The most common mistakes made by forex traders when choosing forex brokers
Whereas forex brokers play a very important role as far as trading is concerned, choosing the best ones has never been easy. According to MyTradingTools.com, traders make several stupid mistakes when choosing their brokers and these mistakes end up costing them. Luckily, the mistakes can be avoided to make wise decisions when picking forex brokers.
What factors to consider when choosing Forex brokers
Poor Customer Services
Among the many things, you should pay attention to when weighing the broker in question is the quality of customer services offered. You want a broker who will be there for you whenever you need them. You don’t want a broker who will give you boring excuses at the time of your need. According to MyTradingTools.com, good brokers (like ICMarkets and AxiTrader) should make their clients feel valued. They should be ready to pick calls whenever you call, reply to your email and offer technical assistance promptly. Avoid a broker who can’t attend to your most urgent issues. Such brokers may give you the worst experience you’d never want again.
High Transactions Costs
MyTradingTools.com has learned that different forex brokers charge different amount as the transaction fees. When the transaction fees are high, they will deplete your profit. You should take a look at the fees charged by the broker you are considering before settling on your final decision. Remember the main aim of why you are investing your money in the forex marketplace is to make positive returns. You should, therefore, avoid anything that has a negative impact on your account balances and profits. Only consider brokers with reasonable transaction fees.
Complicated Deposit and/or Withdrawal Process
Other than the transaction fees and customer services, you should also consider the ease of depositing and withdrawing funds in your trading account. You want to deposit your funds anytime you feel like and to withdraw your profit as soon as you hit the minimum withdrawal amount. A good broker gives you multiple options to fund your account. For example, PayPal, Wire transfer, credit cards, etc.
Complex Trading Platform
It’s the responsibility of brokers to ensure their platforms are user-friendly, look appealing, and has everything in place to facilitate trading. User-friendly platforms make the process of trading very easy and ensure no mistakes are made. On the other hand, complicated platforms are not ideal for trading. You should be able to navigate through the platform with ease and everything should be visible. You don’t want a situation where you’d end up pressing the enter button when intending to press the exit button.
It’s common for human beings to make mistakes; however, some mistakes can be avoided. The above is a highlight of a few mistakes that should be avoided when picking a forex broker. As we mentioned earlier, your broker will either give you a good or bad trading experience when trading forex. It’s for this reason that MyTradingTools.com advises you to avoid the above mistakes.