Easy Steps Before Choosing the Best Forex Broker in USA

Posted on 09/04/2022Comments Off on Easy Steps Before Choosing the Best Forex Broker in USA

One of the keys to trading success is knowing how to choose the best Forex broker in USA for yourself.

As a novice trader, you may be wondering, can we trade without a broker? The answer, of course, is no. Forex brokers act as intermediaries between us as traders and the market network that connects transactions between all market participants in this world, especially giant multinational banks. So, without the help of a broker, you will not be able to trade forex.

One of the keys to trading success is knowing how to choose the best forex broker for yourself. Well, for that, here are the steps you should try in choosing a safe forex broker:

1. Know The Criteria For The Broker You Need

In this world, there are many forex brokers. What can meet your needs, not all of them can. The following three criteria can be used. If you are a beginner, you don’t know the trading system, how to use it, and are still experimenting.

• Below $500 is the lowest minimum deposit.

• Allows all trading systems.

• Provide the Metatrader trading platform.

2. Collect A List Of Recommended Brokers

Based on the criteria compiled in the first point, try to make a list of several brokers that are recommended, both by your friends and by trusted websites on the internet. No need to consider other things, just write down the names of the brokers and the website addresses first. Even though the number of brokers on the list reaches 5-10, but later you can still filter them again to find which broker is the best.

3. Investigate The Regulatory/Permit Status Of The Broker

Among the brokers on your list, there will be brokers who are not licensed or brokers whose licenses are obtained from the middle of nowhere. Well, in this case, make sure you know the licensing status of each broker and which institution gives it, then just choose which broker has the best licensing.

4. Investigate Testimonials About Each Broker

After the third stage is complete, you already have a list of brokers whose services are suitable for beginners, as well as having complete licenses, so their security is guaranteed. In the next step, try Googling the names of the remaining brokers. Or, search forums like Tradersunion.com. The goal is to find out the reputation of the related broker.

If some irregularities or complaints are proven to show that the broker has repeatedly cheated traders, then don’t hesitate to remove the broker from your list. And if while investigating this you come across terms you don’t understand, then don’t hesitate to ask other fellow traders.

5. Try the services of a forex broker

How many forex brokers are left on your list? If the number is still more than one, then at this last stage, you should choose one first. At the forex broker of choice, register yourself to open a trading account, either a demo account (Demo Account), try Forex no deposit bonuses from a broker, or a real account (Live Account).

In addition, pay attention to these three tips:

• Do not immediately deposit large amounts of funds. Start a deposit with a minimum initial capital at the broker, or around 100-500 USD first.

• During trading with the broker, observe the customer service (Customer Support) provided, as well as whether its features can be operated smoothly.

• After getting a profit of around 25-50 USD or whatever the minimum withdrawal is at your broker, try to withdraw funds. Pay attention to whether the withdrawal process went smoothly and how long it took for your money to arrive in your bank account.

Comments Off on Easy Steps Before Choosing the Best Forex Broker in USA