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How to Choose Good Forex Broker? |
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| Date Added: September 07, 2011 09:13:14 AM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Author: Danielle Franklin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Category: Forex Brokers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In order to start your career in currency trading you must select a reliable forex broker. Forex brokers are the gateway to the market with billions transactions daily! How to find the best forex broker? Below are the most important criteria in selecting one: Regulation The broker you choose to trade with must be trustworthy and secure. The easiest way to check whether your broker is regulated is to look for registration id on its website. The id and the name of the authority are usually displayed on the front page or on “About Us” page. Below are some of the countries and their regulators:
So, for example, if your broker is in US and regulated by NFA, you can check whether there is any history of complaints or legal charges at NFA website. Trading Platform Trading platform is the essence of forex trading – it needs to be fast, secure and professional. The most common issue with trading platforms is the amount of downtime, aka offline the platform experiences. The last thing you want is to have errors popping out while you are trying to trade! Trading Features Your broker should provide at least these major currencies available to be traded: USD, JPY, CAD, AUD, CHF, EUR and GBP. The minimum features that any reliable broker should have are: Instant Execution No re-quotes Free Daily technical and fundamental analysis Professional charts Online, email and phone support for both trading and technical issues Practice Account I believe that today there is no broker that doesn’t offer demo account. However if you still find one like that, run away from it as far as possible. The broker that asks you to deposit money without trying the product out first is a scam. Customer Support Technical and trading support needs to be available to a trader online, via email and phone at all times during the trading hours. Some brokers go further and offer 1-on-1 training sessions, free webinars and other exciting helpful material. The most important thing, though, is a quick response for your requests. Danielle Franklin is a professional forex trader and trading advisor. Below are the useful forex resources: |
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