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How to Choose a Good Online Forex Trading Broker

Updated on October 28, 2009

Welcome back hope you enjoyed the previous hubs name Why Forex Trading, Forex Trading Definition, and Types of Forex Order Types.

There are so many online brokers offering online forex trading services, since online forex trading is not regulated there are so many scammers who are only interested in your money, with these kinds of online forex scammers one has to be very careful when choosing a particular broker. There are so many factors that one may look before registering with a particular online forex broker. Below are just some few fundamental ones

  • Forex broker’s trading history – you may need to find out necessary information about any broker, find out for how long has it been in forex trading, where is the brokerage firm registered, where is the physical location of the firm, are there complained about this broker, do forex trader have confidence in this broker
  • Trading Platform – find out what type of trading platform the brokerage firm is using, is the trading platform user friendly, and easy to install, if not then move to the next forex broker
  • Account Summary – does the brokerage trading software offer account summary including loses, profit, margin requirement, if you cannot view this information on your trading software then you need to move to the next broker
  • Currency Pairs Available – Check from your broker how many currency pairs to trade on are available, if the broker has got quite considerable many pairs then that are fine. Ensure the broker has got the minimum basic traded currencies. The basic major currencies traded are USD, EUR, JPY, CHF, GBP, AUD, CAD and NZD
  • Find out from the broker the kind of Margin Requirement

How to Choose Forex Broker

  • What are the transaction cost to trade with this particular broker, some broker have got hidden charges which you will only realized when requesting for payments, once you notice this yet it was not mentioned on their Program Trading Policy, you need to look for another online broker with open transaction cost
  • Find out the Rollover Charges and Margin Account Interest Rate by the particular broker
  • Find out the trading hours that this particular broker is offering you. Is the trading platform able to display trading time frame, are you able to know when markets are going to be closed. If these are not answered you better look for another forex broker with clear trading hours
  • Does the forex broker have free charting software that can assist you when stranded, although it may not be necessary for brokers to have this, but it is a good tool that allow you to interact with forex expert from the brokerage firm
  • Find out if this particular forex broker has got any kind of leverage, leverage are suitable for those who have mastered forex trading and if you are new to forex trading remember to do more practice before requesting for account leverage
  • Spread – find out the difference in currency between the buy and sell price, a broker with lower spread will save you money and hence good for money management
  • No commission – Good broker firm will charge you no commission, avoid forex brokers that charge commission

Well done you have known what to look for when selecting a forex broker, some factors are not mentioned which you should not ignore. Our next hub will be Types Forex Trading analysis

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