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With the immense surge in the public interest in investing and trading, the market became flooded with online brokers and trading platforms. On the one hand, it means that you have a wide choice of brokers. On the other hand, it becomes difficult to choose a trustworthy broker with the best service terms. In this guide, you will learn how to select the best Forex broker in India and anywhere else in the world!

Check Out Commissions on Investments

At this step, you have to clearly point out which financial instruments you want to trade and choose a broker that offers the best commissions on your preferred instruments. Below is the list of options:

  • Forex
  • Stocks
  • Options
  • Mutual funds
  • Bonds
  • EFTs
  • Cryptocurrencies

Consider Account Minimums

While many high-status brokers let you trade without any account minimum, some of them may require you to keep your account charged with a minimum trading amount. If you want to start with low amounts, you need to look for brokers with a low or none minimal account balance.

Review Account Fees

Avoiding any account fees is merely impossible, but you can minimize them. To do this, you should compare the following fees in different online brokers:

  • annual fees
  • trading platform subscription
  • inactivity commission
  • research data fees
  • transaction fees
  • charges for extra services

Avoid Payment for Order Flow

Some brokers send your trades to third-party processors, such as banks and other financial organizations. This process may involve additional fees called “payment for order flow.” It’s recommended to look for brokers that don’t charge these fees and process all the buy and sell operations with their own facilities as this will usually be cheaper for you in the long run.

Consider Educational Options

Regardless of your current trading experience, there’s never too much education. Look for online brokers that offer free tutorials, webinars, guidebooks, a trader’s glossary, etc. It’s also good if the broker covers various popular trading strategies and explains all the connected risks clearly to help you make informed decisions.

Look for Fractional Shares

Fractional shares are a great feature to look for as they let you invest in particular instruments not by their quantity but by the dollar amount. This means that you can purchase a fraction of a share instead of purchasing a whole share if it’s too expensive.

Access to Research Data & Analytical Tools

Fresh research data and convenient analytical tools will largely influence your trading flow. You should look for a broker that offers a standard set of tools and a list of customizable presets so that you can adjust them for your specific trading purposes. As for the research data, it should be generated by the broker to offer you first-hand info before it reaches the news headlines.

Be Attentive

There must be no hurry when you look for a broker. Consider your time as a long-term investment in solid relations with your broker. The decision you make today will affect the quality of your trades in the future.