When talking about the forex business, one of the key players in this business is a forex broker. Playing forex or trading foreign currencies requires a broker who is a professional company that can also be in the form of an agent, institution, or individual whose function is to bring together the seller and the buyer is buying and selling foreign currency (forex) transactions. Visit our website to find out about Forex Broker Malaysia.
In the world of buying and selling foreign currencies, in reality, this activity is dominated by large banks from all over the world. With major world currencies such as the US, Yen, Pound, and Euro, a large portion of currency buying and selling transactions are dominated by the central banks of these major countries. Therefore, because we are running a forex business with a limited nominal and small scale, it is not possible to make transactions with these large banks.
Before trading forex, a forex broker will offer you different account creation and transaction details. Here are some things you need to pay attention to.
1. Choose a Forex Broker with a Flexible Initial Deposit
A well-known broker will usually apply a large deposit to prospective customers, even though after making a deposit the money can be withdrawn. Choose a broker who is flexible in terms of regulations who can adjust the capital to the deposit requirements requested
2. Offers Ease of Deposit and Withdrawal
Choose a broker that has the convenience of making deposits and withdrawals don’t just choose the easy ones to deposit. The process of entering and withdrawing funds should only be done for one day, so be aware of brokers who offer the process of withdrawing funds for more than one day or even weeks. The disbursement process is long, there could be games from the broker who uses our money for other purposes.
3. Lowest Commissions, Spreads, and Swaps
These points determine the amount of profit and loss we get when trading forex. For example, if a broker offers a commission of 50 $, a spread of 5 pips (50 $) then when we open a position, we have to look for a profit of 10 pips (100 $) just for a return on investment and the rest is a profit. But if the commission is only 10 $ and the spread is 2 points, it means that it only takes 3 pips (30 $) to pay off. Also, make sure the swap is by the regulations.
4. The Amount of Currency Transaction has the Most Variation
In forex trading, the more options that can be traded, the better, this is to get around if one particular market is stuck in profit, we can play in another market. In general, brokers have major currency pairs, namely EUR / USD, AUD / USD, USD / CHF, NZD / USD, USD / CAD, GBP / USD, and USD / JPY. Then for commodities, it can be in the form of gold, crude oil, and silver as well as stock indexes from several countries such as NIKKEI (Japan), HANG SENG (Hong Kong), KOSPI (Korea), DOW (US), FTSE (England), and DAX (Germany).
5. Providing 24-Hour Fast and Online Facilities and Services
Choose a broker that has adequate facilities and services, from office telephones, email, customer service, marketing contacts, and others. Also, make sure that they can provide services 24 hours x 5 working days to assist customers. It would be better if the broker has fax, skype, or chat facility so that customers can quickly ask the broker anything anytime.