Archive for the ‘Forex Brokers’ Category
Meet Windsor Brokers at The 6th Middle East Forex Expo & Conference
Windsor Brokers Ltd, a European regulated Financial Broker, was one of the first companies to confirm participation in the 6 th ME Forex Expo & Conference 2010 at the Habtoor Grand Hotel Beirut Lebanon that will be taking place on the 20 th and the 21 st May 2010.
Read more on Zawya
FOREX-Euro, Aussie dollar rally on intervention talk
* Euro broadly higher, short squeeze continues
Read more on Reuters via Yahoo! Singapore News
GTL, AM Financials to participate at 6th ME Forex Expo in Beirut
GTL, AM Financials to participate at 6th ME Forex Expo in Beirut
Read more on MENAFN
Tags: Forex Broker Rating – FX Broker Reviews and Ratings
Are you simply fed up with browsing the internet for finding out the right forex broker? Then what you need is some authentic forex broker rating. Your Forex trading depends on the brokers, as they help you to succeed in the market. Forex brokers are individuals or agencies who help you to gain from the market and to cover the risk of your investment. The brokers help you in managing your accounts, in executing your orders, or to inform you of market trends. So the forex broker rating is what you need before zeroing on the right broker you are looking for. Forex Broker Rating
You will find a number of websites suggesting forex broker rating. There are some criteria, which you must consider to find out a good, dependable broker. Few basic parameters will be to know what is the minimum amount the broker is asking for to open up an account, will there any commission charged, or the facility to operate a mini account etc.
The first thing you need is to identify your personal selection criteria for your forex broker rating. Your forex broker rating criteria must make it sure to confirm that they are registered under the regulatory agencies like Commodity Futures Trading Commission (CFTC) and they have membership in NFA. These agencies are instituted to save investors from the impostors and to stop abusive trade practices, manipulation etc. Forex Broker Rating
Another important factor for rating the forex brokers will be to judge their reputations. If the broker is from an agency you can be more assured, as the broker will be regulated by the agency itself. Your forex broker rating should be formed by evaluating the type of account you want to open, the demo-accounts they offer or the kind of trade platform they have.
Some forex brokers may offer you to open an account with various currencies like yen, dollar, pound, etc. If you have decided to trade in a particular currency, you must be aware of the exchange rates. Forex broker rating should consider the brokerage or the commission asked for. Very few brokers in forex ask for direct commission, and therefore, you should find out what special they are offering in exchange of this commission. Try to find out if the broker is having any signal services, which may influence your forex broker rating greatly.
Leverage is another factor that helps you to succeed in forex trading. So, while rating the forex brokers you have to consider on the fact the amount of leverage they are offering. But one thing you must remember that as you increase your leverage, your risk also increases. In forex broker rating you can look for whether the broker may offer you some customized service either free of cost or with some small subscriptions. Judge the brokers very carefully based on the forex broker rating as the selection can make or break your trading. Forex Broker Rating
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What questions do you need to ask? Well, for you to be able to trade the Forex market, you first need to select a Forex broker in order to action your trades. This is done automatically, sometimes with only a few clicks of the mouse, which is why it’s important to choose the right Forex broker.
Forex is still a relatively new market and as a result there are many Forex brokers available, each with different levels of service tools and resources. So bearing that in mind what’s the next step? Well, it’s good to sit down and work through the questions below, so you know what to expect. OK – here goes:
- Do you want an automated system to help your trading decisions? Sometimes good but can also confuse. Decide how you want to trade – you can always try this out to see what you think. But bear in mind no strategy can be 100% accurate every time.
- Do you want the facility to be able to download your Forex broker’s software on to your own PC? This will restrict you to trading from this PC only.
- Do you want the tightest spreads possible? Is this the most important area for you and your trading? Having access to tight spreads means you hand over less of your money to the Forex broker in transaction fees. However, it’s worth looking at the overall package on offer.
