Factors You Should Consider When Choosing a Forex Broker

 Behind every successful forex trader, there is a good and honest forex broker. Many online forex brokers are competing for you to open a forex trading account with them. You'll probably see an excessive amount of online adverts from forex brokers if you visit any financial news website. In this post, we'll look at five factors to keep in mind as you select the best broker for you. We will also tell you the Broker that we use and recommend.

Factors to Consider When choosing a Forex Trading Broker:

1. Reputation

Sometimes the only way to find out if a broker is the right one is to try them. However, doing a bit of research first certainly helps narrow the field.

Things like checking out reviews, discussions on trading forums, news releases, awards, and publicly listed financial information can very quickly help to build a profile about whether the chosen broker is trusted and worthy of your business.

2. Customer service

It's possible for things to go wrong with any service, whether it's a platform outage, a price error, an erroneous account statement, or another technological problem. No broker is exempt from this, but as a trader, it's crucial to know that the broker can be reached, that they will be responsible, respond fast to problems and that they will behave fairly. It's also important to verify if the broker provides service in your native language.

3. Account Offered.

Different account options are offered by each forex broker. When evaluating broker features, keep the following factors in mind: leverage and margin; commissions and spread; minimum starting deposits; and ease of deposits and withdrawals.

4. Ease of Deposits and Withdrawals.

Each forex broker has unique funding and account withdrawal rules. Account holders may be able to fund their accounts online with a credit card, an ACH payment, PayPal, a wire transfer, a bank check, or a personal or business check, according to the broker. Checks or wire transfers can typically be used for withdrawals. Both services may incur a fee from the broker.

5. Initial Deposit.

Most forex accounts can be opened with as little as a $5 initial investment. Leverage, of course, increases the buying power beyond the minimal deposit, which is one factor making forex trading appealing to novice investors and traders. Standard, mini, and micro accounts are available from many brokers, and the minimum initial deposit requirements vary.

Basing on the above factors, Deriv is the broker that we use and recommend.

About Deriv

Deriv is an international broker that has been providing its services on the market for over 20 years. During this time, more than 2.7 million traders from different countries have become the company's clients.

Trading Tip: 

Reading Forex Trading books will provide you with an abundance of information and forex trading books are cheaper than trading classes and other educational materials that are sold. Best Forex Trading Books

Why Should you Choose Deriv as your Broker.

Deriv is one of the world’s largest online brokers. They offer CFDs and other derivatives on forex, stocks & indices, cryptocurrencies, commodities, and derived to millions of registered users across the globe. They offer demo accounts and their minimum deposit  on a real account is 5usd.

How to Open a Deriv Real Account

Step 1

Click: HERE

Step 2

Once on the Deriv website, click any button labeled Create demo account or Start Trading or Create Account and go to the next page

Step 3

Once on this page, you will be asked to enter your email address and password. Make sure you use a valid email. 

They will immediately send you a message on your email to confirm that it is your email.

Step 4

Go to your email and open an email from Deriv. Once you open it, click the button which says Yes, it is me

Now you will be redirected to the Deriv website to complete your registration.

When you successfully create a demo account IT’S NOT OVER.

Step 5

Click on your account and click where it says REAL. Now you need to add real accounts. You click will add a Deriv account

You will be redirected to a page that request your personal information.

Add your name, password, and other details, then CLICK AGREE to the TERMS AND CONDITIONS, and where it says not a PEP.

After that create the account and it will be completed successfully.

After that, you will add a Synthetic account and financial account simply with one click