The competition in the forex broker arena is intense, and this is why most of the brokers today offer more than just a trading platform and brokering services. Depending on your level of expertise and trading style, some of these tools and service can be superfluous. Others can affect your daily trading routine. However, to know which services you must have, you need to know what these brokers offer. Below are some of the services that forex brokers provide.
Like any service provider, good brokers have good support teams which can assist you whenever you need assistance. When selecting a broker, it is vital to ensure that they have customer service representatives that you can reach 24/7 and get the assistance you need in your language.
Dealing Room Access
Apart from the customer service, some of the brokers provide access to their trading experts. This is known as the dealing or trading room. The advice of the experts can be invaluable when it comes to developing long-term strategies or preparing yourself for the upcoming market.
Personal Account Managers
Having your own personal account manager is one step above the dealing room. The personal account manager usually is an expert analyst who is responsible for monitoring your account, giving you tips, making suggestions and making sure you can take advantage of opportunities while protecting yourself from any risk. Having one is a leg up for traders.
Daily and Weekly Market Analysis
The daily/weekly is usually sent in the form of email newsletters. They contain the major events for the day or week together with analysis on how they are expected to affect the market.
The practice or demo mode is a useful broker tool. The ability of trading with virtual cash on live market rates allows you to discover new instruments, put acquired knowledge to the test, and experiment with new trading strategies. Just ensure the broker provides the real market rates with the demo for the experiment to have a real basis.
Historical Trade Stimulators
This tool is similar to the demo mode, except that it uses historical data to study the progress of a hypothetical trade at a given time. It is useful particularly when trying to come up with technical trading strategies or models. A repository of historical data helps you see if your strategy hold up over time in a short while, instead of waiting for live markets to evolve.
Brokers know that most people who approach the market do not have a degree in finance. Most of them, therefore, make an effort to provide educational resources that help you fill in the gaps in your trading knowledge. These tools include video courses, interactive webinars, and e-courses. The first two are the most enjoyable and the best ways of learning how to trade.
These are the fundamental services that most forex brokers offer traders. They will help you to be successful in forex trading. Ensure to get a highly ranked forex broker when choosing one. Sites like ConnectFX rank forex brokers by leverage which is helpful to traders.…