- Which currencies do you want to trade? Many brokers will have dozens to choose from but some restrict their selection to the major eight pairs. There’s plenty of choice with the major pairs though so this shouldn’t concern you too much.
- How much money do you have to open an account with?
- Will you want to pay extra for a guaranteed stop loss? All accounts come with a stop loss but for an additional pip or two you can guarantee your stop loss price to cover any big volatile times during the trading day. Most don’t offer this facility but some do, so it’s worth asking the question, even if it’s only for future reference.
- What type of Forex trading do you want to use? Accounts like Spread Betting are restricted in countries like the US. Check the availability of the type of account you want to open.
- Do you have good access to the Forex broker’s trading floor and help desk?
- What about help and advice, trading tools, strategies, forums and chat lines direct to those who can help?
- Leverage. How much leverage does your selected Forex broker allow on your account? This is important to your risk management as a Forex trader.
The above points are all very important but I would stress that practising on a Forex broker demo account before trading your live account with your hard earned money is essential. There are three main reasons for doing this which are detailed below.
Firstly, signing up to a Forex broker demo account comes with no obligation – so if you don’t like the platform, you can cancel your account and move on to your second choice.
Secondly, you can get to know the platform before trading your live account and develop your trading strategy utilising the Forex broker’s trading tools.
Thirdly, with most Forex brokers you can continue to use your demo account, even after opening a live account, so you can go back to it to try out new strategies.
Look for the features you want in a trading platform and from a Forex broker. Make a list of criteria as detailed above and make some calls or better still, if you can go and visit their offices, then that will help even more.
If you are satisfied with the facilities, tools, trading platform, currency pairs traded, pip spread on the price you buy and sell at and demo account, then you should consider trading with this preferred Forex broker.
You discovered the wonderful new world of Forex trading and now you want to make money from your new discovery. You have heard countless stories about people hitting it big and becoming rich with this new vehicle to invest your money in. There is only one problem though. You have no idea where to start.
For novice investors like you and me, it would be best to get somebody else to make the trading decisions for us for now. Of course, you would have to sign off on any trade but the guiding hand of experts to help you learn the business faster couldn’t hurt, right?
One of the most economically sound ways to get a Forex expert is to get a broker that makes use of Forex robots or Metatrader EAs. These Metatrader Forex Brokers lend you expert advice through pre-programmed automated Forex trading accounts.
Your Forex trading can be that easy. With a click of a button, you can manage forex accounts that you would normally not have any idea about. It is that easy, right? Well, not quite. Before you start counting your money, you would have to choosing a Metatrader Forex Broker that delivers on their promises of making you rich.
How many could there be out there, one, two, or three dozen? How about hundreds? Managed Forex brokers that claim to be expert metatrader brokers but in truth are just operations ran by questionable people who are merely out there to get your money.
So, how can we keep ourselves safe and choose the right Metatrader Forex Borker out there. One of the first things you could do is to inform yourselves in the business of Forex trading. Although, Metatrader robots are good tools to develop strategies for Forex trading systems it would be foolish to rely on them primarily. Instead, it would be best to use them to confirm your existing strategies.
When choosing a Metatrader Forex Boker, having an understanding of how Forex works helps you determine which ones actually know what they are doing. Use this knowledge to help you find the system that works within the fundamentals Forex trading and inspect it to make sure it is behaving the way it should be.
Another aspect of choosing forex metatrader Broker is the amount of security that they provide. MostForex trading method are accomplished through the web, therefore, a broker must have the necessary protection for their would-be clients. One of the most important safeguard should be SSL certificates to keep your information safe from hackers and identity thieves.
A brokers affiliation tells you a lot about the broker itself, which is why it is important to look at a broker’s affiliation. Brokers association and Public interest groups have requirements that need to be followed in order to maintain membership. Legitimate Metatrader Forex Brokers usually have more than one affiliation to make sure that they are complying to all the rules and regulations governing Forex trading.
