Learning The “Secrets” of Trading

5 Tips When Choosing Your Forex Broker These days, the list of FOREX brokers is overwhelming and staggering. Not only that, there are a lot of brokers you can find online as well, which made the selection more difficult. Well on that case, if you are interested in FOREX and want to hire a good broker to guide you, here are some things that you should be aware of. Number 1. Regulation – seeing and checking if the broker is regulated by a financial service organization or office is the first thing that you should do. Brokers are often required to show their license number in public on their website and have it available if their client asked it at the same time. Say for example that you have requested the registration number of your broker and refused, then this must raised a red flag immediately. Another method is to check the website of the regulatory body that the broker is working and inquire or perhaps search for that broker. Researching for the reliability and requirements of regulation will be a good idea because there are different regulatory bodies that implement different rules for their brokers.
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Number 2. Reviews – another known method is trying to find out what others say about the FOREX broker as well as their personal experience working with them. You can do this easily by just visiting forum websites, through word of mouths or via independent broker review pages.
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Number 3. Type of broker – it is essential for you to know the type of broker you’ll be working with whether he/she is a non-dealing desk broker or a dealing desk broker. You have to finalize on what type is best for your trading strategy as a trader. The difference between each type of broker is when you choose a non-dealing broker, they will send clients trades right to their liquidity providers while dealing desk brokers create internal market as well as trades against clients. Number 4. Liquidity provider list – say that you’ve traded with non-dealing desk broker, then it will be smart for you to check their LP or Liquidity Providers. Simply put, LPs are the financial institutions that process your trades. Never underestimate this as it creates an impact on the prices you pay on opening trades. Number 5. Services – services the FOREX broker is offering is yet another important factor that should be taken into account. There are actually traders who can’t trade without their FX trading tools which it’s essential to know that not all brokers offer the same service.