If you are interested in trading on the currently largest, most liquid financial market in the world, the Forex market, you have probably heard of the term “Forex broker”. But do you know what it means and how important it is for a trader’s career?
First, a Forex broker is a financial service company that is in charge of providing traders with secure access to platforms for selling one and buying another currency simultaneously. It is a brokerage company that is very important in the success of a Forex trader.
But choosing a Forex broker in 2022 is not an easy task, given that there are many fraudulent companies with flash sites that promise huge profits. So how do you know which broker is suitable for your trading? We have prepared the top 5 indicators of the best Forex brokers in 2022. Are you ready?
1. Regulatory Compliance
The first thing that every ambitious trader has to check is the broker’s regulation. You can check regulation by reading brokerage reviews such as the PrimeMarketCap review, for example, to see whether your preferred broker is regulated or not. Regulation, in this case, means the reputation of a broker.
So, due to potential issues regarding the integrity of the broker and the safety of deposits, brokerage accounts should only be opened with brokers that are duly regulated. Flashy websites don’t promise complete safety, especially if they lack regulations.
Keep in mind that two critical regulatory bodies in the USA are the Commodity Futures Trading Commission and the National Futures Association. In European countries, they differ from one another.
2. Good Account Features
To be 100% sure that you are dealing with a legitimate broker, ensure it has good account features. It means that you should check the following things with a broker:
- Leverage and margin
- Commission and spreads
- Initial deposits
- Ease of deposits and withdrawals
If all of the above is correct and appropriate with the broker, then you can consider the option of choosing it as your brokerage firm where you will open your account and vice versa.
3. Variety of Currency Pairs Offered
Another significant indication of a quality broker is the currency pairs he offers. In addition to the most common pairs on the market, such as EUR / USD and USD / GBP, you must have other options.
Make sure your preferred broker offers currency pairs of your interest in the long run. Otherwise, opening a brokerage account with a broker that doesn’t offer what you intend to trade would be pointless.
4. Customer Service That’s Available 24/5
Without adequate professional help, whenever you need it in the Forex market, you cannot achieve much success. Therefore, choosing a Forex broker that offers up-to-date and effective custom support 24 hours a day during the work week is imperative. You never know when you’ll require customer service!
5. Relevant Trading Platform
It’s known that a trading platform is an investor’s portal to the markets. Therefore, all Forex traders should ensure that a broker’s platform, in addition to software, comes with the fundamental and technical analysis tools they require and that trades can be entered and exited without any problems.
