There is always a bright side and dark side in any industry, but the ratio in the forex industry is rapidly increasing
When I first entered the industry of currency trading in 2008, I incurred loss after loss, Not just I lost my savings but also swiped the last single penny from the credit cards.
But I feel no shame to admit I made a lot of rookie mistakes and without the proper education of currency trading and verifying or understanding the broker,
Soon I came to the conclusion that making money in forex trading is highly impossible, and I left trading with all the negative thing about the trading in forex or any financial market,
I came to the wrong conclusion like Trading is for Gamblers, and only a lucky person can make money in trading, added to that few of my friends who were also trading had a similar experience of losing money,
So the belief of Impossible to make money in trading grown strong, until I came across the life-changing lesson.
But despite having the knowledge and experience of trading in a Demo account and mock sheet, with proper money management, and by understanding the probabilities of trading, I was still unable to make money in trading.
Why because, I constantly was facing the problem of Re Quotes while entering or to exit the trade, along with that huge spread and slippage. This time the broker is not allowing me to make profits.
Then changed the broker, and invested, and the broker closed the services without refund.
And Again we changed the broker, Withdrawal was delayed from 7 to 15 working days.
Again changed the broker, withdrawal never processed.
Again changed the broker, conversation charges too high.
Again changed the broker.
We have made a few key points to identify the best forex broker in India and Asia.
4 Easy Points to Choose The Best Forex Broker.
1: Regulation and Security.
It is very important to consider where the forex broker is regulated and who is monitoring them or under control and from where they are operating.
The United States and United Kingdom regulations are very strict on brokers and these brokers cannot offer more then 1:50 leverage.
Trading with huge leverage is risky but most traders feel disappointed with this clause because they don’t get enough leverage to trade more.
There are other regulations like St Vincent, CyCSE (Cyprus Security and Exchange Commission) brokers with these regulations can offer attractive leverage, consider these forex brokers with a good company track record, and review.
2: Forex Brokers with Lowest spread.
Brokers are in business by providing you liquidity, platform, and client service, etc brokers make money from two main sources they are spreads and commissions.
Spreads are cost involved when you take a buy or sell trade, as a trader you might have noticed when you place a trade it usually starts with little negative value, and the negative opening trade price always fluctuates that is the broker’s profits so whenever a trader’s places order a little bit of money goes into brokers wallet.
The commission is something very similar to spread but the price or percentage will be fixed.
Here is what as a trader you need to do:
Check out the official website of the forex broker for types of accounts and differences of the spread between account types.
3.Easy deposits and Withdrawals
This is at most important, at the end of the day you should be able to withdraw your profits and capital from the brokers, with a regulated and reputed broker it usually takes a maximum of 24Hours and due to high competition among the brokers, there are some brokers they process within an hour.
It will be really frustrating to answer Automated Bot on the broker website or filling the online form and waiting for your broker to call you.
Customer support is another major aspect you need to consider always be in touch with your executive manager or relationship manager