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Choosing a broker is the same as choosing a business partner. Who would you trust with your hard-earned money? While there’s no hard rule in choosing an online broker, we’ve listed some guidelines on how to objectively identify the correct broker for your needs.
The forex market is an “over-the-counter” market and does not have a central exchange. As such, choose a broker that is regulated by a legitimate government institution. Since they operate using the taxes paid by local residents to protect their area, foreign regulatory authorities such as CFTC in the USA and FSA in the UK will only protect their own local investors and will not get involved with any foreign investor’s account. In the Philippines, the closest regulatory body available would be the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.
The best guarantee of fairness is transparency. Ask yourself, does the broker disclose all their fees? Are their spreads fixed and clearly stated? Am I trading at the right price? Brokers that offer too low or even no spreads can be candidates for scams as their spreads could widen when the market is volatile.
Is the broker flexible enough to suit your varying needs? Does it allow you to begin small with low leverage and lets you grow with your trading when you gain enough confidence? Often, a reliable broker sees to it that clients are supported by personal account managers to guide them in their initial trades.
Education is your best weapon. Equip yourself with enough knowledge before you start trading with a broker. A reliable broker will encourage you to continue learning rather than keep you in the dark. Good brokers usually have tools and resources available to help you advance your skills. Does the broker offer reliable news feeds or in-depth market analysis?
Choose brokers that use well-known and trusted online payment security systems. Make sure that you can deposit and withdraw funds easily in a short amount of time.
Can you easily contact your broker and request for client service? Is their support team personable and cordial? Does the broker have a physical office near you? It is important to gauge if the individuals behind the broker “act real”.
The popularity of social media and forum sites have made it easier to view feedback on various online brokers. Likewise, check if the broker communicates with their clients openly through any form of these social networks.