How to become a forex broker?

The number of forex brokers in the institutional and retail section, is increasing with a rapid pace; where in each of them is trying their best to prove themselves as the best in the market. When it comes to choosing one of these FX brokers, it becomes difficult to speak about a broker who is a perfectionist in his offerings and services. Despite, you must focus upon your own needs and expectations from trading; compare the services offered by different brokers and then marks the one, who best suits and serves your needs.

Following are the basis which can guide you in making the right decision:

PUBLIC IMAGE:

The most essential thing while choosing a forex broker should be ensuring the past record of the firm, so that you opt a safe and reputable brokerage firm. In this regard, you must look into the fact that whether the broker is regulated or not. It is important to know that the broker firm is a member of any regulatory body like JFSA in Japan, FCA in UK, SEC in US etc. These regulatory authorities present all around the globe, helps in protecting the reliable and decent firms by screening out the unreliable ones.
Do you think that only reputation can be sufficient?

I guess, no. What if the broker disappoints you with his inappropriate pricing and commission structure, or creates problems when you wish to withdraw your hard earned money? Therefore, you must give due importance to the deposit and withdrawal process of a broker.

DEPOSIT & WITHDRAWALS:

The deposit and withdrawal procedure of a forex broker is one such thing which might impress or disappoint a client. The broker must close your account on your wish, if you stand unsatisfied with his services. Your broker should be able to provide you with an efficient turnaround time for deposit as well as in withdrawal. Wont you get suspect your broker’s performance, if it can’t ensure you with a smooth and hassle free process of deposit.

TRADING PLATFORMS:

Margin Requirement:
Leverage and Margins are always considered to be very important factors when choosing a broker. High leverage shall be opted by only those brokers who have reported good performance in the past.
It should be noted that although high leverage helps the traders earn higher profits; it also increases the level of risk.

Spreads:
If we consider the outlook of traders across the world, they are always in demand of tight spreads. But are those spreads really showing the inter-bank market values? Ofcourse to a well to-do broker or to an experienced trader this thing does not hold good, if they are getting good execution speed, flexibility in trading environment etc.
There are number of brokers who earn for their services by widening the bid-ask spread, thus expanding the bid and ask prices the formers are obtaining from their liquidity providers. Here at Turnkeyfx, we provide you with tightest spreads as we are linked with wide pool of liquidity providers, who hold reputable position in this industry.

Instruments offered:
While choosing an FX broker, do bear in mind the number of currency pairs, commodities, stocks, indices etc are offered by him. You shall be well informed about the pool of forex instruments provided by a broker. Evaluate that whether he is providing the instruments of major economies or of developed, developing economies as well.

Value Added services:
In today’s world the traders expect more from their brokers, which has made the brokers to serve their clients and prospects with more services, than just by providing the platform to trade upon. These days the brokers are offering instant update of any and economic event, live price feed, tips, research reports etc. And any customer searching for a reliable broker these days, do look at all these features.

Following are the things you can look for while choosing a broker on the basis of trading terminal provided by him-

  • The platform must have a user-friendly interface
  • Evaluate the charting tools and technical studies available
  • Observe the real-time price feed
  • The bid-ask spread, how much can it widen in the normal trading hours or during news releases
  • Customization facility is available or not
  • Reliability of the servers of the brokers
  • Slippage and Latency involved

You can look up to the above mentioned points along with others and must seek that platform which is packed with advanced trading capabilities and great automations, with easy and handy features.

Turnkeyfx is the solution for your query. We offer our clients with 3 versatile and easy to use platforms- MT4, ActForex and ZuluFull pack. You can get any of these 3 platforms based on your trading requirements and can trade with them anywhere and anytime. We at Turnkeyfx provides you our exclusive customization facility and lets you trade with an admirable experience.

 

 

Leave A Comment