Lastly, perhaps one of the most important factors to consider when choosing Metatrader Forex Brokers is their ability to make you money. Start of with a dummy account and see the result of their trades. Did they make sound trades with a high rate of return despite a relatively conservative risk approach? After going through dummy trades, start with small trades to see if the software responds the same way it does on the dummy accounts. When all is well, you can start working with real money and see how it works.
These are just some of the ways an investor can use to choose a Metatrader Forex Broker for his or her business. When you start your Forex adventure with due diligence, the results will continue to be very promising.
Forex trading is something very alluring. If you want to be make loads of money in this trading then you need a Forex trader. You are new to the world of forex trading. It is not possible to know all the facts and details of it on day one. There are great risks involved. Be sensible and choose a Forex broker who can guide you. But even if you are sensible, you might fail to choose to fail the right broker. It’s not your fault. After al, they don’t roam around with a “good broker” tag on them.
Select a good Forex broker after you check some typical points.
The institution:
You will not just ask any broker to help you. Reputation matters a lot. If you see that a particular broker is in demand you will know that he is good. People can’t be running to him just like that. Generally Forex brokers who are attached to some good banking institutions are talented. If the lending institution is not up to the mark then its better you concentrate on another broker’s credibility.
FCM:
FCM is the Future Commission Market. If the broker is not registered under FCM then he won’t be of much help to you. FCM is concerned with future delivery through contract markets.
Watch the demo:
Yes, what are the demos for if you don’t watch them? Watch 7-8 demos of these Forex brokers to know what you are going for. You will be able to differentiate the good from the rest. There are many so called brokers who are there only to gobble up your money. Find out about the brokers. Before hiring anyone, make sure you know everything about him.
Trading Packages:
This is something that most of the Forex brokers have to provide to their customers. If they don’t, then ask for it. You have the right to do so. These trading packages consist of detailed analysis of technical aspects, charts, news and many other things. You will get to learn a lot of things from these packages (more aptly called platforms!). The trading process will become clear to you once you go through this study material.
Accounts:
This is an important parameter by which you can judge your broker. Forex trade brokers carry different types of accounts. Generally there are three kinds of accounts namely mini, standard and premium. There is no need to say that a broker with a premium account can be trusted with the least doubts.
Don’t hurry. Choose your forex broker with care and time. A clever way of finding out the best forex trader is by asking loads of questions to various brokers and evaluating their answers. You will get the man you are looking for. Experience matters a lot. You will reap more benefits from an experienced broker than a budding broker. Be relaxed and happy with your broker once you have chosen him.
Forex trading is excellent. Just have the right trick up on your sleeve. There is no need to worry if you have hired the perfect broker.
Great Forex Broker the 6 steps
Selecting the best Forex Broker is an important as a winning trade. A bad broker will cost you a fortune.
This is a must read article
If you are just starting to test the bodies of water of foreign exchange trading or what we advert to as Forex, you will finally have to build a relationship with a Forex broker.
1. Account types – The total of capital you are willing to invest will dictate what type of account you will open with a brokerage. Typically, virtually brokerage firms will offer a “mini” and a “standard” account. As the term involves, a mini account can be opened for as little as $200. This is suitable for the beginner looking to gain experience in trading. However there are cases when trading options such as leveraging can be limited in a mini account. A standard account, on the other hand, offers more options over the mini account but the minimum deposit is also much greater (around $1,000.00).
2. Platform – The platform is basically the program that you will use to get such information like live quotes, graphs and charts, your exposure, your profit and loss, the margin required, every your open positions with their current profit and loss status and further useful data. A good brokerage will very likely be using sophisticated technology in their platforms so be sure to find out if it is user-friendly at Every. every the buying and selling should be easily done in as little as one click. Many platforms also gives you access to daily analyses in Forex, news reports and Forex signals including support and resistance levels.
