The forex trading is a popular trading platform in the world and it is a daily 4-5 Trillion markets in the world. it is the largest financial market in the world, forex traders need to find a good forex broker because there is no central marketplace for trading, there are many forex brokers and everyday new brokers are getting in at forex market, I think before starting the forex trading we need to find out a good trading broker, but what characteristics should be there in a forex broker.
Regulatory compliance / Authorisation:
I think the most important factor for the forex broker, A flashy or professional looking websites do not guarantee that the broker is regulated with sound bodies, we need to find out the authorisation of the broker and we can see at the "About us" section.
Account Details:
Each and every broker has their own strategy and has different account offerings -
Standard accounts,
Mini accounts etc.
we need to check the
leverage offering and also
margins, I think now a days 1:1 to 1:1000 or more leverage is available at different forex brokers, Leverage is a loan extended to margin account holders by their brokers,
Commissions and Spread : we have to check out the spread size and commissions, basically a broker makes money through commissions and spread. So we have to check all these.
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Initial deposits: Many brokers are offering forex accounts with very small initial deposits but we have to check all these, some brokers say something but do something.
Ease of deposits and withdrawal: we need to check the findings and deposit facility too, how many options are there and how easy for the clients etc.
Currency pairs: we are trading here for earning money and we need to check the availability of the currency pairs and their spreads.
Trading Platform: the most important points for the forex traders, we need to check the platform is easy to use or not.
Customer services: Another important issue to check, we need to check is there any opportunity to take live chat, and how quick the support team response etc.
beside above factors we need to check some other issues
1. execution time
2. Bonus facilities
3. PAMM account facility
4. Copy trade facility
I think we can check all these above characteristics available at
instaforexand we can say the instaforex is the best forex broker in the world.