Our best tricks to pick your first forex broker, let’s being rational, you won’t be able to start investing on foreign exchange market if you are not a member of a brokerage company. As a new investor who has just started your way to learn Forex, choosing your ideal Forex broker out there is frequently different than those who have been experienced in Forex trading. 

But, in general selecting a Forex broker is not all that different than selecting a stock. Well, it requires careful contemplation to decide which broker is right for you because we cannot deny that not all Forex brokers are right for every investor. Keep reading to learn further about our strategy to pick your very first Forex broker.

What Is a Forex Broker?

Before you select the best broker around, you must know what it is first. Forex broker as known as currency trading broker is actually an intermediary between you and the Forex market. A Forex broker is usually a firm that provides currency traders with an access to certain trading platform which allows traders to purchase and sell foreign currencies. 

What Is the Role of Forex Broker?

The main role of Forex broker will be a place where sellers and buyers go to sell and buy currencies. Nevertheless, instead of being the “middleman” only between you and another seller or buyer, Forex broker will be the intermediary between you and the so-called liquidity provider which can be a bank or other financial institutions. 

Why Do You Need a Forex Broker?

The answer is simple because you cannot buy and sell currencies on your own. In the world of foreign exchange, there is no other way to enter the market than having an account of certain Forex broker. When it becomes essential for Forex transaction, a Forex broker can be important part of you to learn Forex as well. 

Nowadays many brokers come up with education platform as well. It can be the place for new traders to learn more about Forex before they start to do trading. In this case, good brokers usually have set up divisions that are dedicated to research and education to help investors who trade on their platform to get the most of their Forex trading too.

How to Pick Your First Forex Broker

Then, how can you pick your very first Forex broker? There are actually some points that you can take into account when you want to find the best broker for foreign exchange. One of the most important points is that the Forex broker has been registered to a national futures association that regulates futures commodity trading.

Other Things to Consider When Picking Your Forex Broker

In addition to the legal registration, it is also important for you to consider the transaction cost into account. Every time you enter a trading, you need to pay either a commission or spread. That’s why it is essential to find the one which offers affordable rate. It doesn’t need to be cheapest, but find the one with affordable, competitive rate.

Moreover, it is also crucial to consider about the trading platform. As we know, most of your trading activities will occur through your broker’s trading platform. As a result, you need to check what is offered by your broker’s trading platform. Customer service is another important thing to consider. Find the one that can be contacted easily.

Recommended Forex Broker for You

If you are new to Forex and need your first reliable Forex broker, DIDIMAX can surely be your best partner. Known as the best Indonesia Forex you can trust broker, DIDIMAX also offers best Forex education for any trader. Thus, there is no doubt that you can learn Forex properly as you start your cruise to Forex trading.