HOW TO CHOOSE THE RIGHT FOREX BROKER

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• HOW TO CHOOSE THE RIGHT FOREX BROKER

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• The traded value in the foreign exchange
  market in no more than 3 trillion dollars. It
  makes it the largest financial markets in the
  world. Forex market doesn't have any central
  marketplace, so the traders must need to get a
  forex broker to help them conduct their trading
  activity. There are a large number of forex
  brokers, but to choose the right one you need to
  refer a number of magazine and internet
  advertisements. Here are a few tips that will
  help you out to find the right forex broker.

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Regulatory Compliance

• In the U.S., a reputable forex broker will be a
  member of the National Futures Association (NFA)
  and will be registered with the U. S. Commodity
  Futures Trading Commission (CFTC) as a Futures
  Commission Merchant and Retail Foreign Exchange
  Dealer. The NFA is an industry-wide,
  self-regulatory organization for the futures
  industry in the United States.

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Leverage and Margin

• Forex participants have access to a variety
  of leverage amounts depending on the broker, such
  as 501 or 2001. Leverage is a loan extended to
  margin account holders by their brokers. 

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Commissions and Spreads

• A broker makes money through commissions and
  spreads. A broker that uses commissions may
  charge a specified percentage of the spread, the
  difference between the bid and ask price of the
  forex pair. However, many brokers advertise that
  they charge no commissions, and instead make
  their money with wider spreads.

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Customer Service

• Forex trading occurs 24 hours a day, so a
  broker's customer support should be available at
  any time. Another consideration is the ease with
  which one can speak with a live person, rather
  than a time consuming, and often frustrating,
  auto attendant.

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Trading Platform

• The trading platform is the investor's portal to
  the markets. As such, traders should make sure
  the platform and any software is easy to use,
  visually pleasing, has a variety of technical
  and/or fundamental analysis tools, and that
  trades can be entered and exited with ease.

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