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When it comes to trading Forex, there’s no denying that the broker you choose can have a big impact on your experience. Ultimately, choosing a bad broker can make the trading experience slow, frustrating, and expensive – whereas a quality Forex broker will make your experience fun, painless, and enjoyable. With this in mind, we have several tips that’ll help you choose the best broker for your Forex and CFD trading needs – so let’s take a look.
Tip 1 – Check the initial deposit requirements
In most cases, your Forex broker has minimum deposit requirement before you can begin trading. If you’re a seasoned trader with a huge bankroll, then this initial deposit may not be much of a concern to you – but if you’re a beginner who’s just dipping their toe in the water, it may be something that influences your decision.
In general, the lowest deposit requirements you’re likely to find will be around $50, while some brokers may require a deposit of $200 or more. However, the larger deposit accounts may come with additional bonus perks that make them worth considering if you’re looking to get the best value for your money.
Tip 2 – Customer service
It’s important to keep in mind that Forex and CFD trading can be performed 24 hours a day, 7 days a week – so the best brokers ensure their customer service is up and running around the clock. Of course, this may not seem like a big deal when everything’s plain sailing, but if you run into a problem when the service team is out of the office, it can cost you a lot of time and money.
With this in mind, it’s always wise to pick a Forex broker that can offer you quality support 24/7.
Tip 3 – Forex And CFD Trading platforms
One of the most important aspects of choosing a broker is learning more about the platforms for CFD trading. https://www.xtrade.com/ is one of the places to check first. This is where you’ll be spending a great deal of your time, so it makes sense to ensure you find the interface comfortable, informative, and easy-to-use.
Often, you’ll need to choose between an online-based trading platform or a downloadable one. Additionally, you’ll want to ensure they have the platform you most enjoy using – especially if you have previous experience with one. In general, it’s wise to stick with what you know – so if you’re already familiar with Meta Trader 4 or eToro, it’s wise to find a broker that offers you a similar experience.
Tip 4 – Bonuses and special promotions
Finally, it’s often a good idea to compare each Forex broker based on the bonuses and special promotions they offer. In an effort to win your business, many brokers will offer fantastic bonus deals, such as no deposit deals or even free cash to trade with. It goes without saying that the Forex and CFD trading bonuses can have a big effect on your final decision, so it’s a good way to compare the different brokers you’re considering signing up to.