Finding a forex broker: Part 2

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After reading the basic article in Part 1, you may have gone off and scoured the internet for the best forex broker and come up with a lot, and I mean, a lot of  forex brokers.  In fact I have just added a list of over 100 brokers that you have probably come across. Take a look here.

So how on earth do you choose one from all that list. Although, I have not chosen a broker because of their forex platform I think there are some basic things you should think about when choosing a broker of any type. Hopefully, this will help you narrow down the long list and get you that little bit closer to choosing one.

Things GreatTradingSystems.Com would think about when choosing a broker:-

  • Does the broker allow clients from your country(obvious I know but can be an issue)
  • What is the minimum deposit you need to open an account
  • What is the minimum trade/contract size you can trade
  • What are their costs of opening and closing of positions
  • Are the spreads competitive
  • How easy is it to deposit/withdraw/transfer cash in/out and between accounts
  • Can you demo trade their platform for free first
  • Is Customer Support all web/email based or is there someone at the end of the phone that can help you when you need it.
  • How secure is your money with them. Do they hold funds in a segregated account in your country of origin
  • Not heard of them? Maybe wait ’til you have. Let someone else be their first customer. Unless you are very wealthy you are unlikely to get any special treatment anywhere so why be someone’s guinea pig for free

As you see, and probably know already, there are so many things to think about when choosing a broker of any kind. I guess as long as you know your funds with whomever you choose are safe and untouchable by the broker should they “get into trouble” then you can’t do too much damage. You can always switch brokers if you are not happy. Probably the best thing to do though is to Demo trade a brokers platform for several weeks before taking the plung. You should get a good idea of how well their platform performs. You just want to make sure that there are not any potential problems or difficulty that will make the hard task of trading forex any harder than it already is.

One Response

  1. forex broker says:

    Thanks for posting this very informative article in here!
    This really gives information in order to know well the people who deserves to be trusted when it comes in finding the best forex broker.By this article, this gives idea to who are the most important people to choose to.

    Thanks for this post!=)

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