1) Financial Regulation Authority:
If an online Forex broker is causing some corner over the legality of their trading methods or if in fact every trader need to know if a FX broker is legal, then just look online for a local governing office for financial regulation. They will direct the trader to the right offline, online and, if the Forex brokerage is not listed, then the company is scam. In addition, it will just take the investment and finally collapse, leaving all investor with nothing. So, we should go with only regulated Forex broker.
2) Practicing Demo account:
A good online Forex broker definitely will offer a demo trading account. This is an account for the Forex trader to get to get used to the software programme of that company, will be a certain amount of virtual money. This is what the new trader can start their trading profession without investing money, just to get a feel for the market and the trading platform, without the risk of losing any money by trading.
Not an important aspect in the search for a broker. But, the registration from that needs to be filled in online will only take around 5 to 10 minute to fill in. In addition, after that trading can begin. Now days, some good brokers also provide enough educational instruments for helping new Forex traders. Like, Video Tutorials, Trading Guide, Forex eBook, Free Training Courses.
* In addition, a good broker must provides-
- Excellent order execution.
- Minimum floating spreads without additional fees.
- Has best equipment and software of significantly reduce the likelihood of technical errors.
- Automatic transaction system (funding and withdrawing).
- Flexible deposit and withdrawal funds.
- No hidden fees.
So, when you will ensure this kind of facilities in your demo, then you can use their live trading service. By the way, what’s your expectation from your broker, please?