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Thread: Choosing an online forex broker

  1. #1
    joe1111 is offline Junior Member
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    Default Choosing an online forex broker

    Foreign exchange (FOREX) is the arena where a nation's currency is exchanged for that of another. The foreign exchange market is the largest financial market in the world, with the equivalent of over $1.9 trillion changing hands daily: more than three times the aggregate amount of the US Equity and Treasury markets combined with other financial markets.

    The foreign exchange market is the place where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to conduct foreign trade and business.

    Before trading Forex you need to set up an account with a Forex broker. What exactly is a broker? In simplest terms, a broker is an individual or a company that buys and sells orders according to the trader's decisions. Brokers earn money by charging a commission or a fee for their services. Deciding on a broker requires a little bit of research on your part, but the time spent will give you an insight into the services that are available and fees charged by various brokers.

    When selecting a prospective Forex broker, find out with which regulatory agencies each dealer is registered. The Forex market is label as "unregulated" market, and it basically is.

    In the United states a broker should be registered as a futures commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a NFA member. The CFTC and NFA is here to protect the public against fraud, manipulation, and abusive trade practices.
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  2. #2
    Eugine is offline Member
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    In fact of many of the negative things written about different brokers on the internet in forex broker reviews, come from the fact that the traders did not take the time to learn the basics and develop a proper trading strategy, and are then left feeling bitter when their trades don't make anything or lose money.

  3. #3
    brianhutson is offline Junior Member
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    It is difficult for trader to choose the right broker or to know about the broker before going for commitment. Research is the only thing which one can do to choose the right broker for themselves.

  4. #4
    tahopable is offline Junior Member
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    I totally agree with you Brian. Choosing a broker is a tough job and need to research its legitimacy here, and in doing so one must get educated to understand Forex more and its complexities. There are lots of good resources out there to help. One of the best I have come across is makemoneycurrencytrading dot co dot uk as they run free webinars and training.
    Last edited by tahopable; 07-31-2010 at 10:10 PM.

  5. #5
    ChelseaFX is offline Junior Member
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    When I chosen my broker I made an analyse comparing them. For me, the most important thing was: to have a user-friendly platform, a good promotion, and good spreads... in the end to be trustable. The company that I chosen actually is named Traders Trust, and I’m really happy with it. However the reason why I really decided to open an account with them was their SmartForex platform, I’m really a fan of completely customizable software.

    Like an advice, make demo accounts, browse web pages, and you will decide in the end... Good look!

  6. #6
    GTOptions is offline Banned
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    Choosing a broker is always an important decisions to be taken at the beginning or at any point of your trading. Don't take the decision lightly but don't stress over it, the process is not complicated as you do your homework things tend to fall at your place.

  7. #7
    tradergirl816 is offline Member
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    I agree with the above posts. With the tons of brokers present in the forex field, as a newbie, you will never know who to entrust your funds to. I believe the integrity of your broker is a major part of your success in this field. In my experience, I admit that I needed a load of support and enlightenment and my broker was there to support me all the way. Besides having focus, attitude, courage to face losses (Ugh!!), I look at trading as a very exciting area and I am willing to gamble as long as I have a very credible partner – my broker! :-D

  8. #8
    F0r3x000 is offline Junior Member
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    The main points to verify are: spreads, commissions, execution speed, requotes and broker reputation.

  9. #9
    MdJamalMolla is offline Banned
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    Choosing a Best Online Forex broker is the most difficult job for a trader. If you cannot choose the right one for you, you will never be able to win in trading.

  10. #10
    dine is offline Member
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    Choosing a broker is a tough one indeed because there are so many of the . Actually it was difficult for me but i decided to consider the reputation because a believe a good reputation means the broker is delivery good service.

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