3 Essential Characteristics of a Good Online Forex Broker

The vital step, which will decide whether you will succeed in the world of Forex or not, lies in choosing the right Forex broker. As, this broker is not just a broker rather it acts as a medium between you and the Forex exchanging world. Now, if you are a competent trader, yet you arrive at an online broker which is not the right one for you, the ultimate result would be a disaster. Therefore, considering that, here we are going to throw light upon few factors which should be checked before entering into any online forex broker.

Let’s understand the Factors

• Dependability

If you have landed up at a FX Broker who claims a lot, but vanishes off in just a few months then you will realize how important dependability can be. It’s true that, if something goes wrong with your first broker you can expect the same to happen again, hence this is the time when you have to search a dependable broker for you. There are endless brokers that are present in the online world, some have amazing bonus values, some offer extraordinary trading instruments, some provide amazing leverage, commission spreads and many more. But, we are still stuck on that one point “how to know whether your Forex broker is dependable or not”.

To do that, first understand whether broker is a regulated broker or not, for instance, Land-FX a leading online broker is regulated by FMA New Zealand and is registered under FSA. Moreover, this company has even earned recognition by Commodity Futures Trading Commission (CFTC) to be among the best trustworthy Online forex broker in 2014. These are a few things which will make you realize whether your forex broker is dependable or not.

• Top-notch Services Offered by Them

When you are new to the world of forex trading then you will find that almost all the online brokers are just the same, but that is not true! There are a few things that differentiate online brokers from each other, and these can be denoted from the services that they provide. For instance, brokers like Land-FX are packed with a plethora of services, such as 24 X 7 customer support, where you can resolve any queries that you have regarding the venture and its services.

• Fruitful Forex Leverage, Lot Size and Margins

Now, leverage refers to the maximum amount of money that a trader can borrow from the broker, margin level is a variable that changes from broker to broker and finally lot size is that can be used for traders to trade. On an average, Land-FX provides a minimum of 500:1 Forex leverage where the required margin can be about $200, and the maximum is 1:1 where the required margin is $100,000 though, the minimum leverage the trader can open up to 50 currency pairs for the lot size and for the maximum traders can have 100 currency pairs for the lot.

Finally, these are the 3 essential characteristics which one must look over before working with any Forex broker.

This article is written by Andrew Martin on behalf of idreammart, this is having topics on Online forex broker, Forex currency exchange,and many more.