With the popularity of currency trading increasing, the number of brokers is growing at a rapid rate. Choosing a Forex broker can be quite a challenge. Here are a few tips when you start your search for a Forex broker.
Spread - the spread between the two currency pairs you are trading can be different with each broker because currency is not traded through a central exchange. Forex brokers earn a commission on the spread between the currency pairs. A fixed spread will always be the same not matter what time of day or night it is. A variable spread might appear nice and small when the market is quiet and then widen when the market becomes active. The greater the spread, the more the market will need to move in your favor before you make a profit.
Execution - Some Forex brokers will show live prices on their trading platform, but will they honor them when it comes to pushing the Buy or Sell button? The best way to find out is to open a demo account and give the broker a test drive. This will also give you the opportunity to see how fast the order is executed. When you want to Buy or Sell, you want to do it right now and not have to wait for ten or fifteen minutes for your order to be confirmed.
Trading Platform - Good Forex trading software will offer Limit and Stop orders and will let you attach these to your entry order. There are several other orders that will help you with your Forex trading but the most important feature of the trading platform should be that it is easy to understand. Having a lot of bells and whistles is not going to do you any good if the trading platform is difficult to understand and use. Open a demo account and use the platform before you open a live trading account.
Support - Pick a Forex broker that allows you to open and close trades a variety of ways, such as your computer, by phone, with your blackberry, email, etc. Your broker should provide excellent technical and customer support. Good Forex brokers are now providing live classes and webinars. They should also have a library of archived online classes and tutorials that you can view when it is convenient for you.
Before opening a live account with any Forex broker, do a little research and find out about the company. Forex brokers are regulated. When choosing a Forex broker, always open a demo account and make sure you are happy with the way the trades are placed and the level of support you receive before you send them money and open a live account.
Here are two brocker with low deposit from $ 1. Suitable for your novice FX:
Spread - the spread between the two currency pairs you are trading can be different with each broker because currency is not traded through a central exchange. Forex brokers earn a commission on the spread between the currency pairs. A fixed spread will always be the same not matter what time of day or night it is. A variable spread might appear nice and small when the market is quiet and then widen when the market becomes active. The greater the spread, the more the market will need to move in your favor before you make a profit.
Execution - Some Forex brokers will show live prices on their trading platform, but will they honor them when it comes to pushing the Buy or Sell button? The best way to find out is to open a demo account and give the broker a test drive. This will also give you the opportunity to see how fast the order is executed. When you want to Buy or Sell, you want to do it right now and not have to wait for ten or fifteen minutes for your order to be confirmed.
Trading Platform - Good Forex trading software will offer Limit and Stop orders and will let you attach these to your entry order. There are several other orders that will help you with your Forex trading but the most important feature of the trading platform should be that it is easy to understand. Having a lot of bells and whistles is not going to do you any good if the trading platform is difficult to understand and use. Open a demo account and use the platform before you open a live trading account.
Support - Pick a Forex broker that allows you to open and close trades a variety of ways, such as your computer, by phone, with your blackberry, email, etc. Your broker should provide excellent technical and customer support. Good Forex brokers are now providing live classes and webinars. They should also have a library of archived online classes and tutorials that you can view when it is convenient for you.
Before opening a live account with any Forex broker, do a little research and find out about the company. Forex brokers are regulated. When choosing a Forex broker, always open a demo account and make sure you are happy with the way the trades are placed and the level of support you receive before you send them money and open a live account.
Here are two brocker with low deposit from $ 1. Suitable for your novice FX:
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
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