Estimated reading time: 6 minutes
Many forex beginners find it difficult selecting brokers that will just be perfect for them.
There are many forex brokers online and it will usually pose a great but irrelevant problem for forex beginners to make a choice out of the wide variety of brokers.
Remember that part of your success in your Forex trading career depends on the broker you choose. This is because the brokers are responsible for almost everything you do in the currency market except that they won’t trade for you.
They provide you the facilities you will need to carry out instant trade order executions such as the Meta 4 trading platform, funding and withdrawal options, News and updates, graphical analysis of the market, currency pairs and so on.
These are necessary for you to start trading in forex.
Almost every forex broker provides these facilities for their clients but the difference in each forex broker lies on the quality of service delivery for each facility they provide.
If you’re still a beginner in the foreign exchange market, you should look out for the below qualities in every broker.
A Good Forex Broker should has the following characteristics:
- Established and fully registered broker
- Average or low spreads
- Easy deposit and withdrawal options
- Fast trade executions(sometimes instant)
- Dedicated support
A broker should be registered with an association of online forex brokers. It should also have a well established site that’s easily accessible all the time without downtimes. After accomplishing this step, it can now start to attract clients via advertising or other methods.
A spread is just like a commission you pay to every broker on every trade execution you carry out. Every trade you make on a particular broker attracts some amount of spread in terms of “pips”.Therefore, whenever you open a new trade/order with a forex broker, the order will first open with a negative value of pip signifying the broker’s commission.
Whether you are in profit or loss, a forex broker must always collect its commissions from every trade you make.
The lower the spread, the more likely you will always profit from every trade.
Most bad brokers offer spreads as high as 6 pips because they want to make huge commissions. This signifies that this type of forex broker never considers what the client feels about the high spread value.
Before you choose any forex broker, always check if they have a convenient method for deposits and withdrawals. Many forex brokers online offer different options for deposits and withdrawals but some offer more options than others.
Check to see if the forex broker allows you the option that will benefit you the most.
Here’s an instance of a recent problem i had when selecting a forex broker; I wanted to use a forex broker that accepts Perfect Money as a funding and withdrawal option because that’s the safest and most convenient way of exchanging currencies online due to my country location.
I searched and searched almost everywhere on the internet for a particular broker that accepts Perfect Money but could not find one. I continued searching until one day i found two forex brokers that accepts Perfect Money for funding and withdrawals (Liteforex and Nordfx).
That day i felt like i’ve already made millions from forex because i couldn’t believe i will find a broker that uses Perfect Money.
I started trading forex since that day using my most convenient method of online money exchange.
My situation may not be the same as yours because your country may not be the same as mine. So, most deposit and withdrawal options offered by the different forex brokers will be available to you.
A good forex broker needs not to waste more than one second when executing your trade orders.
Some forex brokers waste some seconds before they execute your trade orders. This can adversely affect your trade because your market entry point will no longer be the same after they’ve wasted such time. This does not apply if you open a pending order instead.
If you have to choose a forex broker today, select one with a working support ticket system, live chat system and sometimes phone support.
I mostly use the live chat support any time I start experiencing any form of difficulty with any of my brokers. I like this because the support is usually instant and you don’t have to wait for days to get your support ticket answered.
A Perfect Forex broker suitable for Beginners
I’ve made you go through this whole introduction so you’ll better understand the characteristics of a good forex broker.
If you are still a forex beginner or even a professional trader, I will recommend you use Liteforex broker
. You can register for a live trading account here
I chose Liteforex for you because it’s just the perfect broker for you. Apart from scoring 100% in each of the above qualities of a good forex broker, liteforex broker also has its peculiar characteristics.
- They allow Hedging
- Offers One-click trading
- Mobile trading
- Automated trading
- Low Spreads
- Fantastic live support service
- Excellent bonuses for new and existing customers
- All possible funding and withdrawal options are available
- Different account types based on your need (I recommend using LITE or REAL account)
- Liteforex has won many broker awards due to their excellent services
- Contests and Prizes
- And much more…
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There is so much to benefit as a new Liteforex member because they put their clients first in everything they do.
Don’t forget to claim your bonus meant for new members. Liteforex will give you an additional 30% of your deposit if you fund your account with over $100 within 24hrs of opening it. Subsequent deposits will attract additional 15% bonus.
Also, if you open a new liteforex account today, you will receive 40% of any deposits you make that is over $100.There is yet another bonus. You can insure your money (for deposits over $500) so in case you lose all, liteforex will refund you 100% the money you started with.
So, there’s absolutely no risk involved. You can start trading confidently with liteforex.
To claim the above bonuses, register a trading account with liteforex broker.
If you have any questions about anything we’ve explained in this article, please do not hesitate to leave us a comment and we will surely answer your question.
Next, we shall be releasing free forex signals that you can input into every trade you make with liteforex and make your profits. So ensure you bookmark this site.
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