Etx Capital

  • How to Choose a Good Broker:Do you plan to venture into forex trading and you do not want to end up with regrets? Then you must choose your broker very carefully. The kind of broker you pitch your tent with can determine if your forex trading effort will be profitable or not. Some of the things you must consider when making your choice of a forex broker will be looked into below. Try to follow as much of the guidelines below as possible.
  • Customer service is key: Before you choose a broker for your forex trading, first find out how responsive or otherwise the forex broker is. Never partner with them if there is no assurance of good customer service. How can you determine their kinds of customer service? Do they respond to your calls on time? Do they help to resolve issues timely enough? These will help to determine if they have reliable customer service or not.
  • How does their platform look: You should also consider if their trading platform is friendly and attractive. Is the platform interactive and functional? How many indicator tools do they have on their platforms? Make sure of this before you pitch your tent with any broker. Etx capital is one of the best you can get in this regard. You can pitch your tent with them without any worry.

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What is their pip spread: The pip spread is the difference between the ask and bid pip values. Never work with any forex broker if their pip spread is too wide. If the spread is more than 3 units, look for another forex broker to work with. In fact, it is better to work with a forex broker with pip spread ranging between 1 and 2.

  • Do they have demo platform: When looking for the perfect broker for you, look for one that allows you to demo-trade before you venture into real trade. Do not work with any forex broker that does not provide demo platform.

Finding a Good Broker

So many forex brokers are plying their trades across the globe today with each of them claiming to have the best solution to your forex trading needs. The truth is that not all of them can be depended on to provide you with that top quality service you need to ensure your forex trading endeavor is profitable. The truth is that the particular forex broker you work with will determine if you make profit or you end up with loses. This is why you must carefully select your forex broker to ensure you do not end up regretting at the end of the day. In this written piece, some of the things you must look into before you pitch your tent with any forex broker will be considered.

Regulatory compliance

Before you ever pitch your tent with any forex broker, find out if the broker is registered with regulatory bodies. If they are not, it is in your best interest to look for another forex broker. Those that are registered with regulatory bodies can be trusted to provide top quality services. They can be trusted not to tamper with your funds or to refuse to pay you when you want to make withdrawals from your forex trading account.

Some forex brokers are notorious for manipulating their trading platforms to go against the forex trader all in an attempt to make money off the trader, while the later makes loses. Those among them that are in compliance with regulatory bodies will never do that. They would want to uphold the ethics of the business and not dabble into any unprofessional conduct. Such forex broker can be located very easily online today.

Do not be deceived by great looking websites

Many newbie in forex trading get carried away by how beautiful or presentable the website of the broker is and they think great looking website has any bearing on the reliability of the broker, but the truth remains that a broker can have professional looking website yet they are far from being reliable. The flashy and professional looking website is an entirely mundane thing to use in gauging the reliability of a broker.

In the United States for example, a reliable broker would be registered with Commodity Futures Trading Commission (CFTC) and it would be a member of National Future Association (NFA). If you cannot see the particular broker registered with any of these bodies or similar regulatory bodies in their countries of origin, then you should never have any dealing with them. How do you know if a broker is registered with these associations? If they are registered, they would have their NFA membership numbers made available on their websites; you should be able to find this in their “about us” section. The regulation ensures the broker maintains integrity and it ensures your deposits are safe.

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What is their minimum deposit?Some forex brokers have limited traders by insisting only certain sets of traders register with them. Some of them demand a high minimum deposit that an average trader may not be able to meet up. Such a broker may not be the best for you as a trader. If you can only spare very small amount, look only for brokers that allow you to open account with them with that small amount that you can spare. ETX Capital is one broker that comes to mind; they allow traders to open account with very small amount to ensure traders of various categories can participate in the highly profitable forex trading market.

What is the pip spread?Another thing you must look for in a forex trading broker before you register with them is their pip spread. If the pip spread is higher than 3, do not register with them. The pip spread is the difference between the bid an ask prices and it indicates how much commissions you have to pay the broker on each trade. If the pip spread is 3 for example, it means 3 pips will be the commission you pay the broker for that particular trade. This is why every trade you enter into always starts with negative value, to show that the broker wants to deduct their commission before the trade proceeds further.Ease of withdrawal and deposit

A good broker is one that makes deposit and withdrawal processes very simple and straight to the point. Read through the funding and withdrawal policies of the broker before you register with them. Do they provide various means of depositing funds into your trading account? How long does it take them to process your withdrawals and how long does it take your deposit to reflect on your trading account? What is their minimum withdrawal and minimum deposit? These must be closely considered before you enter into any agreement with the broker. ETX Capital, for example allows their registered traders to make deposit or withdrawals via various means, like PayPal, wire transfer, credit card and several others. The flexibility makes trading a lot more interesting.

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