3. Leverage – Leveraged financing is a feature common in Forex trading. It basically means you can use credit in order to maximize your returns. In simpler terms, what you do is you “borrow” your broker’s funds temporarily to make larger trades and if all goes well, will produce larger profits. An opportunity So is created to control a $400,000 transaction for as little as a $1,000 actual investment. In this example, the leverage level is x400. An investor should be aware though that if the market turns sour, there is a risk of losing a substantial sum of money, depending on the amount of leverage taken. So it is a serious idea to learn more about leveraging before exposing your investment in the open market.
4. Spread – Stock brokers make their money in commissioning, Forex brokers make theirs done the spread. A spread is the difference between buy and sell–the price at which a currency can be bought and the price at which they can be sold at any given time. To the investor, a smaller spread logically means that there is a higher profit potential. There are 2 types of spread–fixed and various. Fixed spreads remain the same throughout the day. various spreads change according to market conditions. A active market must react considerably in your favor before you can turn a profit. Spread also alters from account types. A mini account typically charges a higher spread than a standard account. A potential trader should So know the spread of Every broker before settling at a decision to sign up.
5. Technical support – Obviously, support should be considered such as when the software becomes faulty or when questions arise regarding certain transactions. Quick acting support reflects positively on a broker and you can even try this by contacting them with pre-sale questions.
6. Demo account – Before putting any weight on any of the items mentioned above, a beginner should always look for a broker that offers a demo or trial account. Not Every brokers offer demo accounts. A demo account will allow you to trade in “play” money so that any losses you incur do not count against your investment. Needless to say, you do not make any money either if you turn a profit in your demo account.
It is there only to get a beginner acclimated to the different Forex conditions. While this may be Many of the almost important points to consider when looking for a Forex broker, there are Many “little things” that may crop up while doing your search such as unique promotions or great offers. However there is enough data in the foregoing to provide you with a basis for judging whether Many offers are above board or not.
There is nothing to stop you from signing up with different brokers and to take advantage of whatever great offers they may have on the table. Exercising Many due diligence at the start will prevent a lot of heartache later on. A good Forex broker should be able to serve you become more successful in your trading. Make sure you use a Great Forex Broker and make your Forex trading a profitable one.
Now CFD FX Report has recently taken a researched all the Forex Brokers and CFD Brokers in the market and they have selected the Best Forex Brokers and CFD Brokers in the market. So we have helped thousands of traders take the guesswork out of choosing the best broker. To find out more feel free to visit our website CFD FX REPORT or email us: support@cfdfxreport.com
Choosing a forex broker is a difficult process. There are literally thousands of companies competing for your money – tantalizing you with seductive ads, hoping you will trust them enough to deposit your money with them. It gets exhausting trying to decipher the hype from the facts, and the real brokers from the scam artists.
There are 5 essential factors to consider before deciding on a forex broker:
• Credibility
• Low Spreads
• Platform
• Leverage
• Word of Mouth
Credibility. Like most people, I have a 9 to 5 job that pays the bills. I work hard for my money, so I am very careful of whom I trust my money with. I won’t trust my money with a stranger, nor would I trust my money with a forex broker that I’ve never heard of.
When I choose my forex broker, I’m looking for big names. I’m looking for brokers with a long history and sustainability. I want a broker that I know won’t be bankrupt tomorrow or the day after. I will rather pay a premium to trade with a reputable company than risk the chance that I may lose my entire bankroll with an unknown broker.
Remember, forex is highly unregulated, and scammers do exist. Beware of them, and take a look at the CFTC’s advisory http://www.cftc.gov/opa/enf98/opaforexa15.htm. Your forex broker should definitely be registered with the Futures Commission Merchant (FCM) and the Commodity Futures Trading Commission (CFTC). It’s your money! Do your research and due diligence before signing up.
Low Spreads. Unlike your discount stock broker who charges you a fixed dollar amount per trade, forex brokers make their money from the spread. This is also where the unsuspecting forex trader can go broke.
