Choosing a good online Forex Broker is a difficult task. Online Forex Brokers should not only be technically advanced but also accessible to you in the same degree as a traditional Forex Broker who sits in an office. Before choosing an online Forex Broker, keep certain points like a checklist in your mind.
● The broker should have a physical address, where you can visit them in case you face any issues with trading online.
● Brokers usually offer currency exchange between a limited numbers of currency pairs. Check whether your online Forex broker has the particular currency pair that you want to trade in. Usually online brokers offering currency exchange in more than 30 pairs will meet your demand.
● The Commission and brokerage charge should be low. You do not want the commissions and brokerage to take away a big slice of your profits.
● If you are a small investor, check whether your broker allows you to open a currency exchange account with a small initial amount.
● Also enquire about the trading platform that you will use, once you associate yourself with an online broker. Experienced online brokers often offer multiple platforms (meta-trader, x station, x social etc.). They also offer video tutorials and technical help for new investors so that trading on these platforms becomes easy and does not turn into a frustrating job, where you don’t understand the purpose of various online tools.