If you are a forex trader, there are dozens of online forex brokers looking to win your business. Choosing a forex broker is the first and most important step for new traders entering the market. There are several features to consider when finding a broker, most notable selecting a broker with low spreads, a variety of markets to trade, a demo account and resources to help improve trader knowledge. Sadly most of the forex brokers are not worth your hard earned money.
5 Tips For Selecting A Forex Broker
1. Regulatory Compliance: The first thing to check when selecting a forex broker is their reputation. A flashy website and advertisements on internet does not guarantee that a broker is regulated. If you love your hard earned money and concerned about the safety of deposits and withdrawal, accounts should only be opened with brokers that are duly regulated.
2. Customer Service: Forex trading occurs 24 hours a day, so a broker's customer support should be available at any time. A good broker should always provide the best customer support.
3. Spread: The Forex brokers make money from the spread of their customers. A good forex broker will always have a spread spread because they put their customer first. If a broker is charging high spread, it means the broker is greedy and you should also stay away.
4. Ease of Deposits and Withdrawals: I get many emails every month where people are unable to withdraw their fund from the account. In some cases, the broker has vanished with the capital of their clients. As a result, it is very important to have easy deposit and withdrawal. Regulated brokers have good deposit & withdrawal service.
5. Execution speed and Slippage: For most traders, execution speed is important as it provides more accurate pricing in a fast-moving market. However, it’s especially important for traders who use scalping strategies or Expert Advisors that process many transactions in a short time. In these scenarios, delayed trades – even by milliseconds – can cost money.
It’s important to note that slippage cannot be eliminated by brokers, especially during events like NFP. But it will be very less with good brokers.
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GTC Global LTD is authorized by the Financial Services Commission (FSC) in Mauritius with registration number C188049 and Investment Dealer (Full-Service Dealer, Excluding Underwriting) is a global finance forex brokerage company registered, supervised, and authorized by the Financial Services Commission Mauritius license number GB22200292.
GTC Global Trade Capital Co., Limited is a global finance forex brokerage company registered, supervised, and authorized by the Vanuatu Financial Services Commission of the Republic of Vanuatu Company license number: 40354.
GTC Global Trade Capital Limited (SVG) is registered as a corporate entity under the International Business Companies (Amendment and Consolidation) Act in Saint Vincent under license number 24503 IBC 2018.