Forex broker is a person or organization (Brokerage Company) that acts as a mediator in conducting deals on the market i.e., represents traders' interests on the Foreign Exchange market.
Choosing a Forex Broker
The overall success of working on Forex market largely depends on the accuracy of this choice.
“How to choose a broker?” and “Which broker to choose?” - are the main questions to be answered when you start working on Foreign Exchange Market. There are several criteria to address while choosing a Forex broker:
- One of the most important criteria is reliability. A reliable financial intermediary is a Forex broker with long working history, license, controlled by regulatory bodies with a system of responsibility insurance, internal risk management system, legal transparency, and protection of contractual relationships. Additionally the company should be a respectable one.
- Other important criteria are trading conditions. High quality trading conditions traditionally include: precise quotes, competitive spreads, guaranteed execution of pending orders, modern trading platform, wide range of instruments, interest on customers’ trading deposit. Learn more about What is Forex broker
How to Choose a Forex Broker?
One of the most important factors to consider while choosing a Forex broker is the availability of wide range of trading instruments. It is essential to experience trading on various markets with different instruments and under diverse conditions. Many Forex brokers offer an opportunity to trade synthetic instruments, aside from currencies, such as Contracts for Difference (CFD) on American and European stocks. There are several companies that offer CFDs on stocks in developing countries, global indexes (Dow Jones, DAX, FTSE100, etc.), gold, oil, commodities.
Points to consider while choosing a Forex Broker
Particularly, one should pay attention if a Forex broker company has its own trading terminal. The presence of such terminal means that is not an ephemeral company that is going to disappear from market with the money. Another criterion is the fact of transferring percentages on the trading account of the client. Generally accepted standards for Forex brokers are:
- 24 hour newsfeed for clients on the trading terminal
- Daily analytics for currencies, stocks, indexes, metals
- 24 hour technical support
- Having a personal manager for large clients
IFC Markets is a leading innovative financial company, offering private and corporate investors wide set of trading and analytical tools. The company provides its clients with Forex and CFD trading through its own-generated trading platform NetTradeX, which is available on PC, iOS, Android and Windows Mobile. The company also offers MetaTrader 4 platform available on PC, Mac OS, iOS and Android. You may compare the advantages of both platforms.
