How To Select The Best Fx Trading Broker

How do you find the best Fx trading broker from the countless existing on the net? Selecting Fx trading broker is not going to be easy. Still, to make things easier for you, you can closely examine the policies and features offered by the Fx trading broker you have been eying for a while. This will certainly narrow down your search and help you make the right decision.

Go through the following guidelines and see if the broker you selected fills in all the requirements.

Is your Fx trading broker established and regulated?

The reputation of Fx trading broker and his expertise in the market are extremely important. A top Fx trading broker will ensure credibility in your trade and increase your security. Maintaining transparent fiscal reports is the sign of a good Fx trading broker.

Transaction Costs

Transaction costs are measured in pips. If the number of pips required per trade by the broker is low, then one can hope for a greater profit. One can compare pip spreads of different brokers and take a decision.

Available Currency Pairs

Make sure that the prospective broker offers, at least the seven major currencies (AUD, CAD, CHF, EUR, GBP, JPY, and USD).

Margin Requirement

The lower margin requirement means the greater the scope for higher profits and losses. When your trades are good, low margin requirements are great. Remember margins can swing both ways, so be realistic about them.

Margin Account Interest Rate

Most brokers pay interest on a trader’s margin account which normally changes with the prevailing national rates. The funds in your margin account will be accruing interest in case you decide to take an extended break from trading. But remember that most brokers do not allow you to accumulate interest unless your margin requirement is at least 2%.

Customer support

A professional customer support is a vital factor to be considered before finally choosing a Fx trading broker. Make sure he is courteous, enthusiastic and open to communication with you.

Trading Hours

Most Fx trading brokers regulate their operational hours to coincide with the hours of operation of the global Fx market: 5:00 pm EST Sunday through 4:00 pm EST Friday.

Abiding by the above mentioned parameters, you must have probably eliminated a number of Fx trading brokers from your list. Finding one of the best Fx trading broker has become easy now.