If you are trading forex you need a couple of things. Relying on luck is not an alternative and you should make sure that you find a good broker. Trading platforms are important as well and they could help you make a profit more easily.
For beginner traders, things might seem more complicated at first. It is hard to get started, so today we have come up with a short guide that should help you on your way. Whether you are looking for the best Forex Brokers Europe, or helpful trading platforms, this article should be helpful for you.
Finding a broker
When you are looking for a broker you should start by asking yourself what you really want. There are many dealers out there, and they provide different services for different prices. The first thing you should do is come up with a list of all the things that you want from a broker. With those in mind, you can start your search.
Online tools should help you and whenever you find a broker you should be able to establish his credentials. Make sure that the broker you discovered is registered with a regulating body. This means either AMF for France, BaFin for Germany, CONSOB for Italy, as well as others for other countries.
Another important thing for your broker is to see what type of trading platform is offered by him or her. There are various options, such as Trade Station, cTrader, MT4 and MT5. You need to make sure that you choose a platform that is advantageous for the strategy that you want to use.
You should also look at withdrawals and money deposits. Brokers allow various options. For example, some accept credit card deposits and withdrawals, which is a faster alternative for you. Others allow direct credit or wiring the parent account.
Spreads are an important factor when it comes to trading. They are the difference between the Bid and Ask or Sell and Buy prices. You want the spread to be as small as possible as this is what you need for your trading account. When you choose a broker you should also make sure that it has some good spreads.
The trading execution
When you choose a platform you want to make sure that the platform works as fast as possible. The platform needs to execute the order as quickly as possible, which can be difficult in some cases when you are trading a large account.
You should also make sure that you find a broker that does not allow order rejection as that can be the best option for you. Order rejection can make you lose numerous pips in the trade that you are executing, and you do not want that risk. If you cannot find a broker without order rejection, try using many brokers and placing the orders simultaneously.