How can I coose broker to trade forex online?
Wednesday, July 8th, 2009 at
1:46 pm
Please tell me the details how to choose a broker to trade fx online. I don’t have idea how to do so. I have got Liberty Reserve Account for this purpose with balance of 200 USD. I would be thankful for any help from you guys having valuable experience.
Filed under: FX Online Trading
Like this post? Subscribe to my RSS feed and get loads more!
When choosing a forex broker you need to find reliability and security as well as competitive pricing. The main factors you want to take into account is the leverage offered and the spreads on the forex pairs.
I have been trading forex for years and found a few brokers to be very reliable while most forex brokers are not trustworthy. You can find a list of the best brokers at http://www.forexlane.com/brokers.html
FXCM…. Great company….
there are lots of forex brokers online, each will have its own features in attracting traders. i would recommend, however, you check your options in this source. being a newbie, you need their personalised service via a personal Account Service manager or ASM as your mentor and consultant to walk you through all the aspects of forex trading. discussions with your ASM can be done live, via phone, email, chart or even personal meeting if available in your area. other than that, they have lots of learning materials and innovative tools exclusively offered only for use by their registered traders. all the best.
Hi,
you can google around for fx broker, what I would check if the company background if they are financially sound, as well as checking their execution speed and spread.
As fx is a quite fast moving market as specially around the news annoucement time, the execution speed is important, and also check the spread (the commission that you pay to the broker, althrough they always advertised it’s commissiong free, that’s not true they make their commission from the spread).
I would also check their pricing since some big broker can move the price during the quite time, you can compare their quote with the cme micro fx to see which one give the closes price quote with the future. and compare it with other fx broker as well since they can manipulate the price quote as well.
I would suggest if you decide to trade, trade around europe trading time as well as u.s. opening trading time, since that’s where the big volume is traded hence it’s harder for the broker to manipulate the price.
By the sound of it and I can be wrong, you are new to fx, I would suggest that you learn how to trade fx and paper trade it 1st before opening live trading account with the broker. most broker allow you to open simulated trading account, open a few simulated trading account with different broker and get a fell of the execution platform as well and you can work out which one has the best execution trading platform as well.
I hope it helps.
Regards
- Max -
Hi
I would guess with on $200 you are not going to be trading fx for very long. Obviouisly there is nothing stopping you "converting" your $ into another currency and holding until you want to revert back to $s. However, some fx brokers might not be very good for that. Some will be better. I know interactive brokers have two methods for forex. One for trading and one for conversion.
Heres a list of fx brokers you might want to check out.
http://www.greattradingsystems.com/brokers/
and maybe have a look at some articles on choosing a broker
http://www.greattradingsystems.com/category/forex/
fxcm.com