5 Important Features for Forex Brokers
When trading on the forex market, there are many things you have to do. One of them is finding a forex broker that is suitable for your trading. Now when you go to forex brokers, of course there are some features that you want to know about?To help you, here is a short list of some important features when choosing a forex broker:
REGULATION OR REGULATION
Although this first criterion sounds like a stupid suggestion, believe me among the new traders there are quite a few who don’t know about the forex regulator. If you are using a forex broker then this should be set. Besides that you also have to be aware of where this will be arranged and unfortunately this is one of the things that most people forget. As a general rule, you will want to see a country known for its friendly business. At least in terms of legal regulations.
One of the most popular places for regulation is Cyprus. This is because Cypriot authority is a little more loose in the law of forex trading. By regulating there, you can claim that you are regulated in an EU country that is technically not wrong.But after that, you can claim you are regulated in North America by being registered in Mexico. This means strict protection that is the same as what you get in the United States or Canada. Common sense sees folly in this argument.
FEATURES OF FOREX CHARTING BROKER
Believe it or not, not all forex brokers offer charting. This becomes less and less in terms of problems, but there are some who don’t. They will generally offer an ECN (Electronic Communication Network)) and sell additional for charting like NinjaTrader. Proper charting is a sign of the integrity of the broker, and failure to provide this is a sign that they may be less honest.
Not all brokers offer the same currency pair. Some will offer more than 100 while others will offer 20 of the most common pairs for example. One of the most surprising pairs in this case is CAD / JPY, considering both are major currencies.Usually a trader assumes that the broker will offer a cross pair. You must be diligent in seeing the currency pairs available at the broker. If something goes wrong, immediately move away from the broker.
Depending on which part of the world you live in, leverage can vary. Leverage gives you the ability to exchange large amounts of currency with small deposits.Some brokers out there today offer a leverage of 700: 1 and also depend on your trading style leverage can be good or bad. Remember to use just enough leverage.
When you learn trading, it will always help to have a technical analyst available to read. Some brokers are very generous with their offers when discussing this. Even today many people use professional technical analysts who send articles every day. This is certainly very helpful for new traders. Also note the trading trend every time you monitor forex price movements.
If you want to do business with a broker then don’t forget that they are there to serve customers and you need to pay to be able to shop, just like when you buy other goods or services. Forex brokers tend to be very competitive in a variety of features and with a little research, you can get more than you realize. So remember to do a little research before deciding to do something, okay?