How to Choose Forex Broker Before Start Trading
The main players in forex trading market can be divided into the following types: day traders, banks, some commercial companies and financial institutes .
Choosing a Broker :
it is all about Low Spreads -compare The spread, known also as “pips”, is the difference between the price at which a currency can be purchased and the price at which it can be sold at any given point in time.
Forex brokers don’t charge a commission, only charge pips
Quality Institution - Unlike equity brokers, forex brokers are usually connected to large banks or finanacial institutions because of the large amounts of fluid cach capital required in order to provide leverage tho their customers
Also, forex brokers should be registered with the Futures Commission Merchant (FCM) and regulated by the Commodity Futures Trading Commission (CFTC).
What Kind of analysis and research Tools the firm provide - Forex brokers offer many different trading platforms for their clients - just like brokers in other markets.
These trading platforms often feature real-time charts, technical analysis tools, real-time news and data, and even support for trading systems .
check that the trading software has different clients version, for no download, down loadable , and mobile version if available.
check with demo account the stability of the software and the ease of use.
try the support system at least once.
do your broker provides real-time news and data?
does he provide signal services?
in short you need a one stop station because daily forex trading is a demanding task to be profitable for the long term