Forex Broker Reviews: What Are The Most Important Factors To Consider When Selecting A Forex Broker?
Selecting the right Forex brokerage firm can often mean the difference between being a profitable trader and one you wish you had never entered the market. Each and every reputable big Forex broker operates a little differently and has advantages and disadvantages. I’m not even going to talk about the smaller companies because; Since this is essentially an unregulated industry, there is no chance for me to deposit my funds with them. I have been with several of the largest firms and still maintain an account with a few of them that I have selected as my best employees.
The first thing I looked for when choosing my Forex broker was whether I was comfortable depositing a substantial sum with them and whether I was going to get it back. I wanted to be able to sleep at night and this single reason eliminated any of the nightwear that is here today and gone tomorrow. Next, I tried to check the security of his computer system. After all, having a hacker delete his account in the middle of the night can ruin his morning. This is another reason why I only trust the big ones. It’s pretty hard for us little gamers to determine how secure any computer system is, so I’m sticking with the big companies under the assumption; they are making a lot of money and therefore can afford to have a highly secure system.
The next feature I’m looking at is customer service. When something goes wrong with my account, I want someone on the phone and I want them to be on the phone now. Don’t tell me to press the n button. #2 and then #2. #3 next to no. #4 to hear that I have a 10 minute wait. You’re not going to keep me as a client if that’s what interests you. Also, when I call you on the phone, make sure you know what you are talking about and you can FIX my problem. I really don’t want you to tell me that you’re going to send a ticket to find my $50,000 and that you’ll get back to me in a few days. Over the years, I have had trouble depositing funds and withdrawing funds from brokers and Forex. I can tell you from past experience that this will ruin your day fast and I am not dealing with a company that can take care of this problem right away.
Those are the two most important factors I considered when opening and maintaining my Forex broker accounts. Being a businessman myself, I know that having the types of service that I want or should I say need doesn’t come cheap. It costs money, so I’m more than happy to pay a few extra cents in trading commission to do business with a company that values these qualities as much as I do. If you’re new to the markets and just looking for low pips and that’s all you’re worried about, I just have one thing to tell you. Good luck, because it only takes once to find out and we’re not talking about going to a restaurant and eating badly here. We are talking about something that can hurt for a long time and requires quite a few trades to get it back. I know it’s not too hard to make money in the Forex markets, anyone can do it, but losing something that is yours will hurt and hurt for a while.