If you want to start investing in forex, you can visit our website and get the best forex investments. There are a lot of forex brokers. What does it mean? There are also regulated and unregulated brokers. How to tell the difference? Learn carefully on this page, so that later no one chooses wrong forex brokers. With so many types of forex brokers, we as traders should choose which one? See our IM Mastery Academy Reviews.
1. Regulation Status
The regulatory status of a broker is often synchronized with the security of your funds at the broker. Thus, brokers with elite class regulation as mentioned in the previous section are the highest prestige brokers, followed by brokers with middle-class regulation, offshore regulation, then non-regulated brokers. However, actually, each has its advantages and disadvantages. If you are interested in investing in tens of thousands to hundreds of thousands of US dollars, then it would be better to sign up for a well-regulated forex broker. But if you only want to invest small-medium, then brokers with middle-level regulation can be more practical.
2. Transaction Fees
No matter you will register to which broker, there will be transaction fees charged on your forex transactions. There are generally two types of transaction costs: spreads and commissions. A forex broker can charge only spreads, commissions only, or even both. Spread is usually a few pip added to the ask/bid price when buy/sell is done. While the commissions are usually calculated in the amount of US dollars per traded lot. The amount of spread and commission in each broker varies, so you can customize it with your trading style.
3. Deposit and Withdrawal Method
A good forex broker will allow you to deposit and withdraw funds as easily and quickly as possible. However, with regard to Indonesian traders applying to overseas brokers may be more complex than those applying to a local broker.
4. Trading Platform
In online forex trading, the most important tool is the trading platform. Therefore, you must ensure that trading platforms can facilitate your trading style, be easy to use, and have the features you need.
5. Customer Service
Forex brokers are not angels, so of course, they have flaws and in a relationship with them, you can just meet some problems. Therefore, it is important to choose a broker who has responsive customer service and able to guide well.