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If you like to participate in the oil trading market but you haven’t found the right broker yet, then we can help you out. There are a few important things you should be aware of, things that will help you picking the broker that satisfies your individual needs. No single trader is the same. Define your own preferences and trade with a fair and trustworthy broker that can give you anything you need to trade successful.
Trading Software
The most important tool for every trader is the trading software. If you are uncomfortable with the software your broker provides you with, you are likely to end up frustrated and making the wrong trades. Technical analysts need to be able to automatically and quickly put up their indicators in the charts, short-term traders need to be able to log onto their trading account by using their mobile.
MetaTrader is the best known trading platform for customers at forex, futures and CFD markets. Preferred by most professional traders, it is not necessarily the best platform for you. You can easily get lost in the extensive set of tools the platform offers. Beginning traders often prefer the intuitive interface of the ICTS platform, offered by many oil brokers on the Internet.
Spreads
Brokers need to get paid for their services, that’s fair enough. Most of them earn their money by the spreads, the difference in price between buying and selling oil. For oil trading this spread should never be more than 8 pips, otherwise your broker is too expensive.
Customer Support
If it comes down to customer support you can’t take no for an answer. The support department is a vital element of every trustworthy broker. You need to be able to contact them 24 hours a day, not only by email but also by phone. If you are not a native English speaker you should also be able to contact them in your own language if you prefer. Remember, you trust these guys with your funds so they better make sure you can contact them at any time!
Banking
This is really depending on your own preferences. If you like to deposit your funds by wire transfer, I can tell you that every broker offers that option. However, if you prefer to deposit by PayPal, Mastercard, Visa, Neteller, MoneyBookers or any other online banking method, you have to check if your broker offers this option.
Cashing out should be simple. Most brokers do ask you to fax or email a signed cash-out form, but this is only to comply with regulations. After you send them the form you should be getting your funds within a few business days.
Regulation
Some traders only want to trade with brokers that are regulated by the authority in their own country. If you are such a trader then check the website of your local financial authority if they approved the broker. In general, I can tell you that if you are not from the US or UK, it will be quite difficult to find a local broker for you. Regulators create a financial burden for brokers and therefore many decided not to apply for an approval. That does not mean these brokers can not be trusted, just make sure you know who you are dealing with.
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