There are many qualifications that must be fulfilled if you want to become a Forex broker
The world of forex competition is currently being warmly discussed and has many enthusiasts. One of the attractions of forex trading is the big advantage when trading is successful. Maybe you are interested in the world of forex after seeing the success of trading done by people around you.
Trading success, besides being influenced by traders, is also influenced by brokers. Forex brokers are providers of foreign exchange trading services. At the beginning of the emergence of forex, maybe the number of brokers is still very limited and it is not known how its performance. But along with the increasing existence of forex in the world of investment, many brokers began to help offset the magnitude of the traders’ interest in forex.
Forex broker qualification
The number of brokers that is quite a lot makes traders have to choose the best broker. Each broker certainly promotes himself with a good image to attract customers. But you must be able to determine which broker is appropriate to manage the assets that you have so that you will not lose later. If you are selecting which forex broker is good and promising, some of the qualifications for the broker below can be made as a reference.
When you have chosen a broker, that means you are ready to entrust your assets fully to the broker. The assets that you entrust certainly do not want to be misused. Therefore the legality of the broker is the main qualification of a broker that must be fulfilled. The broker has at least pocketed the legality of the official authorities in Indonesia such as the Commodity Futures Trading Supervisory Agency (BAPPEBTI), the Jakarta Futures Exchange (JFX) or the Jakarta Futures Exchange (JFX). If the legality of this authority body is already owned by your prospective broker, then the security of your funds has been guaranteed.
Adequate Platform Trading Capacity
In the world of forex, all trading activities are carried out through the trading platform software provided by the forex broker. In order for all trading activities to run smoothly and on target, the software used must also support. Do not let the software used down in the middle of the trading process or not accurate in showing market value in real time. Adequate software in eligible trading includes:
- Strong, transparent, efficient, safe and easy to use
- Can display foreign currency prices that are relevant to market value in real time
- Not easy to experience down
- Can display various charts , indicators and market analysis
As an additional reference, one of the software that has International standards and proven to meet the above standards is Meta Trader 4 (MT4).
Low minimum deposit
You will definitely start learning to trade using a demo account. After you succeed in making a profit with a demo account, you are ready to have a real account. But what happens when you are in a demo account certainly cannot be used as a benchmark for your success in using a real account. So you should choose a broker that has a minimum minimum deposit capacity to avoid failure at the start of trading.
Providing forex learning features
Providing forex learning features is one of the important commitments in providing the best services for beginner traders . This guide feature is usually in the form of webinar programs, forex seminars, e-books and exclusive trading video tutorials.
Spread that can compete
A good broker is what provides convenience for its customers. Brokers must be able to offer spreads that have competitive value. Beware if you find a broker who gives a bid-ask spread too large so that the deposit given to the broker is also very high. It’s different if the trader does have to deposit some money due to loss or after making a profit.
Easy to withdraw funds and close the account
The next good broker qualification is a broker that makes it easier for you when you will withdraw funds at any time. Similarly, when you intend to close your account for any reason, the broker can immediately process it. Two of the above must certainly be fulfilled by a good broker because it is a general requirement of a standardized online trading platform .
If some of the qualifications described above can be met by a prospective broker of your choice, then you have chosen the right step for the success of your forex investment.