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4 Tips To Choose a Profitable Forex Broker

4 Tips To Choose a Profitable Forex Broker

In the forex market, profits are made at the trader’s discretion and risk. This isn’t to say that all online forex brokers are the same, and that the only difference in profitability is in the trader’s hands.

Believe it or not, your chosen forex broker will indirectly determine just how profitable you may be in the long term. 

1. Choose a broker that is not in the scam list

This is such an obvious tip that it shouldn’t even be on this list. However, to many lazy, naive or simply inexperienced brokers, this first ever step is such an oversight. Ensure that the broker has a valid business address, contact information, and telltale signs that it is regulated by authoritative government bodies or agencies (legal brokers should already make it so obvious).

2. Do a trading demo for a month

Some brokers have their own platform UI that is unfamiliar to most seasoned traders. While some seasoned traders have chosen a platform that seems natural to them, many serious traders are accustomed to MetaTrader 4 or 5 as it is the most commonly used forex trading UI platform to date. Get accustomed to your chosen forex broker and see if you like the controls, news updates, and panel of discussions.

3. Focus on long-term benefits of using the forex broker

Many brokers offer free deposits or prizes just for signing up to their service. This is not inherently bad, but if you make your decisions solely based on these short-term gains, you should reconsider your trading career. Trading requires patience and has many elements of delayed gratification.

4. Test the customer service

Invent a problem that you know how to solve, and ask the customer service. While keeping your courtesy and politeness, you want to ensure that the customer service can be trusted. Oftentimes, the best forex broker simply has the best customer service. In the world’s most profitable but risky marketplace such as the forex market, paying slightly more for better customer service is a good investment.

Why FBS as your forex broker?

FBS is one of the longest players in the forex brokerage industry, operating for more than ten years and has garnered the trust of thousands of users. Its intuitive platform uses the MT4 or 5 trading engine, ensuring you complete control over your trading orders, analytics and news feed. 

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