HFM information and reviews
HFM
96%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%
XM information and reviews
XM
82%

Why Choosing The Right Broker Is Critical


Forex trading is an equal opportunity vertical. There are no exams, no prerequisites, no prior experience needed to start trading. All you have to possess is the willingness to learn, the passion, and the drive to absorb as much forex knowledge as possible. While the gates are open to anyone who wishes to join, prospective forex traders have to make crucial decisions in the early days of their trading journey. Choosing the right broker is one of those decisions. 

Today, we’ll go through five crucial factors novice traders need to consider before choosing their broker. 

Deposits & Withdrawals

This might sound a bit pedestrian but trust us when we say that deposits and withdrawals are an area of consideration when choosing the right broker. Why? Because funneling money into your account and withdrawing it fast, quick, and easy is an essential part of the forex trading process. 

Be very wary of rules and stipulations regarding delayed withdrawals. Good, reputable brokers have no reason to keep your money more than you want them to. The only reason funds exist in your account is to facilitate your trading, and to withdraw them should not be a big deal. 

Ensure you clarify the deposits and withdrawals execution times and whether there are any fees associated with withdrawals. 

Funds & Data Security 

This might be the second point on our list, but it should be the first point of order in your checklist. Before even thinking of getting into business with a broker, make sure they are a member of the appropriate regulatory bodies, follow industry standards, and have security safeguards in all the right places. 

When it comes to data, there is a lot to consider as well. When opening a new forex trading account, you share many personal and financial information such as copies of a passport or a government-issued ID, a bank account number, and possibly a utility bill.

Consequently, a broker’s Internet security measures become of great interest to a prospective trader. You should be looking for high-level encryption, such as SSL, and additional security layers such as two-factor authentication. 

Transaction Costs

Transactions costs are part of the forex trading equation, and no matter which broker you choose to go with, you will have to incur them. Every time you enter a trade, you will have to sustain the spread or a commission. 

What does that mean? Prepare your spreadsheet, and start comparing and contrasting the rates different brokers charge. While nobody wants to pay more for a service they could have received for less, transaction costs should not be the sole factor affecting your decision.

Choosing your broker should be an evaluation of the overall package they have to offer. To put it simply, it might be worth it to pay a little more on transaction costs to get a better quality of customer service, modern technology, and more diversity of assets. 

Customer Service 

Customer service comes in as a close second to security when choosing the right forex broker. Why? Because you will undoubtedly need the help and support of experts to make your first trading steps. This has nothing to do with difficulty but more to do with adjusting to a new industry, familiarizing yourself with new terms, and settling in. 

Whether you are wondering how to navigate the trading platform or questions regarding withdrawals, customer service should be there to provide you with a solution. What you should be looking for in a broker is a customer service team that is attentive, fast to respond, and can give you actionable answers to your problem.  

The forex industry is innately time-sensitive, and if a broker is unable to service you on time, you should think twice before engaging with them. 

Educational Resources for Forex Trading 

Imagine you want to get into Formula 1 racing, and your team provides you with the fastest car on the market but gives you no guidance, tips, or knowledge on how to use it. What’s the point, right? The same goes for forex trading! Even if a forex broker has the lowest transaction costs, the latest tech, and the industry’s highest security levels, it won’t do you any good if they don’t help you learn how to trade. When choosing your broker, pay particular attention to the Learning Center, their Training Academy, and all the resources they provide young traders with. 

How often do they update their blog? Is their content interactive? Are there different formats of content - whitepapers, blogs, webinars, videos, Q&As? You want to get involved with a willing and knowledgeable broker, capable of helping you improve as a trader. 

Does Axiance Tick Those Boxes? Is Axiance a Good Broker For Beginners?

The answer is yes. Axiance blossomed from an idea into reality when the forex industry was going through a resurgence. The Axiance team had the advantage of surveying the changing landscape and creating something that speaks to the modern broker’s needs. 

