to Choose a Forex Broker – 10 Steps
This is the question I get the most: “How to choose a forex broker? Which broker do you recommend?”
At Invest Diva we pride ourselves in saying NO to humongous amounts of Introducing Broker commission fees.
We prefer to build the long-lost trust in the forex trading community.
So instead of pointing you to the broker who is going to pay us for introduction, we get you educated and show you how to choose forex broker that is most suitable to YOU and YOUR trading style.
Hi Invest Diva,
I love your daily videos and I’m getting really interested in forex trading thanks to you.
I want to know how to choose a forex broker. Do you have some helpful advice?
Except the transaction fee, what other elements do we need to care about?
How to Choose a Forex Broker – In a Nut Shell
No I am not going to list and advertise the “Best” forex brokers here. I believe that this is the only way to build the long-lost trust in the forex trading community. If you email me personally I may tell you where I’m trading but that’s about it. I have have covered the topic of choosing the right broker in depth in our Beginners Video Course. Here I’m going to give you a quick general guideline:
There are many different retail brokers who offer online platforms for forex trading.
Some of them have reliable platforms, and some don’t.
Some charge a larger transaction fee, and some a smaller one.
Some are regulated by reliable authorities, and some aren’t.
The list goes on. And in today’s online-search-aholic society, it is important to remember that some of these brokers pay large amounts of advertising fees to the search engines so that they pop in front of prospective clients’ eyes. The level of security is the first and foremost characteristic of a broker. You don’t want to hand over your hard earned money to a company that only claims it’s legit, right?
Other important factors to check before opening a live account include but not limited to Execution and slippage, trading platforms, customer service, and minimum account size. Many of this also depends on your trading style as well. For example if you only want to test-drive forex trading, it would be important for you to choose a broker who allows you to open an account with $50 or something. If you are a short-term trader, slippage would become an issue.
10 Things to Check Before Choosing Brokers
1.Regulated or Not
2. Transaction Costs
3. Execution & Slippage
4. Type of Brokers
5. Minimum Account Size
6. Trading Platforms
7. Deposit and Withdrawal
8. Customer Service
If you need to explore these factors more extensively, hop on our online education program today. I cover everything you need to know about forex trading in the most fun, straightforward and entertaining way.