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  1. #1
    Senior Member shere0901's Avatar
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    Default 8 Basic Tips on choosing Best FOREX Broker

    There are some basic notices that you should consider when you want choosing online forex broker.



    1- Spread Amount



    The spread, which is calculated in pips, is the difference between how much you can buy or sell a currency at a specific point in time.



    Forex currencies are not traded through a central exchange market, so the spread can be different depending on the forex broker you use. Some online forex brokers have variable spread; some of them have two spread amounts that depend to day and night.



    Some of them their spread depends to the position of market. When market is quiet the spread is small and when market is busy the spread is high. I prefer forex brokers that have fixed spread, because over the long term fixed can be safer.



    2- Execution

    How fast is the broker's order execution?

    Do they offer automatic execution?

    How much can you trade before having to request a quote?

    Do they trade against their clients?



    The best way to find out is to open a demo account and give them a test drive.



    3- Leverage Options



    Leverage is expressed as a ratio between the total capital that is available to be traded and your actual capital. For example, when you have a ratio of 100:1, your forex broker will lend you $100 for every $1 of actual capital you have. Leverage is a necessity in forex trading because the price deviations in the currencies are set at fractions of a cent.



    Before choosing an online forex broker notice that what is their leverage. Many brokerages offer a flexible margin that allows you to choose the leverage that's right for you.



    4- Account Types



    Notice the forex broker you choose has mini account or not. Mini account is designed for those new to online currency trading and those with limited investment capital. There is a smaller deposit required to start trade of just $300 or less.



    5- Trading Platform



    Good trading software will show live prices that you can actually trade at, not just indicative quotes. It will offer Limit and Stop orders, and ideally will let you attach these to your entry order. One-Cancels-Other orders are another useful feature they mean you can set up your trade and then leave the software to get on with it.



    6- Dealing tools and value-added services



    Find out online forex broker that offers the best resources and information to help you make the smartest trading decisions. A good company should offer real-time charts, technical analysis tools, real-time news and data, and software or website support. Be wary of any company that refuses to share information or trial versions before opening up an account. You will want to try out their system before you choose to invest money in it.



    7- Support



    Forex is a 24 hour market, so your online forex broker should offer 24 hour support. You should also check if you can close positions over the phone essential in case your PC or internet connection crash at a critical moment. You could contact to their Internet help desks to see how quickly they respond to enquiries.



    8- Get Referrals



    Ask around and read forex forums to find out which forex brokers other people use and why they selected a specific broker.

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  3. #2
    Investor CahCuncun's Avatar
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    I'm trading with tenkoFx now, i'm trying to maximize what have been provided by this broker. They offers PAMM facility to their clients, beside that, we will also get promo which we can use for trading in forex. Let's try to maximize "Invite your friend, get $10 and win $5,000" promo from TenkoFx.

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    You are missing the 2 MOST IMPORTANT considerations to take into account when choosing a forex broker and those are :

    1. Type of broker : ECN/STP, STP, Market Maker etc.... I would always go with ECN/STP rather than a market maker because ECN/STP is far more transparent the broker is not taking the other side of the trade (as is the case with Market Makers), this gets rid of the conflict of interest associated with Market Maker brokers.

    2. Regulation : It is extremely important in my opinion to go with brokers who are regulated - prefereably in a reputable country, eg UK (FCA) or Australia (ASIC), this adds a lot more security to your account as brokers will have a lot more onerous rules to follow and will in most cases be required to hold client funds in segregated accounts. Also, in many instances, if the broker is regulated in a Western country, the trader will also be covered by some sort of financial compensation scheme to protect trader funds if the broker collapses or steals their money - For example in the UK, the Financial Services Compensation Scheme protects traders funds up to 50,000 GBP .

    If you would like to compare brokers, go to : www . forexchurch . com/compare-forex-brokers.cfm (remove the spaces from the link to make it work)


    Click on "+Advanced Search Options", and you can select many different features to search for.

    Once you have a list, click on "View Detailed Listing" next to each broker to see all features offered by that broker.

    You can also compare Live broker spreads here : www . forexchurch . com/forex-spreads.cfm
    The spreads are "Standard" accounts offered by brokers, so no extra commission is charged.

  5. #4
    Senior Investor Uncle Gober's Avatar
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    Of course, a good broker will give the best for traders to make them feel comfortable and satisfied with broker. I trust Armada Markets to invest my money, i get the best trading conditions, they offer the lowest spread ever i got, besides that, i also get fast order execution, it's very comfortable for scalping.

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    Yes you are choosing a good Forex broker is the gurrenty for succees in forex. I am with forex Metal and Forex metal has fast Execution ,low spread and Lot other advantages. Its customer support is very fast.

  7. #6
    Senior Investor Uncle Gober's Avatar
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    I recommend Armada Markets. the advantages :


    - Spreads are very low, almost zero
    - Fast execution speed
    - 15 euros welcome bonus
    - Direct access, meaning that the ECN Broker gives you direct access to the Forex market
    - You can open a Classic and Exchange account .

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    Main tips of Main forex broker are
    Spread Amount,
    Execution,
    Leverage Options,
    Account Types,
    Trading Platform,
    Dealing tools and value added service,
    Support,
    Get Referrals.........

  9. #8
    Senior Investor Uncle Gober's Avatar
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    The primary qualities you should look for when picking a broker:



    • Transparency
    • Jurisdiction
    • Security of Funds
    • Execution Model
    • Systems reliability




    Details

  10. #9
    Investor CahCuncun's Avatar
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    Quote Originally Posted by raybenz1983 View Post
    Yes you are choosing a good Forex broker is the gurrenty for succees in forex. I am with forex Metal and Forex metal has fast Execution ,low spread and Lot other advantages. Its customer support is very fast.
    Broker which have the best trading condition for us will be able to use by trader to trade in forex. I also get the best trading condition in TenkoFx. And the most important, we also must be able to maximize what have been given by our broker.

    Open a PAMM account with TenkoFX for the chance to manage up to $100,000

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    these are some factors to be kept in mind before investing, also read reviews of a broker so that you can know about the brokers working.

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