Remember to choose the broker that meets your trading requirement and suits your trading style (strategy).
These are some of the factors that should be considered when choosing a broker:
Licensed & Regulated
- How long has it been in the business?
- Does it have a real physical office address?
Markets Offered
- Currency
- Stock
- Commodity
- Cryptocurrency
Account Types Offered
- Micro
- Mini
- Standard
- Zero spread
Ease of Deposit & Withdrawal
- Local bank transfer
- Other payment methods
Transaction Costs
- Spreads
- Commissions
- Deposit/Withdrawal fees
Trading Conditions
- Leverage and margin
- Margin call level
- Stop out level
- Scalping allowed?
- Hedging allowed?
- Expert advisor allowed?
What else does the broker have to offer?
- Live support
- Local language support
- Bonus
- Copytrade
- Educational resources
- Free markets analysis
- Contest
How do you protect yourself?
- Check the reviews. Online reviews are tricky because brokerage is a competitive industry, and it’s common for competitors to smear one another, especially on review platforms. Most complaints concern withdrawal, execution speed, slippage, and stop-hunting issues.
- Ask experienced traders.
- Start investing in a small amount.
You can choose a Forex broker from here: https://coinsilo.co.za/forex-brokers/
Further readings: Retail Forex “brokers” > Dealer (Market Maker – MM)