Getting Down To Basics with Markets
How To Find A Dependable Forex Broker When looking at the list of FOREX brokers today, you’ll surely feel overwhelmed in it. Apart from that, there are numerous brokers that you can also find online which easily made the selection a lot harder. On this case, if you want to hire a reliable and experienced broker to guide you in FOREX trading, following are few of the things that you must know. 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. It should raise a red flag automatically in the event that you requested your prospective broker the registration number and refused. 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 – finding out what others say about the FOREX broker as well as their personal experience working with them is another great method to try. 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 – knowing the type of broker you will be working with is essential like if he/she is a non-dealing desk broker or a dealing desk broker. As a trader, you must finalize on what type is right for your trading strategy. 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 – it will be wise to consider the LP or Liquidity Providers if you trade with non-dealing desk broker. Basically, these are the financial institutions processing 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 some traders who can’t live without FX trading tools but not all brokers offer the same service and with this in mind, you must consider the tools that your strategy will need and if the policy of your broker allows that strategy.