Choosing the best Forex broker is an essential step for Singaporeans who want to see success from Forex trading. You can’t do without a Forex broker as they provide the trading platforms that carry out your trading orders to the Forex market. You’ll also find that brokers will supply you with the necessary trading tools in order to guide you with your market analysis and trading decisions. There are too many Forex brokers claiming to be the best one so it is important to consider these factors when looking for a reliable Forex broker:
Licensed and duly regulated
The best and most obvious consideration when selecting the best Forex broker among many is one that is licensed and duly regulated. Regulations on these brokerage firms ensure protection for traders and investors alike.
Reliable trading platform
You’ll want to work with a broker that offers you a reliable trading platform. An easy to navigate platform that doesn’t crash or freeze often and comes with free charts and tools are good choices for a trading platform. Meanwhile, a trading platform that’s complicated and often encounters technical issues is not reliable.
Financially solvent brokerage firm
Work only with brokerage firms that are licensed, duly regulated, and financially solvent as these will offer you utmost protection as well as the best pricing deals in the market. Aside from its license and certification, you’ll know that a brokerage firm is financially solvent because it is able to meet the minimum capital requirement of a brokerage firm. Usually, these companies will post such information on their website specifically on the About Us page.
Excellent customer support
You might encounter technical issues in the future so you should look for a broker that offers not just an excellent website but also round the clock excellent customer and technical support. A wise way to determine this is to create a demo or trial subscription with a broker. An excellent support is one that can be relied on 24/7, responds promptly, and have knowledgeable and reliable support team or representative.
Agreeable fee and commission structure
Brokers differ in the fee and commission structure they demand. Some brokers ask for a spread fee while others ask for a commission charge. The most important to keep in mind in this case is that the broker offers you an agreeable fee or commission structure.