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The 5 most important things to consider when choosing a forex broker.
Good Transaction Costs
Forex brokers make their money through through fixed rate commissions, and/or taking a small bid/ask spread on your trade. Spreads and commissions are similar but spreads can be a bit more dynamic and get wider or smaller based on the markets liquidity. During an off hour, spreads get bigger, during a busy trading hour, they tighten.
When you are checking out a broker be sure to look at the reviews online as well as go through their website. Look for any information about what the broker says about their own spreads and their own commissions. Be competitive here and aim to find good spreads and commissions offered by different brokers.
Competitive Trading Platforms + Tools
Another aspect to take into account when choosing a forex broker is what trading platforms and tools they provide. You want to make sure that the platforms that your broker is offering are competitive and align with your preferences. Further, checkout the tools that they offer traders on their website.
helpful customer support
Lastly, and perhaps most important, you want to make sure your broker has exceptional customer support. When facing issues regarding your money, you want to feel confident that your broker will provide you will easy access to support. Read reviews and reach out to the customer support of different brokers so you can get a feel for how reliable their customer support is.
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