How to Select The Best CFD Broker
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How to Select The Best CFD Broker

How to Select The Best CFD Broker

All Contract for Difference (CFD) traders know that selecting an affordable and trustworthy CFD provider or CFD broker is very important. The last thing you want is to spend all your earnings on CFD commissions or enter a situation you cannot get out of should your broker’s trading system not work.

Steps To Choosing the Best CFD Broker

Commission or brokerage fees payable for CFD trades

CFD brokers all charge customers a commission per trade. Most CFD providers add their commission as a percentage per trade, generally from 0.1% to 0.5%; additionally, most brokers have a minimum fee of £10 to £20. Given that commissions differ according to products, the commission index is calculated for CFD providers to provide you with an estimation of how expensive or cheap they are. Read the CFD broker comparison to find out who the most affordable CFD broker is.

CFD margin requirement

CFD is leveraged; therefore, only a percentage of the worth of the underlying instrument is payable. Margin requirements differ between brokers, generally from 10% to 20%. Margin requirements depend on the volatility and liquidity of the market.

Amount of tradable CFD

Tradable CFD’s differ among providers. To find out about a CFD product, it’s best to contact the CFD provider. All CFD brokers offer CFD for major markets (Japan, US, Europe, UK).

Interest charged for long overnight positions

Seeing as CFD is a margined product, money is borrowed from the broker to trade; for this, the broker charges interest for long positions and credit interest for short positions kept for over a day. Long positions rates are usually 2% of the reference rate (generally LIBOR), and short positions are below 2%.

Broker customer service and CFD trading system

On the whole, the customer satisfaction score tells you if a CFD broker is good or bad. Also, consider trading system usage, how easy it is to use, layout and dependability, and lastly, broker promotions and customer service. Taking all these factors into account, the total rating implies a better customer service and trading system.

Accreditation and Reputation

At fxdailyinfo.com, we only review and evaluate CFD brokers regulated and qualified by the Financial Services Authority (FSA). Reputation and Regulations are the most important factors in selecting your broker. Know that if unregulated CFD brokers get into trouble, they won’t be capable of covering positions and therefore cannot assure your returns.

The promotion is published here only for an informative purpose, THIS IS NOT FINANCIAL ADVICE!
Forex Analyst

Fxdailyinfo.com

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