How to Identify the Best Forex Traders written by: seogenius

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If you are thinking of getting into online forex trading, the first thing you need to do is to select a forex broker as they provide the facilities to enable you trade forex online. With numerous forex brokers available, it is important to be able to select a professional and reliable forex broker who will provide you with the best environment to enable you make profitable trades. Some of the factors you have to look at when selecting the best forex trader are discussed herein;



Licensed and Regulated
Check to ensure any forex broker you want to sign up with is duly registered and accredited by relevant regulatory bodies. Additionally, check the country where the forex broker has been registered as different countries have different regulatory frameworks. The country of registration should be one which has a strong and effective regulatory framework. Working with an accredited forex broker assures you that the forex broker will work in an ethical manner and you will definitely receive your earnings.

Reputation and Reliability of Trading Platform
Select a broker with a trading platform that is user friendly and suits your trading needs. The platform should be easy to navigate and use even by a rookie trader. A good trading platform is one that is stable and does not freeze often especially during critical moments when you want to make a trade. Moreover, the trading platform should either be a web based applications or a desktop application to suit different traders preference.

Customer Support 
Only sign up with forex brokers who offer round the clock customer support. This is very important as forex trading is a 24 hour activity and the broker should be available to help you out when you face technical issues or difficulties. Additionally, the customer support should offer help in your language and provide several avenues including email, chat and phone that you can use to contact them.

Fees Charged
Ensure you analyze the fee structure including commission and spreads of any forex broker you wish to sign up with. When it comes to spread, select a broker who has a lower spread as this will mean you will pay lower fees.

Added Services
Professional forex brokers should be able to offer you added services like access to real time charts, economic news and data to enable you make informed decisions when trading. Additionally, the broker should have a variety of trading accounts for you to select one that suits your budget. If you are a forex newbie, it is advantageous to select a forex broker with a demo account.

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