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How to
Choose a Broker?
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Evaluate
the genuinely of the following points to choose a Forex Broker
Is this broker registered with any regulating authorities?
The forex broker must have been registered with the National Futures
Association (NFA) or Commodity Futures Trading Commission (CFTC) if
they're based in the US. If the broker is from United Kingdom, he must
have been registered with Financial Service Authority (FSA). If the
broker isn't registered with any of these or any other recognized
regulating firm, then think before choosing the broker.
Dealing Desk or Non-Dealing Desk broker?
Does the broker offer fixed or non-fixed spreads? How wide are the
spreads? These questions are more significant to those traders who like
to take quick profits on a few pips. Large and/or variable spreads can
cut into the profits of this type of trading strategy.
How much or how little leverage will a broker give you?
Leverage is the Killer Less is More can save every newbie
Does this broker credit or debit daily rollover interest?
Some
brokers either do both, deduct interest, or neither. This information is
important to traders who hold positions overnight.
Does this broker over premium services such as charting, news feeds, and
market commentary? How important are premium services to my trading?
Compare brokers on the above points and take a decision
Even after taking a decision open only a demo forex account and get
answers for all the above points. If happy with the broker and
successful trading plan is designed and simulated go LIVE.