The spread is the difference between the BUY and SELL price, and is measured in pips. For example, if the EUR/USD pair is 1.2810/1.2813, there is a 3 pip spread. When you buy the currency, you will buy it at the asking price of 1.2813. If you were to sell it at that precise moment, you will lose 3 pips (around 30 dollars in a regular lot) because the market is only willing to buy it at the bid price of 1.2810. This means that the currency pair must gain 3 pips for you to break even.
This is why a lower spread is desirable since you will need less movement of the currency before you start profiting. The typical spread ranges from 3 pips to 6 pips.
Platform. The platform is the software that your broker uses and you should be comfortable with the software since this is what you will be using to make trades. Most brokers have their proprietary software, and most offers advanced charting features, real-time quotes, and fast execution.
There are two types of platforms: web based, and client based. Web based platform like Easy-Forex are convenient since you can use it without ever having to download or install the software. The best part is you don’t have to be on your own computer to make a trade. You can trade while vacationing in the South of France sipping on a rum and coke.
Client based software will require you to install the software on your computer, but is generally slightly faster once everything is up and running. Installation is usually pretty straight forward, and the broker’s customer service will be more than happy to help you if you run into any trouble installing it.
Leverage. Everybody loves leverage. Leverage gives us control to more money than we can reasonably expect to accumulate on our own. It probably gives us control to more money than we should have access to. With 1:100 leverage, you can trade 100,000 dollars worth of currency with just 1000 dollars. Now that’s impressive.
However, leverage is a double edged sword. It is powerful if you know how to use it properly, but can easily destroy you if it is misused. Remember what Aunt May said to Peter Parker, “With great power comes great responsibility”. Make sure you use leverage responsibly.
Know what your broker offers in terms of leverage. Typical leverages are 1:25, 1:50, 1:100, 1:250, and 1:400. Usually it is nice to have the option to use high leverage, as long as you know what you are doing.
Word of Mouth. This is the most important factor of all. When it all comes down to it, it doesn’t matter whether one broker has a slightly better spread than another, or they use cutting edge charting software as their platform. You will trust a recommendation of your friend over any stats you have researched.
Ask around, and you will soon discover that most people have similar experiences with each broker. This is the most reliable source of information you will ever have when deciding on which broker to use. This is where you find out if there is a difference between the spread posted on the website, and the spread that actually occurs. Also, you will discover the execution times, true level of customer service, and any suspicious activities that they’ve encountered.
If you know someone who trades currency, you are way ahead of the game. If not, don’t sweat it. There are lots of non biased, friendly forums on the net to answer your concerns.
Last bit of advice…
How do you decide on which car to buy? Would you ever buy one without first test driving it to test your needs? Probably not. So don’t dive head first into the first broker you see. Try out at least 3 brokers by opening up free demo accounts and then decide. What do you have to lose?
In conclusion, I strongly urge you to be careful and carry out your due diligence when selecting a forex broker. If you follow this guide to selecting a good forex broker, you will have taken your first steps towards a successful trading career! Visit www.forex-savvy.com for more articles to help you become a successful forex trader.
Alert Forex Traders! You are being CHEATED By Your Broker!
There are so many people who have suffered from their brokers, Guess that is why we Forex traders have to be very careful when trading. But itâs not always easy to watch every single aspect of our trading manually. That is why the Broker Nightmare was created: to help us in automatically watching our broker for us so they donât do anything fishy behind our backs!
It is so common to see a situation where your demo account work perfectly, only to loose miserable during live trades. What do you think maybe causing this? Donât blame your Forex robot. Your Forex Broker maybe badly cheating you! And that is exactly why this new revolutionary tool was created. Forex Broker is a very handy little software to help you watch your broker.
You will discover a stunning illusion that will protect your profits and legally beat the brokers at their own game and finally level the playing field!
Itâs but normal to say: your profits are yours and only yours!!! Not some brokerâs
As you probably know by now, many brokers profit when you lose. Broker nightmare is here to change this rule and give you the trader a fighting chance. With broker nightmare your broker will never know about your real limits. With broker nightmare your broker will never have and advantage over you. Broker nightmare protects your trading strategy from the eyes of your greedy broker.