Affordable pricing, a significant emphasis on tech and security, and a customer-centric approach were the cornerstones we wanted to build the company on. Engaging with Axiance as a beginner, you will feel welcome and right at home. Sign up today to start learning how to trade forex!

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances or needs.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please consider our Risk Disclosure.

#source


RELATED

Exciting Benefits of Trading Forex

Forex trading is the exchange of one currency for another to generate profits. If you’re reading this, you probably know that and are now looking to choose between the existing options like stock...

An Introduction to Technical Indicators

Technical indicators are calculations derived from price and volume data. They have plotted either as overlays on a price chart or below a price chart. Indicators...

3 Not-so-hot Tips for New Traders From

A new wave of investors, or collectively known as “Generation Investors”, has spurred into the stock market during the pandemic. Research conducted by the FINRA Investor...

What is a Share Split?

Companies may occasionally, conduct share splits, this is when the company lowers the price of its shares by splitting each existing share...

What is Algorithmic Trading?

Algorithmic trading (also called automated trading, black-box trading, or algo-trading) uses a computer program that follows an algorithm (a defined set of instructions) to place a trade...

How to use MT4 WebTrader: A Useful Guide

In 2005, the MetaQuotes Software released the MetaTrader 4 trading platform which is an electronic trading platform that includes all the required features...

What Affects Forex Rates?

Currency exchange rates have always been a considerable factor used to determine a country's economic health and stability. This is typically defined as the rate at which one...

Understanding Micro Lots and the Importance of Lot Sizes in Forex Trading

Grasping the concept of lot sizes in forex trading is essential for every trader stepping into the market. This article will delve into the details of what a lot is, the various lot sizes available...

Basic Concepts Of The Stock Market And Their Applications

A stock market is a trading floor where stocks listed by companies are traded through direct exchanges between multiple parties (OTC). This kind of interaction...

MultiBank Group: Top Macroeconomic Indicators To Look For

Macroeconomic indicators are a key part of fundamental analysis. Their statistics provide insight into the state of a particular country’s economy. Macroeconomic indicators...

Why Trade Precious Metals

Precious metals are a popular way to diversify a trader’s portfolio. They also act as a hedge against currency inflation or economic instability. Examples of the three most popular traded precious metals are gold...

Unpacking Demo Trading Accounts: Your Comprehensive Guide

Venturing into the world of trading can feel like navigating a maze, especially when you're diving into complex domains like forex, precious metals, or cryptocurrencies...

How to Become a Professional Trader?

After learning more about the world of trading and getting real money from your trades, you might start thinking about becoming a professional trader. But what makes a professional trader?

Trading on Forex: A Primary Source of Income

There are a lot of discussions about trading within the boundlessness of the Internet, both in conventional businesses and state-financed organizations. People say...

What is a cryptocurrency wallet and how does it work?

To securely store the crypto investments, traders will need a cryptocurrency wallet. Cryptocurrencies are changing the world. They allow for decentralised...

MetaTrader4 vs. MetaTrader5

A trading platform is basically a workspace for traders, their work environment. The quality of trading depends on its functionality and convenience. Many market...

Understanding the Difference Between Trading and Investing

In this article, we are going to talk about the differences between trading and investing. They are wide-ranging however, they are both good ways of potentially making...

All you need to know about Bitcoin

Bitcoin (BTC) is a digital currency. It doesn't exist in a physical form. Instead, there is a special cryptocurrency public ledger, which has records of all the Bitcoin transactions...

Short-term trading: Features and Tips

Currency speculations on Forex are short transactions ranging from a few minutes to a month, based on technical and news analysis. In contrast to medium...

How to Stop Exiting Trades too Early

One of the biggest struggles traders face daily is the temptation to exit trades too early. There are numerous reasons one might opt to close a trade too early, ranging...

FP Markets information and reviews
FP Markets
81%
IronFX information and reviews
IronFX
77%
T4Trade information and reviews
T4Trade
76%
Exness information and reviews
Exness
76%
Just2Trade information and reviews
Just2Trade
76%
FXNovus information and reviews
FXNovus
75%

© 2006-2025 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.