Issues you must consider when choosing a FOREX platform/broker

Issues you must consider when choosing a FOREX platform/broker

Is anybody there any professional assistance?

Experts who are willing to provide answers to your questions and your concerns when the need arises is one key requirement of a select platform broker. Do they provide key insight into the FOREX market? also another fundamental requirment of any professional assistance services you may choose to work with.

Are there actually real people who can offer assistance?

One may select a platform that is automated and doesn't have any real people who can attend to your concerns and answer your questions. In some cases all you may get from such automated systems is a technical review or analysis which can be rather fraustrating.

Is thier internet platform friendly and easy to use?
Is software required? Are you restricted to say, a specific terminal?
This are important aspects that must not be overlooked.

Do they work round the clock or only during banking hours? Can I withdraw when i want to?
I emphasize that working with a platform that provides round the clock access to your funds is key. Cause if you work with a platform that only works during working hours it could be a problem.

How time consuming is the account set up process? Can you start trading once the account is set up?
You do not have to wait for processing of your request. There are platforms that provide instant trading once your account is set up and funds deposited.

Also the lowest amount that can be risked?
This is in most cases of little concern to high target traders but is nevertheless important. With current trends there are possibilities to risk even 50 US dollars.

Hidden costs, freezing and security.
Does your select platform allow for freezing for a few seconds before you make your final decision?
Are there any hidden costs? Are you charged commissions on trading? What kind of security and safety measures do they have in place?


Terms and Streaming Quotes
Can the trading terms be set to your own select preferences?
Are the rates presented the most current?

Business partners and reputation
Do they (platform or broker(s)) have well known business partners. Do they have a solid reputation?

Full Transparency and Online Access
Do they provide you with down to the bone detailed reports with the click of a button?
Can you control your account from anywhere in the world?

The above mentioned should be reviewed to ensure that you don't run into any kind of losses.