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Finding a broker is one of the first steps that you have to take as a forex trader but with so much competition among various companies, the complexity of choosing the right one could be a very daunting process and can give you a major headache. For this reason, we have prepared an overview of the factors that you should seriously take into account:
New to currency trading? In that case a broker that requires a low minimum deposit is what you should look for. Fortunately XM only requires an initial deposit of $5 for you to sign-up and open a live account.
As a novice, you may encounter many risks in trading which is why a lower lot size is highly recommended for a start. AvaTrade allows you to place a minimum lot size of 0.01 which is suitable for your skill level.
Advanced traders on the other hand need to be with a broker that is licensed by a financial authority. Plus500 is a good choice as it is licensed by various regulators including the Financial Conduct Authority in the UK.
It is also best to trade with a broker that has a safe and reliable track record especially if you’re trading with huge investments. Trade.com has been in the business for several years already and is registered with the regulatory bodies of all EU member states.
You may also take into consideration if a broker has unique features which could give you more trading opportunities. eToro comes with an innovative social investment platform where you can follow and copy trades with just a few clicks.