All retail forex traders need to use forex brokers to trade. The only traders who do not use forex brokers are banks and trader that trade through banks. As you need forex brokers to trade you have to consider what they should be offering you. There are certain points that you should look at to ensure that you are getting exactly what you need from the broker.
The Currency Pairs Forex Brokers Offer
Traders generally know which currency pair they are going to trade with before they even open their demo account. This is due to certain currency pairs working well with certain trading strategies. When you learn about a strategy you are often told which of the common currency pairs you should look at. However, the problem comes when you open an account with the forex broker.
Most forex brokers limit the number of currency pairs that they are willing to offer. This helps them keep control of what is being traded and the trades that they have to place. The problem is that the broker you want to use may not offer the currency pair you were going to trade with. There are two routes that you can take if this is the case.
The first route that you can take is to change the currency pair that you are going to trade. The new currency pair may work just as well as the one you were going to trade. The second route is find a different broker then offers you the currency pair you want. This is a route a lot of people take if they are going to be trading exotic pairs.
The Customer Service on Offer
A lot of traders do not consider checking what kind of customer service they are going to get with a broker. This can easily slip your mind when you have to consider the spread and the currency pairs that they offer. However, it is important that you consider what customer service you are able to get.
You need to look at the ways that you can contact your broker. The best option would be to have an instant online chat facility. However, there are brokers that still want you to call them or send a support ticket. This can delay the customer service and this is something you do not want.
It is recommended that you test the customer service of the broker you are using. If there is a chat facility open it and take note of how long the service provider takes to respond to you. It is also best that you have a question to ask them. When you ask the customer service provider a question you should know what the answer is so you can determine how detailed and correct their help is.
Are You Getting Incentives
A lot of traders look at what incentives a forex broker has to offer. While these incentives can be good to have some of them are not helpful at all. If you are given an amount of money when you sign up you have to consider the terms. Many brokers offer money to traders, but then state which currency pair they have to trade it on.