Things to Look for When Joining a Forex Provider - Part 2

White label forex products greatly increase the number of forex providers that traders have to choose from. However, recent legislation has helped strengthen the rules surrounding providing forex services and now it is not possible for just anyone to create a website and sell currency trades. That’s a good thing as there has always been a large amount of unscrupulous behaviour in this industry.

Having said that, traders still need to do their due diligence and choose the forex provider that best suits their needs.

Support

Of course, any forex broker you choose needs to provide a good level of support and getting this right can put your mind at ease and help your trading experience. At a minimum, you should be able to contact the support service via several different methods whenever the market is open.

To understand this, consider an example of holding a rapidly losing position during a fast market when suddenly your computer goes down. If you don’t have a stop loss in place you could get wiped out completely and if you can’t get hold of your broker during this time it’s very bad indeed.

Level of Service

Similarly, there is a certain level of service that you can come to expect from a good forex provider. Does the broker provide swift payouts? And low charges on those payouts too?
Does the broker provide top of the range reporting tools, charts and technology? Does the provider respond quickly to platform based questions? The bar is continually being raised in the forex game so forex brokers should go the extra mile to secure your custom.

Industry Secrets

One potential thing to look out for is how transparent your forex provider is with its clients. Does it help you trade, with education or technology? Or, does it actually withhold useful information?

For example, some brokers refuse to tell their customers about ECN rebates, preferring to keep the rebates for themselves (and not pass them on to the customer). If your broker does this kind of thing, it could be time to seek out another provider.

Healthy Attitude to Trading

Finally, it’s a good idea to look for a forex broker that maintains a healthy relationship with its customers and a healthy attitude towards risk.

Some brokers seem to do all they can to get customers to make trades, which, in the long run, can put their financial well-being at risk.

It’s far better to find a broker that is on your side and does not encourage overtrading or extreme short-term trading where the odds are heavily stacked against you.