5 Tips for Choosing a Forex Broker (Part-2)
In the first part, I’ve shared a little information what you need to see from a Futures Broker (aka a forex broker ) before deciding to trade with them. Have you read the first part in question?
Well, in this 2nd part, I will reveal three more things that need to be your consideration in choosing a forex broker. We start from number 3, because numbers 1 and 2 have been described in the previous article.
3. What Can Be Transacted?
For forex only, there are many currency pairs that you can trade; from major to cross currency pairs. Which is a favorite is usually a major currency pairs which amount to six pairs, namely:
– EUR / USD (euro against USD)
– GBP / USD (pound against USD)
– AUD / USD (Australian dollar against USD)
– USD / JPY (USD against yen)
– USD / CHF (USD against Swiss franc)
– USD / CAD (USD against Canadian dollar) and
– NZD / USD (New Zealand dollar against USD).
For cross currency pairs that are included in the list of favorites are usually EUR / GBP (euro against pound), EUR / JPY (euro against yen) and GBP / JPY (pound against yen), although there are also traders who transact other cross currency pairs .
Choose best broker with 6 major currency pairs above and 10 cross currency pais, namely: AUD / NZD, EUR / AUD, EUR / CAD, GBP / AUD, GBP / CHF, EUR / GBP, EUR / JPY, AUD / JPY, CHF / JPY and GBP / JPY.
The stock index that you can choose is:
– Nikkei (Japan)
– HangSeng (Hongkong)
– Kospi (Korea)
– Nasdaq, Dow Jones, S & P 500 (United States)
– FTSE (London)
– DAX (Germany)
In addition there are so-called “multilateral products” such as Crude Palm Oil (CPO / crude palm oil). If you are curious about this multilateral product.
Well, a lot right ? So, you should choose a forex broker that provides a large selection of instruments that you can trade.
4. Trading Platform Used
The trading platform is the “entrance” of traders to the market.Therefore, you must ensure that the trading platform provided is truly high quality. Not only that, make sure that the platform is easy to use but has complete features. With this platform you have to be able to do analysis and transactions easily. The term: user friendly .
So far, the popular platform is MetaTrader 4 made by MetaQuotes. The majority of forex brokers use it. The popularity of this platform shows that with the completeness of its features and ease of use, until now MetaTrader 4 is still the best.
5. Excellent Service
Markets – especially forex – run for “24 x 5”; 24 hours a day, 5 days a week. Therefore you should also choose a forex broker that provides services for its customers for “24 x 5” as well. Do not let you get confused when facing obstacles in trading, but no one can help you. It’s annoying, isn’t it?
Currently information technology allows you to get 24 x 5 services over the internet, namely “Live Chat”. Make sure you have a broker who has services like that.
The Bottom Line
The more complete the features offered, the more you trust the broker.You will be more calm and focused on finding opportunities from the market.
Read also : 5 Tips for Choosing a Forex Broker (Part-1)