Last week, I highlighted three integral points to consider when choosing an FX broker. It was the first blog post in a two-part series.
This week, I want to share part two with you. It contains three more points you should consider when selecting an FX broker that’s right for you.
Let’s get into it.
1. Trading Platform
Most FX trading activity takes place through the broker’s online trading platform. With this in mind, the trading platform of your FX broker should be not only user-friendly, but also stable.
In addition, it should provide you with easy-to use charting tools and news feeds – essentially everything you need to trade efficiently and properly.
It is a regulatory and mandatory requirement that a broker ‘fills’ your orders at the best possible price.
If market conditions are normal, there’s no reason why a broker shouldn’t fill your order at the market price you originally see. Remember – a few pips difference in price can make all the difference.
3. Customer Service
Efficient and responsive customer support is crucial should you experience technical or operational account issues. The truth is that the service that you receive from your execution broker is as important as its dealing prices.
There is a saying that you “don’t pay broker commissions to make friends”, which is of course correct. However, if you pay commission, you should expect a first-class standard of customer support.
You should also use a broker that your can contact via email, web chat and phone. Having the ability to speak to an account manager should give you additional peace of mind.
IFINA Can Point You In The Right Direction
Here at IFINA, we have client funds that trade with major brokerage firms. Although many of our start-up managers already have a “broker-relationship” in place, these tend not to be institutional brokers.
If you create an investment fund with IFINA, we can introduce you to institutional brokers and dealing desks. Just get in touch and we can arrange a Skype call.