If you're going to choose a good Forex, you've to consider a few critical things. The competition in the retail Forex market is fierce. If you scan through the list of all the brokers, you'll get a headache. To help you out, given below are 6 things you may want to take into account when choosing the best professional.
Security level should be your first priority when making this decision. After all, you're going to hand over a reasonable amount of money to a professional who claims to be an expert. Luckily, you can check the credibility of the professional easily as there are regulatory authorities that set trusty worthy brokers apart from the fraudulent ones. Some of these authorizations include NFA, CFTC, FCA, ASIC, SFBC, BaFIN. AMF, just to name a few.
Before you choose a broker, make sure they're a member of the relevant regulatory authority.
2. Transaction Costs
you'll have to bear the transaction costs no matter what type of currency you choose to trade in. Each time you start a trade, there will be either commision or spread to pay. Therefore, we suggest that you go for the cheapest rates. At times, you may have to pay a bit more to choose a more reliable broker.
3. Deposit and Withdrawal
Remember: good broker allow their clients to deposit and withdraw funds without any hassle. It's not in the interest of the professional to make it difficult for you to take out profits since their motivation to hold funds is…