What is Service Broker?
1. Security
The first and foremost characteristic that a good broker must have is a high level of security. After all, you’re not going to hand over thousands of dollars to a person who simply claims he’s legit, right?
Fortunately, checking the credibility of a forex broker isn’t very hard. There are regulatory agencies all over the world that separate the trustworthy from the fraudulent.
2. Transaction Costs
No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.
Every single time you enter a trade, you will have to pay for either the spread or a commission so it is only natural to look for the most affordable and cheapest rates.
Sometimes you may need to sacrifice low transaction for a more reliable broker.
3. Deposit and Withdrawal
Good FX brokers will allow you to deposit funds and withdraw your earnings hassle-free.
Brokers really have no reason to make it hard for you to withdraw your profits because the only reason they hold your funds is to facilitate trading.
Your broker only holds your money to make trading easier so there is no reason for you to have a hard time getting the profits you have earned. Your broker should make sure that the withdrawal process is speedy and smooth.
4. Trading Platform
In online forex trading, most trading activity happens through the brokers’ trading platform. This means that the trading platform of your broker must be user-friendly and stable. When looking for a broker, always check what its trading platform has to offer.
5. Execution
It is mandatory that your broker fills you at the best possible price for your orders.
Under normal market conditions, there really is no reason for your broker to not fill you at, or very close to, the market price you see when you click the “buy” or “sell” button.
6. Customer Service
Brokers aren’t perfect, and therefore you must pick a broker that you could easily contact when problems arise.
The competence of brokers when dealing with account or technical support issues is just as important as their performance on executing trades.
Edited 05 Jul 2019, 12:19
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