>
This is one of the most important decisions you need to make at the start of your Forex trading: Who are you going to choose as your regulated Forex broker? You need to have a broker to place your trades in the market on your behalf. There are a number of factors that can help you come to a decision as to who you should choose.
One of the main things that you have to do is make sure that you chose a regulated Forex broker. If based in the US, your broker should be registered with the CFTC, the Commodity and Futures Trading Association. They should also be a member of the NFA, the National Futures Association. If they are Swiss based they should be regulated by the FDF, the Swiss Federal Department of Finance.
It is possible to look through the records of these organizations online to do some background checking of the broker that you are interested in. This should show you whether the broker has had any serious problems that have resulted in the regulatory authorities becoming involved. If the broker is not regulated at all, it is best not to proceed.
Other factors that will influence your decision of which broker to choose will include the costs involved. Forex brokers make their money by taking the difference in the ask price and offer price. This 'spread' should be as small as possible to make sure you are not being overcharged. Most brokers are in the range of 2-3 pips. If you are going to be charged 5 pips or more - walk away!
Another important consideration is the software or platform that the broker provides to make your trades. This can either be downloaded to your desktop or an online version. It is likely that you will find that some platforms are more user-friendly than others. So do shop around, as this is a crucial piece of equipment that you will be using in your day-to-day trading.
As well as the technology, many beginners value the human touch as well. Is it easy to contact a human being when you have a query or are you left on answer phone for ages? Why not give their support team a call and see what the response is like? Some regulated Forex brokers pride themselves on the level of customer care that they provide. Don't be afraid to put them to the test.
About the author:
Should you invest the time and money to learn to trade the Forex or should you just sit back and let a Forex trading robot do all the work for you? Get trading tips at http://www.forex-tradi ng-advice.com
related articles:
click here 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 back
No comments:
Post a Comment