To participate in online forex trading, one of the first things you need to do is open an account with an online forex broker. The role of a broker is basically to be the intermediary who handles the actual buying and selling of orders on his behalf. Due to the large and sometimes overwhelming number of brokers available on the Internet, you will need to be prepared to spend some time doing your research to find the best forex broker for you. If you are looking for the best forex trading companies in Kenya visit https://globex360.co.za/best-forex-broker-in-kenya/.
A good trick to test an online broker is to contact their support desk and see how quickly they respond to your questions and how helpful the responses are. A helpdesk that responds slowly to pre-sales inquiries will probably not improve once you have signed up.
One of the most important factors in deciding which online forex broker to sign up with is how quickly the broker can execute a trade and the level of slippage you can expect to experience with them. A good online forex broker should be able to describe their slippage policy and provide automatic execution. Documentation should be provided on the amount of slippage you can expect in both normal and fast-moving markets.
To be successful in online forex trading, you must be comfortable with the online forex trading platform. Most brokers will offer free forex demo accounts that work like a real account and use the same platform. Before trading lives, sign up for a demo account and test the platform thoroughly, paying close attention to reliability and speed, especially during volatile trading periods.