Itâs not your fault that you have a good trading strategy. You should be able to make money with it and all the profits should be yours! I feel that broker nightmare is a must have tool for any Forex trader who is really serious about making money in the Forex markets!
Some Few Questions and Answers about Broker Nightmare
There are so many questions I get asked concerning the broker nightmare tool. Itâs a new tool, so people donât yet know much about it. Well here are some few answers for you.
Q-1: Iâm a Beginner. Can beginners use Broker Nightmare to protect their profits too?
Answer: Yes and Yes. This tool will be beneficial to you, be you newbie or veteran Forex traders. As youâve already seen, itâs very easy to use but very powerful and active in protecting your trading account.
Q-2: I am a bit confused here, which type of traders needs the Broker Nightmare tool to trade with?
Answer: There are several types of traders that need the Broker Nightmare: Traders who trade manually; traders who use automated trading robots; traders who use a signal service provider; account managers and fund traders (both manual and automated trading).
Q-3: Is there any monthly fee or any periodical fee at all to be paid if I want to use Broker Nightmare?
Answer: No! You only pay a one-time fee, and never have to pay a dime anymore; this valuable tool is yours to keep.
Q-4: Is Broker Nightmare illegal to use?
Answer: No! It is perfectly legal. Your trading strategy is your property. The data you provide to your broker is voluntary and now you can be sure it is not used against you.
Q-5: Is Broker Nightmare compatible with my current Forex software?
Answer: Broker Nightmare is compatible with the MetaTrader 4 trading platform.
Q-6: If I experience a power failure or accidental restart, how will the Nightmare behave?
Answer: The Nightmare will always remember the levels you set for your true profit and stop loss levels. You just need to open your MetaTrader, and Nightmare will instantly return to guarding your stops and profits.
Q-7: I donât know so much about computing. Will I be able to easily install Broker Nightmare?
Answer: It is the easiest tool to install and use, and you receive a complete, detailed step-by-step instruction manual. It is manual fool-proof so youâve nothing to worry about.
Q-8: Is Broker Nightmare Really Worth The Money?
The $67 which Vladimir & Marina charges for Broker Nightmare is certainly a very good deal, given that there are no other fees you will be paying once you have the product. Plus, itâs a good life time investment since the tool will always be there to work for you at all times, protecting all your Forex Incomes.
Conclusion
Broker Nightmare is certainly a must have tool. In a business as profitable and as risky as Forex trading, we canât give trust a chance to ruin our business. Broker Nightmare really works and has the potentials of protecting your hard earned Forex profits from being stolen. That is why I recommend it to anyone who trades Forex. Besides, you really donât have anything to loose just trying out Broker Nightmare, since it has a 60 days money back guarantee which is strongly backed by Clickbank!
Do You Want to Protect Your Profits From Being Stolen By Your Forex Broker? Click Here To Instantly Download The: Broker Nightmare Tool!
Forex or FX is a big world of currency trading. In fact, it can be defined as currency trading market where brokers and traders primarily transact with currencies that can be worth in trillions. This big market of currency trading has lots of fluctuations depending upon various social, political, economical factors of the particular country. As a result, it is very important for you as a trader perform research and plan strategy to purchase and trade the right currency and make profit. Unfortunately, these days many traders have a tendency to mislay their investment either due to lack of knowledge or strategy-less trading. Consequently, this is where a selection of right forex broker becomes very important. Forex broker can be the key person that may help guide and help you earn great profit from right deals.
