In this week’s video, I’ve got a question by Prasad, who asked me:
Hey Rayner, How do I go about selecting a broker?
Here’s what I said…
When you are selecting a broker, there are 4 primary things to look out for:
1. Your broker is regulated – This is to ensure that your broker is abiding the rules set out by the authorities. It also gives you a piece of mind knowing that there’s a ‘watchdog’ looking out for you.
2. Your funds are segregated away – This is to ensure that your funds are safe and not accessible by your broker to fund their business activities.
3. Ease of withdrawal – You want to be able to withdraw your money easily within days. If your broker takes weeks or even months to get your money back to you, something is wrong.
3. Product selection – If you’re trading Forex, you want to make sure your broker offers the currencies that you trade frequently. It could be exotic ones like USD/CNY, USD/CZR etc.
And back to the markets, this week I’m looking at USD/MXN, USD/ZAR, AUD/USD and Silver.
Thanks and good trading!
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