Find here the Right Questions to ask your Broker.
When Selecting a broker ,You basically rent a service.
But at the same time this is also a partnership.
This should at all times be a 2 way partnership and not just from your side depositing funds. simply stated, you are the client, and in this capacity you are able to negotiate sometimes better trading conditions and terms. Don’t automatically accept what is sold to you but ask for more information.
Almost all brokers have the options to create the account and trade on a demo or practice account in order to familiarize yourself with their platform ans services.
also most of the forex brokers, cryptocurrency brokers and Binary Options brokers offer different accounts. in General you will receive Your account in accordance to the amount of the deposit you made, but in some case ( and these are the better ones) this does not depends on the money you put in the account but on the kind of trading to look to do. if you have a broker that is offering STP and ECN then depending on how you want to trade you need to get the account.
another good example is is Islamic accounts, in general this requires today a somewhat higher initial deposit but everyone should have access to this and this might save you money so check this option before committing
so you should ask certain questions before depositing money.
the Right Questions to ask your Broker.
- How well capitalized are you?
- Who takes the back-end of your trades?
- Are the pay outs for certain Assets and assets pairs always tthe same or are they changing ?
- if they are changing what is the max and in payouts ?
- What welcome bonus or deposit bonus are you offering?
- And can I refuse the deposit Bonus?
- what are the Bonus Conditions (how much do i need to trade in order to be able to make a withdrawal) ?
- Are my trading funds kept in a separate, secure client account, Also known as segregated account?
- If so where, which bank?
- How can I deposit funds?
- How long do withdrawals take?
- Do I have to pay for withdrawals of my funds?
- Is this something we can negotiate between us?