Today there are a large number of forex brokers in the forex market and you won’t be surprise to see each of them pushing their services as the best and reliable in the entire market. However, with the increase in number of forex broker, it has turned out to be a daunting job to select between them and search for service that may be best suited to your needs. Here are few important tips that may help you in selecting a right broker-
Verify the Qualification of Broker- This is the first and most important thing to take care of while choosing a Forex broker. In fact, it is important for you to understand and know the qualification of the broker. A qualified Forex broker is mandatory to register with FCM (Futures Commission Merchant) and synchronized by CFTC (Commodity Futures Trading Commission). Make sure you never bargain for a broker who states to be good but has no affiliation with the trading commission mentioned above. Verify your Broker’s Capital Requirements- As a trader you must recognize that as per the National Futures Association (NFA) there is an obligation that brokers must hold a portion of their capital in reserve. In fact, brokers are required to hold a portion of their client’s capital in reserve as well. Now as a Forex trader, you must be aware of this requirement. This piece of information can be very helpful in extreme cases where a brokerage firm shuts down. If such situations ever arise know that they will have a portion of your capital in reserve, and will owe it to you. Check the Trading Platform Offered by the Broker- Just like stock brokers, forex brokers also provide a wide selection of different trading platforms. These trading platforms more often feature real-time charts and technical analysis tools. Now prior to committing to any broker, make sure to demand free trials from your online Forex broker to check trading platform. These days many brokers provide technical and financial notes to give their customers insight into the world of Forex. Find Out the Minimum Deposit Requirement to Open an Account- With different forex brokers, there is a least amount you are required to deposit into your account when you start doing business with them. Now, if the broker asks for a larger deposit than search for one that requires a lower minimum. There are options out there for every investor, no matter how much or how little they have to invest.
Apart from all these considerations, one big quality that you must look in for a good Forex trading broker is the temper. Have a preference to select a broker who is cool headed and gracious in his approach. Besides this, always try to be clear about all the charges. Do remember, cheaper isn’t constantly the finest. Thus, before going into business with a broker, ensure to inquire regarding all the possible hidden fees and try to know as much about them as you can. In addition to this, also ensure that your FX Broker has good customer service before you sign up with them.
Today Forex trading is very similar to other trading and can be risky. Though risk adds a certain degree of excitement, but the main key is to develop a relationship with a good broker. Certainly, a fine relationship, developed on proper communication and meticulous research into the broker can help in easing the risk, defend your investment and grow it further.
There are dozens of forex brokers to choose from, so it’s important to evaluate at least several before deciding on one. And count this as just one more forex-related project this going to require some research and homework on your part.
Now if you know that you’ll be trading with a forex robot, the first thing you need to is make sure the broker you’re already using or will use with your forex robot has a trading platform that can accommodate your particular forex robot. As a rule of thumb, most forex robots are compatible with all of the MetaTrader brokers, so you probably don’t need to worry about finding a forex broker that works with your forex robot, but just keep this little tidbit in the back of your mind.
Questions To Ask Your Prospective Forex Brokers
There are several questions you should ask the customer service teams at the forex brokers you’re considering giving your business. Of course, you should ask if their platform is easy to use and if you can run your forex robot on it. Next, ask the the broker if it is regulated and by what regulatory bodies. A very important question to ask your broker if it’s a dealing-desk broker or introductory broker. We’ll talk more about this in future articles.
Ask your broker how much leverage they give you and if they rollover interest on overnight trades. And of course inquire about any account sign-up bonuses and if the broker offers premium charting services, news feeds and related products.
What’s The Next Step?
Well, if you already have a forex robot, now you need to try the robot out with a few brokers. Ask your broker if they have mini or micro accounts so you take your forex robot for a test run. Most forex brokers offer free demo accounts, it’s actually odd to find a forex broker that doesn’t offer free simulated trading, yet we still don’t favor demo accounts as a way of testing out your forex robot.
Next, investigate the customer service of your chosen forex. Is there someone available to answer your calls and emails 24-hours a day? There should be since the forex market is a 24-hour market. Obviously, ask about the commissions. No forex broker should be charging you more than the difference between the bid and ask prices in a particular currency pair. If you like to trade on the go, ask your broker if they have mobile alerts and trading options.
Picking a forex broker is a big deal, so make sure you commit the time to finding the right one. Your forex robot may just thank you.