Aikhen Posted October 11, 2010 Share Posted October 11, 2010 Most investors who trade Forex stocks use a broker. A broker is an individual or a company, who buys and sells stocks according to the investor's wishes. Brokers earn money by collecting commissions or fees for their services. You should check that a broker is registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud or abusive trade practices. A Forex broker also needs to be associated with a financial institution, such as a bank in order to provide funds for margin trading. Picking the right Forex broker for you will take some work on your part. There are brokers who charge a flat fee and some that charge commission. It may be a good idea to talk with friends and business associates about their brokers. You may get some good leads, and you're certain to hear who to stay away from. There is nothing like word of mouth advertising. If you are thinking of investing online, you could choose several online brokers and contact their help desks. Seeing how quickly they respond to your questions could be key in how they will respond to their customers needs. If you don't get a speedy reply and a satisfactory answer to your question you certainly wouldn't want to trust them with your business. Just be aware that as in other types of businesses, pre sales service might be better than after sales service. Before you choose an online broker get a copy of their online demo account. What features are included? Is the software reliable? Does it offer automatic trading? Are there extra software features that cost more? Before setting up an account with a Forex broker you will need to do further investigation. How quickly will these brokers execute your buy/sell orders? What is their policy on slippage? What are the transaction fees? What is the spread, fixed or variable? What are the margin requirements and how are they calculated? Does the margin change with currency traded? Is it the same for mini accounts and standard accounts? Don't forget to ask about minimum account balances and interest payments on account balances. Make sure that your funds will be insured. Quote Link to comment Share on other sites More sharing options...
hexeduser Posted October 16, 2010 Share Posted October 16, 2010 Thanks for this tips. I'll be sure to take note of this for I really want to try earning in forex later. How do you know exactly if the software is reliable or not? in what grounds could one say or deem a demo software is unreliable? Quote Link to comment Share on other sites More sharing options...
hyippro Posted October 22, 2010 Share Posted October 22, 2010 Nice guide man. Thanx for sharing knowledge. Quote Link to comment Share on other sites More sharing options...
SolidSnake21 Posted October 22, 2010 Share Posted October 22, 2010 thank you for your guide, that contain a lot of information that we need to choose our forex broker from the large number of forex brokers that trading in the web. I am new in forex I need to learn about trading. please give us more usefull information in forex (E-book) if you can. Quote Link to comment Share on other sites More sharing options...
standart Posted November 4, 2010 Share Posted November 4, 2010 Its useful tips and yes, better to choose legal brokers that formally incorporated, have office and many trader satisfied with their service. because although these broker popular, not guarantee if our money save, especially if we want to make high deposit. Quote Link to comment Share on other sites More sharing options...
Aikhen Posted November 4, 2010 Author Share Posted November 4, 2010 Yeah also be sure to check the broker's reputation and if they are doing well because that will be your way to see first if a broker can be trusted with your money. Quote Link to comment Share on other sites More sharing options...
chuna1985 Posted November 7, 2010 Share Posted November 7, 2010 From my own experience, I got my own broker (marketiva) by referral. I think it`s best for a newbie to ask other expert traders who have better experience to to advice us on whom to choose and whom not to. Quote Link to comment Share on other sites More sharing options...
sirwilly Posted December 4, 2010 Share Posted December 4, 2010 New traders should consult forums to see which brokers have good reviews. Then, a rough guide will be to make sure the broker is listed by regulatory bodies so there's less risk of getting scammed either flagrantly or inapparently. Quote Link to comment Share on other sites More sharing options...
Nikhil Posted December 5, 2010 Share Posted December 5, 2010 I also think its better to study about that broker before invest any particular broker and no doubt forum can help us . and i also think when some broker offering free bonus then it may also be good to test them if they are not old but only that free bonus to try. Quote Link to comment Share on other sites More sharing options...
boniez Posted December 19, 2010 Share Posted December 19, 2010 I suppose you could tell by looking at the reviews, the traders of the broker review site, because there I'm sure you've got the guide there Quote Link to comment Share on other sites More sharing options...
rehan Posted December 19, 2010 Share Posted December 19, 2010 What should be in a good broker. The first thing you should see its payment processing time. It should be instant or close to instant. If he is processing payments in a week or more, then it is not good for you as you have to do different things with that money. Quote Link to comment Share on other sites More sharing options...
