As weird as this simile sounds, Forex brokers are like restaurants. New customers don’t just walk in immediately knowing what they are going to order. They have to inspect the menu first to see what dishes the eatery serves before they make a pick.
Things are quite similar to brokerage firms. At first glance, they all seem to offer the same basic services and products. Look closely at their “menus” and you would inevitably notice there are major differences in how they operate.
The type of broker you go for can have a significant impact on your Forex experience. Below are the three main types of Forex brokerages based on their principle of operation.
It’s quite simple indeed to run a forex trading business, in fact, it’s so easy you can find a series of offers about Forex Broker trading in cyberspace with a million easiness each. Especially about the issue of leverage which allows you to enter simply with a mini account to a micro account which can be said to be very sloping capital.
You can even start a transaction with just 100 thousand capital and a KTP. For that, pay attention to the following signs when you choose a forex trading broker before you get into the investment business.
Choosing Forex Broker Regulatory ISSUES
Seclias regulations are not important, but when your funds or your transactions are in trouble, don’t you go under an official broker, at least you know where to complain. In Indonesia, regulations are under BAPPEBTI.
But not a few of you may be attracted to enter into forex trading brokers from outside, so at least make sure they are registered with the National Futures Association (NFA – USA) and the Commodity Futures Trading Commission (CFTC – USA). Likewise if you choose a broker from Europe such as from Switzerland, Germany or the UK.
Transaction System and Account Treatment
Usually there are several rules of the game that are applied by the broker concerning the accounts under its auspices. For example, regarding the amount of deposit money, their leverage system, the amount of commission discount to the spread cut that is imposed.
How to Choose a Forex Broker Tips?
One thing that you shouldn’t forget when you choose a forex trading broker is knowing very well what platform they use. There are tons of platforms to choose from and some may be unfamiliar for you to use. Trading for most people is a factor of convenience and habit.
Customer Service Who is Ready to Serve
At least with a well-coordinated CS system, such as with a well-organized live chat media or via telephone line, you can ensure that every complaint and question you have is well served.
Deposit and Withdrawal Issues
One of the things you need to ask in detail on CS. And also make sure you get this information completely when you decide to enter a forex trading broker. So make sure from the start, what is the withdrawal procedure and the conditions that accompany it. Fulfill it all from the start so that it doesn’t become a problem later on.
Those were some of the requirements that you need to understand when you choose a Forex Broker, the accuracy platform in choosing a broker inevitably has a big enough role to produce your best performance and of course get optimal profit. If you already understand this, let’s immediately invest in this business.