Home » Finance

Are You Looking For A Forex Broker?

Nov 28, 2007
Forex brokers can either be individuals or agencies who will do their best to help you profit from the market and cover the risk of the investment that you made. You Forex trading will largely depend upon your broker as he or she will help you to succeed in the Forex market.

The broker does several things: helps you to manage your accounts, executes your orders and keeps you informed of market trends. You will need to take a look at the forex broker rating before you decide to choose a broker.

If you have Internet access, then you will find many website that suggest forex broker ratings. Some of the important things to know is what the minimum amount is to open an account, will there be any commission charges, etc.

You must make sure that your Forex broker has the right qualifications. Now that your list has been narrowed, it is time to research your choices. One good idea is to send some e-mails out to your customer service people and see how long it takes for them to respond.

When considering a forex broker, find out just how fast it takes him to execute an order. You should also find out how much slippage you can expect.

Here are some other key points to consider when looking for a forex broker:

1. Available currency pairs - Each forex broker will have, at the minimum, the seven major currencies.

2. Transaction costs - The forex broker is paid based on the bid ask spread. There should be no other hidden charges or fees. If the spread is smaller, that means it is better for you. Pip spreads vary from broker to broker so do some competitive shopping.

3. Free analysis tools - You will need to have some charts and technical analysis tools to be able to spot trends and plan your entry and exit points. Most brokers offer their basic services at no charge. If you require something over and beyond the basic service, there may be an additional charge.

4. Immediate execution of orders - You will need a broker who will be able to consistently execute your trade swiftly.

5. Superior customer service - If you need assistance, your forex broker should respond quickly and efficiently to any question that you may have. Representatives should be available around the clock either by telephone or e-mail.

6. Margin requirement - If you want to have more leverage, choose a low margin requirement. You can use margin to your advantage to produce huge profits.

7. Minimum account balance - Since you are a small individual investor, you must try to find a forex broker who does not require a hefty balance to open an account.

8. User-friendly trading platform - Before deciding to go with one particular broker, choose a few forex brokers and ask to sign up for a free demo account.

You would do well to trade with play money while you are deciding which broker and which program works best for you.
About the Author
Alex Olson is a professional in forex trading. In her articles she shares her oppinion, gives some pieces of advice and supplies you with a lot of information on how to be a success in forex trading and how to choose a forex broker.
Rating:
Please Rate:
(Average: Not rated)
Views: 213
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources