One of the most popular ways for entrepreneurs to supplement their incomes is through investing, with forex proving a particularly common investment market choice for business owners from across the globe. The motivations of its many adherents are easy to understand: it’s flexible enough to work around other commitments, accessible, and offers the opportunity to make substantial profits to those who have the requisite skill and dedication. Additionally, its one major shortcoming – the high risk attached to it – is an elixir in itself to the libertine businessman, whose every commercial move has been a gamble.
For those who choose to break into foreign exchange, success is largely dependent upon selecting the correct broker. There are thousands of firms to choose from, with each of them suiting individual traders to various degrees. So, how do you know which one is the right one for you?
Here are the three main criteria to bear in mind:
It was a wise investor who first said that brokers must be chosen based on their currency pairs, rather than currency pairs being determined by your broker. The combinations you choose will determine whether you win or lose in the game of forex. In order to turn a profit, they must complement your strategy in every way, so don’t ever be tempted to change them based on your broker. There are so many firms available to choose from that you’ll find the perfect fit soon enough – without having to alter your strategy.
The forex markets trade around the clock, and the chances are that your business commitments will relegate your trading time to the evenings and weekends. As a result, you need to find a broker who complements your schedule. The best way to determine whether or not this is the case is to make your initial enquiries at the time you would usually make your investments; if no one is available to talk to you, or your call is fielded by an answering machine, it’s best to look elsewhere.
Your trading platform will be your portal to the markets, so it must suit you in every way. Most brokers will offer demo accounts so that you can test the fit of their package before committing to anything, and it’s a really good idea to take advantage of these. Your main criteria for assessing a platform should be its aesthetic appeal, ease of use, and availability. However, saying that, if there is any aspect that you’re not entirely happy with, then look elsewhere; there are so many brokers to choose from that you never need to settle for second best.
Find your perfect broker today with these top tips.