As a financial trader one of the most arduous challenges you may experience is selecting the right broker. There are four important points for you to consider before selecting and making a final decision including ensuring that;-
- Firstly, the broker is regulated – regulation gives you reassurance that the broker has specific guidance and follows a set of rules which minimises the risk that you will be exposed to financial irregularities and/or fraudulent activity;
- Secondly that the Broker has sufficient tools and resources to help you make timely and informed trading decisions. Such tools and resources include a personal account manager, availability and types of customer service, market commentary, mobile trading and relevant depositing methods.
You will
find in most countries where financial trading takes places that there will be
some form of regulatory body. Most brokers will have details of their
regulation on their website; however in the event that no details are visible,
consider contacting a representative from the company using the contact details
on their website or using their live advisor service to verify. Alternatively,
by undertaking a simple search engine enquiry, you should be able to find
details of the relevant regulator(s). Some of the most popular regulators
include the Cyprus Securities and Exchange Commission (CySEC)
and Financial Conduct Authority (based in the UK).
Thirdly, see what else current and previous traders are saying about the broker, request copies of recent testimonials and of course you can also use search engines online to view comments and conversations which may be recorded on specialist trading forums.
Finally, the fourth and final tip is about you. Deciding on your financial goals, reviewing and sticking to them or making other changes such as finding a new broker may be one of the hardest decisions you have to make along the way. It is important to remember that trading is like a journey, and all journeys have a final destination – how you get to your destination may be time consuming or more costly based on the route that you take, but the important thing is that you focus, stick at it and do not be afraid to try new strategies along the way.
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