There are many companies that offer margin trading (Forex) services, and without the knowledge of the essential criteria, it’s easy to get confused in the large offer and choose an unsuitable or, in the worst-case scenario, an unreliable service provider. What is the most important when choosing a platform provider, and how does one orientate themselves in so many offers? Below is a compilation of some advice from several professionals in the Forex market, which can be narrowed down to four basic criteria:
Reputation of the company
Evaluate the popularity of the platform provider – whether there are any complaints about the services and what those complaints are, what the customer service is and whether or not profit payments are ever delayed.
Convenience of the user interface
You have to evaluate how easy and convenient it is to use the platform, what analytical options and extra tools it uses. It is best to check it by using demo accounts that are offered by the best platforms.
Commission for paid transactions
The commission payments for transactions are described by the Spread, which is the difference between the bid and offer price of the currency. The bigger it is, the more you will have to pay the service provider. In commercial banks that offer Forex platforms, these commission payments are usually higher than independent platforms.
The best platforms provide the opportunity to use Internet-banks, credit cards or online payment operators – PayPal or WebMoney, which are the most convenient and easy methods of receiveing funds.