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Essential features of a Forex broker

Posted by on January 13, 2013

Whether you’re an experienced forex trader or a complete beginner, making the decision of which broker you’re going to trade with is an important one. None of us want to end up depositing money to a Forex broker only to find out it wasn’t really what we were looking for. So in this article I wanted to go through some features that should always be offered at a broker.

You want to have access to a free demo account. Not only is this good for a new trader, as they get a chance of learning how to trade forex currencies, but it’s also a great way to test out the website and see if the trading platform is reliable and stable, and that you have all the analytical tools you need.

Secondly, you want to have a large selection of currencies to choose from. The more diverse the selection is, the more likely you are to find those golden opportunities y everyone is looking for. Say you get a really good tip on a certain currency from a friend, only to find out that your broker does not offer it. You will then either have to waste time signing up to another broker that does, or just simply miss out on the chance of making profit. Some brokers even offer trading in other assets as well, such as gold, silver and oil, which can definitely be useful for an experienced trader.

Before you sign up, you should also have a look at the trading platform they offer. The Meta Trader4 is used by a lot of big companies and has become the market leading platform for forex trading, being fast, accurate and reliable. That said, it doesn’t mean it’s necessarily the best platform for everyone. Some brokers develop their own trading platforms, which have different features than the MT4, so have a look around and make up your mind. Another thing that I find absolutely vital, is that the broker offers a mobile trading platform. As we all know, the market can change quickly and you always want to have access to your account, even though you might not be near a computer. In order to find out more about certain forex traders, try visiting a forex trading blog like forextrading.pm. For Spanish speaking forex traders we recommend a website called cotización divisas.

Another thing that I always look for is if the brokers website is being updated with important information. A good broker should have a news section in which the latest financial news of important are presented to the customer. This way, clients don’t have to look up that information elsewhere, making the whole trading experience so much easy.

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