Choosing a trading broker is the most important decision a trader has to make before starting to trade. Although you may use many different brokers throughout your trading career, the broker you start with should have certain important features. Some of these features can be leverage and spreads, although it is not the only thing you should look at.
The best trading brokers offer different options so that you increase your chances of obtaining profitability. To get it, of course, you must learn first. That is why we are going to talk to you about some of the things you should look for in your broker in order to make the decision of which one to choose. In any case, the choice of a broker is something purely personal.
Legal availability and regulation
It is of the utmost importance that, when you decide to use a broker, you must take into account the legality of the broker, as well as its local regulation in your country. You can always use brokers that are not directly regulated in your country, as many are legal in much of the world, but in this case, you must bear in mind that the country in which it is regulated must have strong legislation and that protect you against certain practices.
In this sense, you can always find summaries of this data at the bottom of the broker’s footer, we recommend that you review this information and make sure that it is true, reviewing the broker’s code on the regulator’s website.
An example of a financial markets regulator is the CNMV. It is the body that supervises and inspects the Spanish securities markets.
When we are starting, we have too many new things to learn, so it is always good to review the type of platforms that are usually used. In trading, the MetaTrader 4 and 5 platforms are the most widely used in the world.
These trading platforms are open source, and allow you to easily include new features, but they also have various graphical options to improve your analysis tools. The broker you use may, however, limit or not what features you can use, so finding a broker that allows you to take full advantage of these platforms should be your top priority.
We recommend starting with a broker that allows you to improve. Actually, almost all brokers have good training options, although some place more importance on this aspect than others. That is why, if you can grow in a broker, and it offers you good conditions to trade, the best thing you can do is start there.
diversity of instruments
Finally, if you want to choose a good trading broker, one of the best options you have is to find one that offers a wide variety of financial products in which to trade. This will not be difficult for you, as many brokers today have a wide variety of markets in which you can trade as CFDs. In this way, if what you want is to diversify your investment portfolio, you always have multiple options to do so.