If you are a CFD or FX trader you need the services of a good broker for you to have a great experience. This calls for you to be ultra careful of the broker that you hire. To help you out, here are the factors that you should consider when hiring a CFD broker:
As a CFD trader, you will be using the broker’s site to trade. To have an easy time you should ensure that the site is easy to use. If you are a beginner, the site should have detailed tutorials that guide you on how to execute the trades. In addition to this, the site should have up-to-date information that helps you make the right trading decisions.
When you are on the site, pay close attention to the type of platform that the broker uses. Different brokers use different trading platforms. Some use live sites while others will provide you with an app. If you don’t like downloading applications on your computer go with a broker providing you with a desktop platform that is easy to use.
To be certain that your money is secure and you are dealing with a broker that is reputable, ensure that the broker is MAS regulated. A MAS regulated broker is required to put capital in a trust handled by a third party bank. This gives you assurance as you know that you can always get your money even if the broken goes out of business.
The money issue
The reason that you are a trader is because you want to make money. You should be able to easily fund your account using different methods such as Paypal, Moneybookers, electronic money transfer and even credit cards. While you are at it also check the minimum amount of money that you need to deposit with the broker for you to start trading. To protect your money, go with a broker charging the least amount of money.
You should also check the charges imposed on you. Different brokers charge different amounts of money. You should do your research and settle on a reputable company with the least charges. There is no point of putting in a lot of sweat and all the money goes to the broker.
The beauty of trading is the profit that comes from it. After you have made some money you should be able to easily withdraw it into your account. Different brokers have different regulations. Some will allow you to make the withdrawals the same day and the balance gets into your account that very day while others will have a waiting period. You should settle on a broker offering the best terms.
These are the factors that you should consider when hiring a CFD broker. As a rule of thumb, only work with the most reputable broker.