Choosing The Best Forex Broker For Your Forex Robot

Submitted by: Brenda Maison

We always say that forex robots aren’t created equal and the same goes for forex brokers. Picking the right forex broker is one of the most important things a retail forex trader does and if you thought there were a lot of things to consider when purchasing a forex a robot, the list is even more expansive when shopping for a forex broker.

There are dozens of forex brokers to choose from, so it’s important to evaluate at least several before deciding on one. And count this as just one more forex-related project this going to require some research and homework on your part.

Now if you know that you’ll be trading with a forex robot, the first thing you need to is make sure the broker you’re already using or will use with your forex robot has a trading platform that can accommodate your particular forex robot. As a rule of thumb, most forex robots are compatible with all of the MetaTrader brokers, so you probably don’t need to worry about finding a forex broker that works with your forex robot, but just keep this little tidbit in the back of your mind.

Questions To Ask Your Prospective Forex Brokers

There are several questions you should ask the customer service teams at the forex brokers you’re considering giving your business. Of course, you should ask if their platform is easy to use and if you can run your forex robot on it. Next, ask the the broker if it is regulated and by what regulatory bodies. A very important question to ask your broker if it’s a dealing-desk broker or introductory broker. We’ll talk more about this in future articles.

Ask your broker how much leverage they give you and if they rollover interest on overnight trades. And of course inquire about any account sign-up bonuses and if the broker offers premium charting services, news feeds and related products.

What’s The Next Step?

Well, if you already have a forex robot, now you need to try the robot out with a few brokers. Ask your broker if they have mini or micro accounts so you take your forex robot for a test run. Most forex brokers offer free demo accounts, it’s actually odd to find a forex broker that doesn’t offer free simulated trading, yet we still don’t favor demo accounts as a way of testing out your forex robot.

Next, investigate the customer service of your chosen forex. Is there someone available to answer your calls and emails 24-hours a day? There should be since the forex market is a 24-hour market. Obviously, ask about the commissions. No forex broker should be charging you more than the difference between the bid and ask prices in a particular currency pair. If you like to trade on the go, ask your broker if they have mobile alerts and trading options.

Picking a forex broker is a big deal, so make sure you commit the time to finding the right one. Your forex robot may just thank you.

About the Author: Retired Canadian Economist. My main activity since Winter 2006 is trading Forex. I’ve been trading currencies online with the help of EA’s (BTW, the best source for EAs is

Forex Robots

) and I currently manage trading accounts at two Forex brokers in the US and in UK respectively

Source:

isnare.com

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