Forex Brokers : How To Choose Wisely And Correctly

 In the investment world, there are a number of instruments, one of which is forex. Every broker applications in the world has advantages and disadvantages. For starters, you may ask, is there a decent and worthy Forex brokers to trust. Or how to choose the broker wisely and appropriately.

We have to consider some important things, before you choose and use a broker platform. There are many differences, from the trading conditions, the instruments offered, to the additional services that help with the whole process. All of them play a role in the specific composition of each broker.

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How to choose the best forex brokers and trading platform? Forex trading is a very profitable business in the financial markets, due to its turnover of up to $4 trillion per day. However, there are things that traders must do before they dive into this world of forex trading,

The Role a Broker in Forex Trading

The importance of the role of brokers is indeed very influential on the smooth functioning of the forex business. Therefore, accuracy in choosing a forex brokers will determine the fate of your luck in this forex business. Brokers have a duty to build and maintain customer relationships.

And conduct sales to complete document administration tasks. They are also responsible for maintaining customer satisfaction. So customer service is an important element of a broker's job. Here is the broker's job description:

1. Make a Transaction

A broker's job is to bridge and be responsible for all transactions that take place between investors and the capital market. Transactions can be made with a broker from sales to purchases.

After you complete the deal, then the forex brokers can be responsible for preparing and completing the documents needed to make the sale.

2. Capital Market Analysis

Another job of a broker is to be able to analyze the capital market and then give the best advice to investors. So investors can get the maximum profit and minimize failures that could happen. For this reason, brokers need to be careful and clever in understanding the market situation.

Without this ability, the market analysis process will not run smoothly because this is very important to get profits for investors. The analysis they do is not usually based on the state of the capital market.

Forex brokers must be knowledgeable about the company's products and services so that they can answer user questions and provide input about the product or service accordingly.

3. Maintain Customer Relationships

Brokers also need to maintain a good relationship with their customers by assessing customer needs, identifying problems and recommending appropriate solutions.

Forex brokers are also responsible for negotiating and closing deals with customers as well as analyzing market data and trends to attract potential customers.

How to Choose a Forex Brokers

The financial investment business is the sector most vulnerable to fraud. There are a number of steps that can be taken when choosing a broker. The following steps are considered safe and useful to identify and distinguish which brokers and platforms are trusted and which are fake forex brokers and platforms.

1. Check Broker Regulations

In Indonesia, the term forex brokers has officially changed to Commodity Futures Broker (PBK) and its existence is also regulated by law and has received permission from the Commodity Futures Trading Regulatory Agency (BAPPEBTI).

So that all its activities are supervised by the BAPPEBTI. Even for some well-known brokers they also have official licenses from the Indonesia Futures Exchange (BBJ) and the Indonesia Commodity and Derivatives Exchange (ICDX).

Therefore, if the broker does not have official permission from the three agencies, it can be found that he is not a reliable broker and his activities are considered illegal in Indonesia.

2. Trading Account Details

There are 3 things that must be considered, namely the commissions and spreads provided by the forex broker, the initial deposit, and the ease of depositing and withdrawing.

By looking at the three brokerage facilities, you will be able to decide which broker provides the most comfortable facilities for your forex trading activities.

3. Forex Brokers With Separate Accounts

You need to make sure if the broker has a separate account or separate account. With a separate account under government supervision, your funds will be safer because they are separated from the company's operations and also avoid misuse of customer funds.

4. Complete Trading Tools & 24 Hours CS

To make trading easier, you can ensure that the broker has trading tools that are quite complete and can provide regular market updates. to anticipate if you have problems, you can make sure that the forex brokers has customer support services that are ready to help you 24 hours.

5. Ease of Transactions and Withdrawals

You need to make sure that the brokerage company has a reliable platform and guarantees easy withdrawal. You need to find a trading platform with a mobile application that can make it easier for customers to transact and withdraw money easily.

6. Experienced Forex Brokers

When you choose a broker, make sure the broker has experience and a good track record. So it is important to first check the history and the chosen broker. You can check it through Google or social media and consider reviews or experiences from other people.

Brokers Type

Brokers are divided into two types, namely retail brokers and institutional brokers, based on Adik services there are also four types of forex brokers, including :

- Full Service Broker

This type of broker needs to provide analytical report information to fulfill full orders according to investors' wishes.

- Discount Broker

This type of broker has to provide analytical recommendations about the stock market and information to buy and sell shares.

- Deep Discount Broker

This type of Brother only executes buy and sell orders and maintains customer accounts

- Online Broker

Providing services through an online service system

Conclusion

By knowing about the broker and various recommendations for the best forex brokers, you can choose a broker with a good track record. Choosing the right one is the key to getting the best, just like when you choose the right loan that can be trusted.

Financial practitioner and author of dozens of best-selling investment books, Ryan Filbert, gives the following message: Every forex investor or trader should be able to distinguish one broker from another as an initial and very important step in their journey invest.

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Many people do not care about the importance of choosing a broker with cheap or expensive reasons, but we need to ensure legality, security and features. In addition, Forex brokers also need to continue to educate all their clients so that the client's portfolio grows, not only chasing large transactions, but not lasting long.

That's the review from Narabasa.com, friends, I hope it can inspire. In order to reduce the risk of loss to 0%, you must choose a forex brokers wisely and appropriately. There are many brokers in the world, with various qualities. So choose which one is best for you in forex trading activities. Good luck!

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