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Tips For Choosing Your Forex Broker

  • September 2014
  • Posted By Ninoslav

When most people start out in the world of forex trading, they usually settle for the first forex broker that catches their eye. While there’s nothing wrong with that, forex novices should take the time to find the right forex broker, since one broker might not have what they need to successfully play the forex market.


To accommodate the needs of forex traders out there, the average forex broker provides ‘just enough’ to get novice forex traders started. When you gain enough experience, you might end up outgrowing the site where you started. Most people, when they get to this step, don’t know what forex broker to choose in the end.


The truth is that it’s not hard to find a forex broker. You just need to take some considerations in mind to pick the right one. In this short article, we’re going to look at some criteria you can use to eventually choose the right forex broker for your needs.


Choosing the right forex broker


Start researching forex brokers.


If you’re shopping for anything, it’s always the right idea to research before ordering anything. It’s pretty much the same situation if you’re planning to ‘shop around’ for a suitable forex broker. The first thing you should research is the most important: finding out whether the forex broker you want is reputable.


That means checking if they’re registered with appropriate financial trading organizations and if they have good reviews from the forex community. You should also look out for the types of features they host, including the leverage ratio they offer and if they’re a dealing desk or non-dealing desk broker.


Compare your choices.


Before you open a demo or live account, compare your choices. You mainly want to compare features from one forex broker to another. Sometimes, it’s the features that can narrow down your choices from several forex brokers to just a few. There are even forex broker comparison websites that do the ‘hard work’ for you, instead generating a list of forex brokers with their features displayed in a handy side-by-side chart.


Get started on your forex broker of choice.


While you can start trading on a live account, it’s advised to open a demo account first to get used to the broker before trading in the live market. Demo accounts allow you to learn how to trade in different environments that the market may present, while letting you grasp the all of the features available on different platforms.



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