Characteristics Of A Good Forex Broker

A forex broker is a company that offers foreign exchange services for individuals, companies, institutions, and other organizations. To trade forex successfully on your own you will have to choose the best forex broker for you. The good news is there are many available brokers with more coming online every day! To make this decision easier, we have put together a guide to help you choose your ideal broker.
Finding a good Forex broker is the first and most important step on your journey to successful forex trading. You need to make sure that you choose a licensed broker or your trade may not be valid.
To understand how to choose the best forex broker, you must first understand what makes a good forex broker. Some factors that will help guide you through this process are regulation, minimum deposit, spreads, leverage, and trading platform.
Regulation
The first step in choosing a good forex broker is to make sure they are regulated by an appropriate governing body. Your money should be protected by a company that is fully compliant with the rules and regulations established in the country or countries you reside in. We have seen many traders lose all of their money because they were trading with unregistered brokers! The only way to protect yourself is to have a broker that holds itself to a high standard of regulation. It is also important that you confirm their registration with the Central Bank of your country before they can open an account for you.
Minimum Deposit
Before you can trade forex, you will have to fund your account. This means you will need to open a live trading account with your forex broker and fund it with at least the minimum amount they require. Be sure to check their website or call them to confirm the current minimum funding requirement before making your decision. You should also try to avoid brokers that do not allow you to deposit funds via credit card. It is a very convenient and safe way of funding an account!