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Forex Broker Guide
Introduction
The following is a list of questions you may like to ask yourself, your broker and other traders about a particular firm you have in mind. You can use this checklist to narrow down your selection of forex companies to fit your requirements. You might also like to read the forex broker ratings page on this site http://www.goforex.net/forex-broker-ratings.htm to see how other traders are rating and reviewing other brokers.
The following links will also give you some background information on U.S. FCMs (Futures Commission Merchants).
* Selected Financial Data for FCMs http://www.cftc.gov/marketreports/financialdataforfcms/
* NFA Background Affiliation Status http://www.nfa.futures.org/basicnet/
1. Word of Mouth
* What do other traders say about the broker?
* What is their customer service/dealing desk like?
2. Safety of Funds
* Is the broker regulated?
* What regulatory organisation are they registered with and what protections does this afford you?
* Are client funds insured against fraud at the firm?
* Are client funds insured against bankruptcy of the firm?
3. Execution
* What business model do they operate? i.e. Market Maker, ECN or NDD?
* How fast is their order execution?
* Are orders manually or automatically executed?
* What is the maximum trade size before you are put on manual execution?
* Are all clients trades offset?
4. Spread
* How tight is the spread?
* Is it fixed or variable?
* Is it larger for mini accounts?
5. Slippage
* How much slippage can be expected in normal and fast moving markets?
6. Margin
* What is the margin requirement? e.g. 0.25% (max 400:1 leverage), 0.5% (max 200:1 leverage), 1% (max 100:1 leverage), 2% (max 50:1 leverage), etc.
* Does it change for different currency pairs or days of the week?
* Is it the same for standard and mini accounts?
7. Commissions
* Do they charge commissions? (Most market makers commissions are built into the spread, whereas ECN's charge a small fee)
8. Rollover Policy
* Is there a minimum margin requirement in order to earn rollover interest?
* What other requirements or conditions are there for earning rollover interest?
9. Trading Platform
* How reliable is it during fast moving markets and news announcements?
* How many different currency pairs can you trade?
* Do they offer an Application Programming Interface (API) for automated trading systems?
* Does it offer any other special features? (e.g. One click dealing, trading from the chart, trailing stops, mobile trading etc.)
10. Trading Account
* What is the minimum account opening balance?
* What is the minimum trade size?
* Can you adjust the standard lot size traded?
* Can you earn interest on unused equity in your account?
Some Quick Forex Information
currency exchange rate
A Forex broker is a broker dealing in foreign exchange, just like real estate broker who deals in real estate and properties. Simply, a Forex broker is an advisor who advises you about the forex market. However, the Forex market is not the perfect place to play with as a novice and beginner as there are many criticalities involved along with much risk bearing capacities. Novices can very quickly get their fingers badly burnt. But inexperience is not the only reason to consider using a Forex broker to trade in the high-risk international currencies market.
forex exchange
The CFTC has witnessed increasing numbers, and a growing complexity, of financial investment opportunities in recent years, including a sharp rise in foreign currency (forex) trading scams.
forex trading software
Will the forex trading training program that you're considering be able to provide you with more advanced education when you're ready? You may as well choose a training program that will grow with you. Once you become accustomed to using a given learning system, it muddies up the learning process to have to familiarize yourself with an entire new system.
Check out the first commercially available Stock Trading Robot Which Earns $346.77 Per Week
Some Forex made Easy Stories
5 foreign stocks we love
Wed, 09 Apr 2008 12:29:17 EDT
Concerned about your domestic investments in today's troubled economy? Consider these international companies, which can be easily purchased right here in the U.S.
What Is Forex
Forex training
Forex Software
Forex Trading strategies | Forex Day Trading
posted by Forex Guru @ 2:23 PM
8 Comments:
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Do you want to become an affluent person?
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Hello !.
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AimTrust is what you need
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with offices around the world.
Do you want to become a happy investor?
That`s your choice That`s what you wish in the long run!
I feel good, I started to get real money with the help of this company,
and I invite you to do the same. If it gets down to select a correct partner who uses your savings in a right way - that`s it!.
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There is no need to invest much at first. You may commense earning with as small sum of money as 20-100 dollars.
AimTrust is what you thought of all the time
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with structures around the world.
Do you want to become an affluent person?
That`s your chance That`s what you desire!
I`m happy and lucky, I started to take up income with the help of this company,
and I invite you to do the same. If it gets down to select a correct partner utilizes your savings in a right way - that`s it!.
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Hello!
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