subject: How Do You Choose A Forex Trading Broker [print this page] Before you can plunge into the exciting world of forex trading, you must locate a forex trading broker. Faced with seemingly countless choices, there are ways you can eliminate some and elevate some to the top of the list. Keeping in mind that a forex trading broker will be a firm that keeps a cash account from which they will execute your purchases and sales, they must be trustworthy. What are the criteria?
It is up to you to research each and every prospective broker. Follow these three caveats to help you decide.
First, you must be sure that the broker is fully licensed. If the forex broker you are using is based in the U.S., then they need to be registered as a Futures Commission Merchant for the Commodity Futures Trading Commission; plus, they need to be a member of National Futures Association.
Second, the level of support they will offer to you is of the utmost importance. While you may be savvy and at ease in a high-tech world, by nature of the beast things beyond our control happen with great frequency and with the quickness of a speeding bullet. You will want Superman on your side in the form of tech support. Make sure it is 24/7, that they will converse in your language, and that they are reasonably adept at what they do.
Thirdly, is the level of service you will be signing on for a robust one? Will they trade in the currencies you are willing to (AUD, CAD, CHF, EUR, GBP, JPY AND USD)? Will their hours of operation be expansive enough to allow you full access to all of the exchanges youll be trading in?
These three considerations should help you locate a forex broker that meets your needs with a modicum of discomfort. Reviewing each point for each broker is a necessity.
