What to check when selecting a Trading Broker
Trade responsibly
What to check when selecting a Forex Broker
Make your Research
Geography restrictions
Sometimes governments would not allow retail traders to participate in a trading activities. They do this to protect people so they may issue some laws restricting retail trading activities by reducing a leverage or banning Brokers from operations. If this is the case there is no need to read this article any futher!
Note: Good news is that Students could still participate in the Lazytrade educational project because financial data will be provided to them
Regulations
Brokers should be licensed to operate in specific geography. These certifications could be found at the broker’s website. In addition, take a good time to print and read trade regulations. Check out special conditions and possible risks. Do save these documents for any future reference!
Public reviews
Check popular trading websites to learn more how one broker compares to others
Check these pre-requisites
Security of website
Check for things like double authentications
Execution time
Check execution time, server response in ms from your computer towards the broker server
Instruments spreads and trading conditions
Do check how many trading instruments is available, what are their specifications, swap costs?
Customer support
Try to use chat/customer support feature on the website
Disclaimer
Trading involve risk and is not suitable for all investors. You should consult your tax advisor about any tax consequences and your financial advisor prior to making any investment decision. No statement within this blog post (or any material published by the Author of lazytrade educational project) should be constured as a recommendation to buy or sell a security or provide any investment advice.