How to Choose a Forex Trading Site

Written by Karen Bryan

Deciding to get into trading is the first step, but it is far from the last step. The next step is selecting a Forex trading site that meets your needs. Here are the steps you need to follow before choosing a forex trading site. We’ll give simple steps to narrow down all your options to a single forex trading platform best for you.

Determine What You Want to Invest In

If you want to invest in cryptocurrencies, there is no point in signing up for a forex trading platform that doesn’t support it. If you want to invest in specific currencies to take advantage of current political trends, you need to verify that the forex trading site offers those currencies.

Create a List of Trading Platforms

This is a quick step since you can find so many platforms to use for forex trading. Don’t be afraid of generating a long list because you’re going to narrow it down in the next steps. Avoid any site that comes up alongside gambling sites and getrichquick schemes in your search results.

Research the Site’s Legitimacy

A site may have very low fees listed on the web page, but they are a front for an identity theft ring. Don’t rely on testimonials on a website since they are so easy to fake. A major red flag is when the website wants access to your bank account and extensive personal information instead of only the initial deposit and basic information necessary for tax authorities.

Study the Website’s Interface

Does the website show you the data that you need to make trading decisions on your trading system? Are you able to understand the reports? Only work with a website that you can easily understand and you won’t make a mistake when inputting a trade.

Technical analysis is integrated into some websites but not others. If you need this information, only work with a website like InvestinGoal that provides it. If websites rely on complex interfaces that you aren’t comfortable with, strike them off your list.

Review the Costs

Transaction fees are one part of the cost of using a trading platform. They may promise low transaction fees but have fine print that lets them charge high subscription fees and nickel and dime you for services others offer for free. Conversely, a modest registration fee may be worth it if you intend to do a lot of trading. Avoid sites that show a great interface on the website that is only available if you pay extra for the higher functionality; issues like this are discovered when you do your due diligence.

Review the Customer Complaints

Search about each of your remaining potential trading platforms against various complaint databases, the Better Business Bureau and Federal Trade Commission. If people complain about being asked to hand over control of their investment account to professionals at the platform who then ripped them off, strike it off your list.

Choosing the right forex site is all about doing your due diligence and finding a platform that is working for you.