The forex exchange market is quite big. It is one of the world’s biggest financial markets. The market lacks
a marketplace for traders so; there is a need to hire the best forex account manager.
He will help you to do the activities linked with trading. There are many forex account managers and
selecting the right one is a challenging task.
We are discussing certain things that must be kept in mind to select the best forex account manager.
- Regulatory compliance- The best forex account manager must be registered with a standard
government regulatory body. The government bodies devise programs, rules, and services for protecting
the integrity of traders, markets, and investors. They also protect users from fraud, abusive practices, and
manipulation. The accreditation of the account manager ensures trust in his activities.
The professional website does not ensure that the account manager is genuine or not. Also, the website will
not tell if the person is accredited to any government agency. But if he is accredited, then he mentions in the
about us section.
- Account details- Every account manager offers different accounts. They are discussed below:
Margin & leverage- The participants can access to various amounts like 200:1 or 50:1. The leverage is known
as a loan that is extended to account holders. The leverage is beneficial for traders as profits get increased.
Although, leverage can damage the account of the trader as the losses also get increased. Hence, leverage
must be used with caution.
Spreads and commissions- Forex account managers earn money via spreads and commissions. The person
who works on the concept of commissions charges a certain percentage. While some other charges based on
spreads.
Initial deposit- Many forex accounts are funded with a small deposit at the initial level. However, leverage
provides the power of buying that is greater than the maximum deposit.
Hence, new investors and traders get attracted to forex trading. So many best forex account managers
provide mini, standard, and micro-accounts with different requirements of initial deposits.
Ease of withdrawals and deposits- the account manager has specific funding and withdrawal policies. Also,
they are permitted to fund the account via PayPal, credit, or debit card. Withdrawals can be made via wire
transfer and check. The person charges a fee.
- Pairs of currency offered- there are many currencies available. So, they must be traded with great
liquidity. The best forex account manager provides wide choices in forex pairs. They also offer a pair
of investor or trader’s interests.
- Customer service- The service of a forex account manager is available 24 by7. Hence, their assistance is
available anytime and anywhere. You can also interact with him on the video call.If you phone the key
account manager, then you will get to know how he speaks.You have to analyse if they provide wait time
or do the representative have the ability to provide you with the required solution.
Do they have the information on leverage, spreads, company details, and regulations? This information
will tell you about how long the person is in forex trading. It will also depict the size of their business.
- Trading platform- It is the platform that depicts the investor’s portal in the market. The traders make
sure that the software is visually appealing and easy to operate.
They also have to make sure that it must have various fundamental and technical tools so that the
traders can enter and exit with ease.
Also, a well-designed trading platform will come with sales, panic, and buy buttons. The panic button closes
down all the positions that are opened.
If the software is poorly designed then it can lead to expensive order entry errors. It can lead to errors like
accidentally close down of a position or adding a new position.
Other important things to be kept in mind are order entry types, personalised service offerings, and
automated trading options, backtesting, strategy builders, and trading alerts.
The best forex account manager provides free accounts so that you can test the trading platform before
funding and opening of the account.
The key thing is if you have confidence in your account manager then you will be able to commit time in
analyses and devising forex strategies. So, it is quite important to do the proper research before hiring the
right forex account manager.
He is the person that can increase your profit or loss. So, we must follow the above-mentioned tips for
selecting the best forex account manager.