djfritz Posted January 27, 2011 Share Posted January 27, 2011 Well for beginners I think marketiva has all that is needed to start trading, you have free money to trade and live support and member chat. But anyways legitimate forex broker are regulated, just do a little research about it. Quote Link to comment Share on other sites More sharing options...
silenteyes Posted February 11, 2011 Share Posted February 11, 2011 It is always important to know that forex broker is regulated and authorized. Just like we have UWCFX which is regulated as well as authorized. It will give new trader a sense of security and he will be trading with more confidence. There are also many thing which you should consider before choosing a broker like spreads. Quote Link to comment Share on other sites More sharing options...
djfritz Posted February 18, 2011 Share Posted February 18, 2011 I agree with silenteyes but one thing I am a bit discourage in UCWFX is the verification process, they said it will take ages before they will accept or reject the documents presented. I know that they undergo some guidelines to verify an account but customer service is poor either, they should also focus on that issue to make this broker perfect. Quote Link to comment Share on other sites More sharing options...
sirwilly Posted February 20, 2011 Share Posted February 20, 2011 Yea, a regulated broker will be less likely to involve in desk dealing, and also it is likely that e won't have any hidden charges. It is way better than using an unregulated broker. Quote Link to comment Share on other sites More sharing options...
senger Posted December 6, 2011 Share Posted December 6, 2011 To choose the best broker you have to collect the information necessary for the medium to stabilize the faithful to deal with it and you have to choose the fastest server Quote Link to comment Share on other sites More sharing options...
stezz Posted February 12, 2012 Share Posted February 12, 2012 i want to ask something did instaforex using collecting commission ?? because at first i trade that free of commission but now they collecting commission Quote Link to comment Share on other sites More sharing options...
flybiz08 Posted March 29, 2012 Share Posted March 29, 2012 In picking a forex broker, I'd recommend that a trader tries as much as possible if he can to visit the offices of the broker. By doing so, the trader can tell whether a broker is professional or not and also to be sure that the address on their web page is real. Quote Link to comment Share on other sites More sharing options...
Tariq777 Posted June 12, 2012 Share Posted June 12, 2012 Nice guide you got there for choosing a forex broker but I have already chose one, Instaforex Quote Link to comment Share on other sites More sharing options...
riddick09 Posted June 20, 2012 Share Posted June 20, 2012 Yes, we have instaforex in the list already but I think we do want also to have tried other forex brokers. Although, its good to have the comfort broker we have already. That's why its also determine the eagerness of a trader to trade well by having a good forex broker with a good support and good offers. Quote Link to comment Share on other sites More sharing options...
euro Posted October 10, 2013 Share Posted October 10, 2013 Read reviews about them on Google and you will know everything. A bad, scammy one will have plenty on Google so dig them and dig those scammy stories out. I love reading scammy stories. I'll tell you one about fxcm, some traders have a youtube video showing hidden charges that fxcm took out of his account all the time and he was pissed you can research that on Youtube. So they will have like snipping and then high spread so watch out for that. But do read real users reviews cause promo is just sugar coated, not to be trusted, when you start using them you will see the real dirt. Quote Link to comment Share on other sites More sharing options...
kiranchandra Posted October 17, 2013 Share Posted October 17, 2013 Just be aware that as in other types of businesses, pre sales service might be better than after sales service.That's why its also determine the eagerness of a trader to trade well by having a good forex broker with a good support and good offers. Quote Link to comment Share on other sites More sharing options...
uncle gober Posted October 18, 2013 Share Posted October 18, 2013 You can find a good forex broker recommendations from various sources, but before you invest your money, it helps us to find out more about the credibility of the broker is concerned, both regulations, customer service, security of our funds, servers, financial transactions and much more . It is better to try the performance of the server with the usual free account offered by the broker, like 15 EUR from Armada Market before we trading using our own money. Quote Link to comment Share on other sites More sharing options...
standart Posted October 21, 2013 Share Posted October 21, 2013 traders should pay attention with regulation factor. because it explain that broker have legal permission to run the business in a country. in this case, brokers have main office which become sign that they are professional and serious to run the business. moreover, need high cost to become regulated brokers. thus, brokers won't run off easily. Quote Link to comment Share on other sites More sharing options...
davils9 Posted November 10, 2013 Share Posted November 10, 2013 When a man want to go make money he need to learn more about forex trading. Now a days forex trading is a popular business and man can make money from forex so it is most popular for a student. Quote Link to comment Share on other sites More sharing options...
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