By  //  July 22, 2022

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Are you ready to embark on a forex trading career? You have probably already heard a lot about how profitable this journey can be – and these reviews are genuine. People have built empires from trading forex, and you can, too! It all starts with choosing the right broker.

Of course, learning how to trade is crucial. But even with all the tips and tricks you can find, choosing the right broker still takes precedence. Otherwise, you can use the perfect strategy without reaping the fruits of your hard work. So, to set yourself up for success, take your time to review what independent third parties have said about brokers.

Conducting Broker Reviews the Right Way

Reviews are interesting as they allow you to gauge a service from someone else’s point of view. Take an example of when trying a new product on an online shopping site. You skim through the ratings and reviews and make a subjective decision. That’s the case with forex trading – when you read a review like the one about the latest bonus, you understand what other people think of a platform. Then, having put yourself in their shoes, decide if it is the right fit for you. What should you focus on?

1. Is the company compliant? Reading reviews can help you understand if a platform has the license to offer trading services. Moreover, you can learn more about where the site has its licensing, i.e., domestically or overseas. People also share their experiences with the licensing bodies. Sometimes, even if a site has a license, the regulatory body is not very involved in its business.

Thus, it still gets away with some unscrupulous practices. Find out if the site has a license, how strict the body is, and verify this information by looking into the site even outside the reviews. Do not just take someone else’s word for it, as your money will be on the line.

2. What pairs does the platform offer? You would think that with all the currencies in the world, you’d have many to consider when trading. Is this the case? Not quite. Most platforms focus on the most traded pairs. These have low spreads and high-profit margins and are thus more profitable for the broker. Therefore, consider whether a site has what you would like to trade. It may be winning on all other fronts but may not cater to your needs.

3. How good is the customer service? We live in an age where word gets around fast. It takes one mishap from a customer service agent, and the conversation finds its way to social media, and the whole situation blows up in the company’s face. As a result, many companies are now focusing on training their staff to deal with clients in the right way.

Does this mean that all customer care teams are now top-notch? Not even close – you must consider what experiences other people have had with the given platform. Consider how fast the company responds to queries, how knowledgeable the team is, and if you can always reach an actual person. Like with licensing, do not focus on the reviews alone. Instead, call the companies you would like to work with and see how well you like their responses. In this case, trust your gut no matter how good a company seems to be.

4. Is the platform easy to use? Navigation is crucial to your trades. You shouldn’t have to scratch your head when trading a pair, unable to decide which dropdown menu you should choose. A good site has an easy interface and enough software to help you conduct your analyses.

It should also be easy to follow up on your trades to see how much you have sold or bought. Is this important? Consider this scenario. You have a trading capital of $5,000 and do not want to lose more than $500. You have many open positions, and notice that your capital has now dipped to less than $4,500. In a poorly designed platform, it would take you a while to cancel these positions, likely costing you more. But a good platform would be easy to navigate to put an end to the losses. So, consider this important feature.

5. How much do you need to start trading? Gone are the times when trading was a high-capital venture that locked many people out of this investment tool. Even so, some platforms have high deposit requirements. Figure out how much you can deposit while still getting good leverage to boost your position. Then choose one that won’t have you breaking the bank.

The Rotten Mangoes Concept

The story goes that a monkey once came across a tree with ripe mangoes. It tried to reach the fruit in vain and finally gave up, stating that the fruits were even unripe. Sometimes, when people do not get what they want out of a platform, they offer negative reviews. So, please watch out for any negative reviews from unverified sources.

These can sometimes stem from anger at having lost money to a losing strategy. And traders can take it out on the platform rather than admitting that their strategy did not work.

Have fun choosing a platform!