Top 7 Traits to Look
for in a broker
Looking to Trade online and looking for a good broker to get you started? Let us help you out with these basic traits to look for in a good broker. Afterall its only prudent that you do a background check on these brokers before you dive in, invest some cash, do some trading and in the long run do business with them.
Here at BulletProofForex we help you out, make sure you’re signed up for the best broker that fits your criteria, and get the best service you deserve so you can focus more on trading and less on the logistics of various trading platforms. Check out our list of brokers here.
1. Regulation and Safety
The very first thing you have to look for in a good broker is if they are being regulated by Financial Authorities, this is easy to do and yet so crucial for your long term trading career make sure you start off with a reputable broker that wont just steal your cash after all the hardwork you’ve put into trading.
2. Account Types
Different brokers offers different account types for different types of traders with varying service offerings, make sure you evaluate this carefully and go with the account type you are currently comfortable in, identify with and qualified for.
Some important notes you should take a loot at:
– Minimum initial deposit amount
– Account type service offering
3. Pricing and Fees
Different types of brokers charges you differently everytime you make a make trade some will charge you a fix rate, some will charge you a commission and some will charge you a combination of both. Make sure you check this out and figure out which one you are most comfortable with, the important thing to take note of here is that make sure you are comfortable with fees your broker will charge you. You may not always want to go for the cheapest rates if it means you get more value. With that being said most service fees are competitive and you shouldn’t fuzz about this too much, its simply the cost of doing business in trading.
Other fees that some brokers may charge:
– Deposit and withdrawal fees (fees charged every time you make a deposit or a withdrawal from your account)
– Account Inactivity Fees (fees charged after being inactive on their trading platform after a certain period of time)
4. Deposit and Withdrawal
Let’s talk about funding and withdrawing money to your forex trading account. The best brokers out there will offer you a fast, reliable and hassle free method to enter and exit money into your account. Typically in the form of Bank wire transfers, credit/ debit cards, or e-wallets, check their payment method to find out which one best suit your needs.
(Note: different payment methods have different processing time for your account and has different charging fees as well.)
5. Education & Research
Another special trait to look for in a good broker is that they should offer education and research materials from basic trading, how to use their platform, technical market analysis, news, market research and the latest market trends. These are crucial for your growth as a trader and spreading your awareness on the different movements on the market. Typically these materials will come in the form of webinars, articles, and web videos, some brokers might offer more so be sure to check them out.
You want to be able to trade on whatever platform you are most comfortable with. So check out the different broker trading platforms available, like the popular ones (MT4, MT5, Tradestation, and TradingView) which requires you to download it to your desktop, others will simply allow you to trade on their Web and Mobile App, so make sure you end up with the one you are most comfortable with. On that note, we would highly advice you to sign-up for brokers with a Mobile trading platform, you would want the ability to trade directly on your phone, receive important updates, monitor market movement, read news and articles wherever you may be.
7. Customer Service
Finally, good brokers offers excellent customer support to their customers accessible through different channels (email, phone, livechat) to name a few. Pick a broker that can answer your tickets adequately, with fast response rate, and a friendly customer support team.
Now that you have the basics down to finding a good broker, its time to do your due diligence of finding the right one for you.
Here at BulletProofForex we’ve compiled a list of the best brokers available at your disposal. We hope it will save you some time and the effort of going through all that information by yourself. Rest assured that the brokers we review are legitimate and offers the best reliable service for your trading needs.