There are so many factors to consider before choosing a Forex broker to trade with, this is so because there are many fake or slow brokers on the internet. Some of the factors to consider when choosing a Forex broker are:
- Is the Broker Registered? You can check with the National Futures Association to see if the broker is registered. Never trade with a broker that is not registered.
- Brokers Experience. A more experienced broker who has spent more than 5 years in business will be safer to work with than a new broker.
- Available Currency Pairs. The broker should have at least the 7 major currencies.
- Spread and Commission Cost. Know the amount of money or percentage they collect as spread and commission. Do not work with brokers that collect so much from you, else you will be working to pay them and working less for yourself.
- Availability of Indicators. The broker should have all the major indicators on its platform.
- Available Customer Service. The customer service should be online 24 hours on trading days and they should be able to respond to emails within 4 hours. You can know this by sending them a message and see how long it will take them to reply you.
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