Getting the Right Forex Trading Broker
If you have been in the forex game, you will understand that a right forex trading broker can really be your life saver. Despite that there are so many brokers out there you can choose from, to find the right one is not always easy. Here are some tips to help you go about.
* Does The Broker Offers a Free Demo Account?
Many online forex brokers now offer free demo accounts to their new customers. You should not only take advantage of them but also make the most out of them.
A demo account not only introduces you to forex transaction (in case you are a newbie), but also lets you take a look at the trading platform used by that broker. You want an interface that is easy to learn and understand, and that you will be comfortable to use.
* Always Ask For References
A good broker will not mind giving you references. You need to be able to talk to other people who have used his services, and find out whether or not they are happy with their experiences.
If a broker refuses to give you references, you should probably screen him out.
* Check Out the Minimum Deposit Requirement to Open an Account
Almost all forex brokers ask for a minimum amount deposit when you open an account with them.
If the amount of minimum deposit asked by one broker is higher than what you are comfortable with, simply search for one that requires a lower minimum. There are options out there for every investor, no matter how much or how little they have to invest.
* Check the Broker's Credentials
Despite that there is no centralised, governing body to regulate the whole forex market over the world, the business practices of each forex broker is regulated by institutions in the countries where they are located.
A broker located in the US, for example, should be registered as a Futures Commission Merchant (or FCM) with the Commodity Futures Trading Commission (or CFTC). They should also be registered with the National Futures Association (or NFA).
* Check Out the Service Charge
As a general rule, cheaper isn't always the best.
Brokers who seem to charge small fees than their competition might make up for the difference with hidden fees that you are not even aware you are being charged.
Before you formally establish business with a broker, ask about possible hidden fees, read the fine print, and learn as much about them as you can.
Finding a good forex trading broker is probably an experience for almost all players in the forex market. With the tips shown in this article, you have already known the most key things to look at. But, don't be afraid if you still make a mistake. Sometimes, we just grow out of try and error. - 23218
* Does The Broker Offers a Free Demo Account?
Many online forex brokers now offer free demo accounts to their new customers. You should not only take advantage of them but also make the most out of them.
A demo account not only introduces you to forex transaction (in case you are a newbie), but also lets you take a look at the trading platform used by that broker. You want an interface that is easy to learn and understand, and that you will be comfortable to use.
* Always Ask For References
A good broker will not mind giving you references. You need to be able to talk to other people who have used his services, and find out whether or not they are happy with their experiences.
If a broker refuses to give you references, you should probably screen him out.
* Check Out the Minimum Deposit Requirement to Open an Account
Almost all forex brokers ask for a minimum amount deposit when you open an account with them.
If the amount of minimum deposit asked by one broker is higher than what you are comfortable with, simply search for one that requires a lower minimum. There are options out there for every investor, no matter how much or how little they have to invest.
* Check the Broker's Credentials
Despite that there is no centralised, governing body to regulate the whole forex market over the world, the business practices of each forex broker is regulated by institutions in the countries where they are located.
A broker located in the US, for example, should be registered as a Futures Commission Merchant (or FCM) with the Commodity Futures Trading Commission (or CFTC). They should also be registered with the National Futures Association (or NFA).
* Check Out the Service Charge
As a general rule, cheaper isn't always the best.
Brokers who seem to charge small fees than their competition might make up for the difference with hidden fees that you are not even aware you are being charged.
Before you formally establish business with a broker, ask about possible hidden fees, read the fine print, and learn as much about them as you can.
Finding a good forex trading broker is probably an experience for almost all players in the forex market. With the tips shown in this article, you have already known the most key things to look at. But, don't be afraid if you still make a mistake. Sometimes, we just grow out of try and error. - 23218
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posted by X - Men @ 3:02 AM
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