All traders on the first steps in trading face the question of how to choose a reliable broker that would execute all commands on time and increase spread as rarely as possible. The question of choosing a Forex broker is always relevant that's why the school of trading offers to understand what information about brokers is really significant, and what is only advertising. More information you can get here: https://signal-means-profits.com/reviews/forex-brokers/forex-broker-reviews-how-to-make-the-right-choice.html
1. Reputation of a broker at Forex market
The reputation of a Forex broker directly depends on the quality of its work. What does the quality of a broker's work mean? Here we mean timely execution of orders at Forex, no slippage, uninterrupted communication all this affects the profit. Slippage reduces the result by tens of percents; late execution of orders reduces profits in the following way: if each trade is executed even if it is only one point lower in Forex, you lose a thousand pips for a thousand deals. And imagine how much you would lose in a year! Communication interruptions are not subject to comment at all. All such seemingly insignificant nuances attract attention, worry and in time ruin the reputation of brokers. Let it happen slowly, but surely. In order to trade profitably, a broker must do his job qualitatively, without any nuances.
2. Trading conditions
Because of any, even small and insignificant costs, profit decreases. Whether it's a currency swap, spread or commission. At first glance, trading conditions are the same everywhere, but if you look closely, it is far from being the case. Trading conditions can even be twice as different! Forex brokers earn huge amounts and they do it thanks to spreads, swaps and commissions paid by traders. Now imagine, if you lose 30% on swaps, spreads and commissions for 100 trades, what will your profit be? Believe me: 30% is still good conditions. If you make a mistake with your broker, you can lose twice as much.
The following three factors do not play a decisive role in trading in the short term, but their role is very important at a distance.
3. Support Support is usually sought only at the first stages of a trader's career. Of course, you can find the answer to any question on the Internet, but there are still cases when something is really not clear. In this case, you can also contact support, where all your questions will be answered and the problem will be solved.
4. Software
It's good to have all the convenient items at hand. Of course, the main work in trading should be done from the monitor, but when there is no desire to spend the whole day at the computer, saves the phone, with which you can control the transactions.
5. Security brokerage choice
It is very important to be careful at the currency market too. Security plays an important role. Believe me, it's better to send a scan of your passport than leave your money to someone you don't understand. There are so many brokers now that anyone can open an account, in fact. And that's a worrying fact. There are brokers who only withdraw money to a bank account. There are those who withdraw funds after confirming the password from the phone. There are other ways, but there are brokers who do not bother with security measures: they can easily hack into the account and transfer money to the left accounts. There must be a certain level of protection it is not only more reliable, but also more secure, and this is important.
There's too much misinformation on the Internet. We would like to present you 3 more factors that have little influence on the right choice of a Forex broker.
6. Training If a broker offers you training, it does not mean that such a broker is really reliable. The main thing when choosing is the trading conditions that suit you. Training is a different area of business. Do not put training as a priority when choosing a reliable Forex broker.
7. Analytics how to choose a broker
Do you have any idea how a trading professional sits and waits for an overview on the broker's official website? We do not. I know the real story of how the company took a girl immediately after university for an internship. She was the one who was commissioned to write reviews. Do you think her predictions will be true?
The pros and cons of any broker you can easily find in many materials. We will not describe them in this article. It is important to understand only one thing that the profitability of trading depends directly on the broker. That's why we want to present you 5 factors for which you can easily choose a Forex broker. Of these, 2 factors are extremely important, and the other 3 are secondary and will serve you as a useful addition.
Criteria for Choosing a Forex Broker
The reputation of a Forex broker directly depends on the quality of its work. What does the quality of a broker's work mean? Here we mean timely execution of orders at Forex, no slippage, uninterrupted communication all this affects the profit. Slippage reduces the result by tens of percents; late execution of orders reduces profits in the following way: if each trade is executed even if it is only one point lower in Forex, you lose a thousand pips for a thousand deals. And imagine how much you would lose in a year! Communication interruptions are not subject to comment at all. All such seemingly insignificant nuances attract attention, worry and in time ruin the reputation of brokers. Let it happen slowly, but surely. In order to trade profitably, a broker must do his job qualitatively, without any nuances.
2. Trading conditions
Because of any, even small and insignificant costs, profit decreases. Whether it's a currency swap, spread or commission. At first glance, trading conditions are the same everywhere, but if you look closely, it is far from being the case. Trading conditions can even be twice as different! Forex brokers earn huge amounts and they do it thanks to spreads, swaps and commissions paid by traders. Now imagine, if you lose 30% on swaps, spreads and commissions for 100 trades, what will your profit be? Believe me: 30% is still good conditions. If you make a mistake with your broker, you can lose twice as much.
The following three factors do not play a decisive role in trading in the short term, but their role is very important at a distance.
3. Support Support is usually sought only at the first stages of a trader's career. Of course, you can find the answer to any question on the Internet, but there are still cases when something is really not clear. In this case, you can also contact support, where all your questions will be answered and the problem will be solved.
4. Software
It's good to have all the convenient items at hand. Of course, the main work in trading should be done from the monitor, but when there is no desire to spend the whole day at the computer, saves the phone, with which you can control the transactions.
5. Security brokerage choice
It is very important to be careful at the currency market too. Security plays an important role. Believe me, it's better to send a scan of your passport than leave your money to someone you don't understand. There are so many brokers now that anyone can open an account, in fact. And that's a worrying fact. There are brokers who only withdraw money to a bank account. There are those who withdraw funds after confirming the password from the phone. There are other ways, but there are brokers who do not bother with security measures: they can easily hack into the account and transfer money to the left accounts. There must be a certain level of protection it is not only more reliable, but also more secure, and this is important.
There's too much misinformation on the Internet. We would like to present you 3 more factors that have little influence on the right choice of a Forex broker.
6. Training If a broker offers you training, it does not mean that such a broker is really reliable. The main thing when choosing is the trading conditions that suit you. Training is a different area of business. Do not put training as a priority when choosing a reliable Forex broker.
7. Analytics how to choose a broker
Do you have any idea how a trading professional sits and waits for an overview on the broker's official website? We do not. I know the real story of how the company took a girl immediately after university for an internship. She was the one who was commissioned to write reviews. Do you think her predictions will be true?
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