There are a lot of forex brokers are available in the forex market, they are offering trading services with their own criteria. But there are some basic things that should be maintained by each broker. Some basic trading tools should keep on their platform by every broker. In this article, we are going to cover the basic tools that must offer by a forex broker.
In order to provide a good service, a forex broker has to deliver the tools that retail traders need. Here are some of them:
Charting platform is connected in real-time with the major exchanges. Some brokers use third-party platforms while others have their own. It's always better to choose a broker who uses its own charting platform, in order to avoid latency issues - Meta Trader 4 (MT4) is still the most popular in retail;Trading platform suitable for trading on the go. This is becoming very important since nowadays traders trade wherever they are.
Third-party analysis like newsfeed or economic calendars. These tools can be used by traders to improve their trading;
No dealing desk execution (NDF). This is the best execution method for a retail trader because it ensures that all brokers have exactly the same prices on their platforms, so traders cannot be cheated. You can check whether a broker has NDF or not by contacting them and asking this question;
Low spreads with scalping allowed. The average spreads with scalping allowed (STA) vary from broker to broker. We recommend brokers with STA below 1 pip (0.5 pip is even better).
A free demo account for at least 30 days. This is an essential tool since everybody starts with nothing, so it's good if during this time the broker doesn't charge any commissions on trades. Sometimes you can find brokers who charge no commissions even after 30 days, which is excellent;
Education section or webinars. It's important to have tools in order to learn about trading;
Great customer service both via email, phone, and live chat. A retail trader always needs help when he is in front of the computer so it's good if the broker has great customer service available 24/7;
If you are an experienced trader you must hear about all of these things, but a newbie will never understand the importance of these options or tools. If you are new with a broker, check out first these things in them.