What to look out for in a broker

As a trader we all need brokers to enter the market. But finding the right broker may seem daunting at first but this article we are going to list some important things about brokers that you may have to consider when choosing a broker.

Are they verified and regulated？

First and foremost you must ensure that your broker is Regulated and Verified. Brokers are known and can be show engaging in dubious activities with trader accounts. They can open over price pips when you losing, or they can just refuse to give you your withdrawals. This is why your broker needs to be regulated and verified to ensure that they are not engaging in fraudulent activities and stick to strict rules of conduct. So make sure you find only related and verified brokers. The best place to find such brokers is through WikiFx. This app is connected to all regulatory boards world wide do they can show you the best rated brokers they also have a list of all the bad brokers out there who are know scammers so you can already avoid headaches before they start.

Do they offer bonuses？

Sometimes you want to stretch your dollars and a bonus might seem to do the trick. The problem about trading bonus is that it's not real money, it's just a way to artificially increase your risk as most brokers will state that when your real funds are finished all your positions are closed. All you are doing is trading with bigger lot sizes on your original funds so be careful with bonuses. Some brokers even offer a welcome bonus. Those ones are beret as you can trade without depositing money but you can only withdraw the profits of your trades

What spreads do they offer？

You always want a broker which offers you fixed spreads. This ensures that brokers can not manipulate your trades when they are still going on and stop you out. Always look at the spread a broker offers as it can ensure that you limit your risk. Some brokers offer really low spreads which make it easier to make profits.

What is their minimum deposit

Some brokers will offer deposit limits meaning that they will only you to trade after you have deposited a certain about of money . These can range from 10 dollars up to 100 dollars. Be careful if a broker has got high minimum deposit because that means they are pushing you to risk more of your accounts. Don't fall for such tricks, keep your wits sharp and trade with however much money you want to. Lucky there are literally thousands of brokers to choose from so if you don't like the offering of one broker you can go to the next.