When planning to trade in live forex exchange market, there are some important points that you need to consider carefully while choosing a forex trading broker. Here is a brief but comprehensive list of the most critical factors that you should consider carefully when selecting a forex trading broker:
Regulated Forex Broker
Well, it seems like a simple and a no – brainer thing but it is the reality that lots of young traders are not aware about several different real and authentic regulatory forex bodies that are working out there in forex exchange market. If you are about to select a forex trading broker then make sure that it is real and it is fully regulated as well.
The rule says that the trader should look at the country of the potential forex broker in order to check out whether the home country of your potential forex broker is business friendly or not. In my opinion, the best place to find the regulated forex broker is Cyprus. Cyprus is known to be the most ideal trading place because the country has friendly forex online trading laws and by regulating in under Cypriot trading authority, a trader can easily claim that he/she is also regulated in EU country as well.
Best online trading sites
Almost all brokers forex offer online forex trading charts but there are few forex brokers who do not offer such type of facility to their clients. Such type of forex trading brokers usually offers an electronic communication network like internet and telephone to their clients. Make sure that your regulated forex trading broker offers you proper forex charting because provision of a quality forex trading charting is an indication of a quality forex trading broker.
Not every forex trading brokers offer all forex currency pairs. Most of forex trading brokers will also offer you as many forex trading pairs as 100 whereas, some will only allow you to conduct trade with the top most important currency pairs like EUR/USD and CAD/JPY.
Leverage is something which can vary from one forex broker to another. Leverage is an important facility which is offered by your online forex trading broker. With the help of pretty decent amount of leverage, a trader can easily trade huge amount of foreign exchange currency with a relatively low capital. There are some forex trading brokers that can offer you as much leverage as $600 for every 1USD that you will deposit into their account.