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A Guide to Choose The Forex Trading Platforms in 2021

Forex Trading is the process of exchanging one currency for another, that is also known as buying or selling currency pairs. It is based on prevailing exchange rates from the forex market. We make the use of a forex broker when it comes to trading foregin currency. They are also known as currency trading brokers who help in placing your trades. This shows that Forex Traders play a very important role in the trading process. When the turn comes to choose a broker, traders normally have various number of Forex brokers to choose from on the internet. But the question arises is how you know that the broker you have chosen is the right fit for your trading needs. 

To help you in selecting the broker, we are providing you a guide with the list of tips that you need when to choose a broker:-

  1. Regulations:- While selecting a forex broker, the first thing that you should look to see if a broker is regulated by a competent regulatory agency. Dealing with a regulated broker will provide you the assurity that the broker has met the operating standards that are imposed by the regulatory body. Along with this, you will also get the fund protection and make you ensure that the broker is upholding rigorous standards.

  2. Trading Platform & Software:- Forex Trading Platform is considered as the gateway to the market. A selection of trading platforms to choose from will be provided by the brokers to the traders. Some brokers have also taken to developing their own proprietary trading platforms to differentiate themselves from the other brokers in the industry. For a good broker, it is important that he should be able to provide the good selection of platforms!

  3. Payment Methods:- The methods that you are using for the payments are also important while choosing a Forex trader. What deposit method do you want to use- PayPal, Skrill or Neteller? Are you happy with the use of debit or credit cards knowing this is where withdrawals will be paid out?  There are some forex brokers who are also making the use of Bitcoins or a range of other crypto’s too!

  4. Broker’s Business Model:- There are some of the terms such as STP, ECN, NDD and Market Maker that can be used to describe the business model by which the broker is operating. Dealing Desk and Non- Dealing desk are the two major types of brokers. In case of dealing brokers, the trade will be executed by the broker and then they are exposed to that trade. When it comes to non-dealing desk, the trade has been passed by the broker to the third party.

There are many other factors that must be kept in mind while selecting a broker. With the help of above- listed points, you will be able to find a broker who suits your needs. Once you find the right broker, you will be able to focus more on the trading activities and trade more confidently, hence increasing the chances of success in the trading market!