Not all brokers are the same. This is a message that we will repeat as many times as necessary. Just as not all people we meet have our best interest at heart, which is why it is necessary that your IB has certain qualities.
Here are three particular qualities that your forex introducing broker should have:
An IB is someone that should have patience. A lot of newer traders and investors aren’t quite familiar with the trading landscape. There are so many terms that need to be discussed and concepts like bear markets and inflation. If your IB does not have the patience to walk you through them, you should consider speaking to someone else.
You and your IB should be working together and it is in their best interest to get you up to speed in your pace.
Working Knowledge of the Market
Your IB should be able to guide you through different topics and concepts well because of the knowledge and experience that they carry with them. If your IB does not have that knowledge of the market, how will they be able to help you?
Your IB must have a strong working knowledge of the existing market in order to give you the information that you need.
This is a quality that is often overlooked. In order for you to have a good relationship with your IB, there needs to be trust. In order for that trust to grow, there must be transparency in the dealings. They must be able to give you information that you need regarding their processes of the trade.
Is there a particular market that they think is good? Are there certain trends that they avoid like the plague? Your IB must be able to tell you those things in order to organically grow your knowledge about trading.
These are three of the qualities that listed off the top of our heads. What qualities do you think an IB should have?