There are many forex brokers available. This very fact leads to the confusion. It is likely that you will be a beginner so choosing the forex broker is a little tricky. Currency market is highly competitive market. Different brokers will come up with variety of ideas to attract more and more traders. You should not choose the broker based on the attractive schemes but on the basis of the few fundamental factors which are very important. If you combine those with any schemes, it will be the icing on the cake. Membership of the Regulatory Body Your broker should be credible because you are going to deposit thousands of dollars of your hard earned money. Your money is safe with the credible broker. One way of checking this aspect of the broker is to see if the broker is a member of the regulatory bodies of respective country. If the broker is a member of these agencies then it is a sign that they are doing the business seriously and are not cheating. Leading regulators are National Futures Association and Commodity Futures Trading Commission from USA, Financial Services Authority from UK etc. Depositing and Withdrawing the Money Depositing and withdrawing the money from your trading account should be free of hassles. Excellent brokers allow performing these transactions with ease. You should to take money out whenever you want. Also consider the fees to perform these transactions. Trading Software- An Important Consideration The platform is also important consideration while choosing the forex broker. The trading platform should be easy to handle. It should be able to offer you all the tools like charts that you require for the efficient trading. The data release should be passed through the platform as and when they are released. Check out all types of platforms offered by the broker. You should juxtapose the short listed brokers. Low Commission on Trades On each trade you pay a certain amount to the broker. In forex, you pay the spread as a brokerage. Ideally the commission should be as low as possible. But choosing the forex broker who is unreliable just because it is offering you tighter spread is not a prudent decision. Considering this aspect, you should also study your type of trading. If you are a scalper who is happy to scalp few pips many times a day, you are better off with a broker with tighter spread. Position trader will not worry about this much. An Easy Access to Support Team Customer service is an important aspect to consider while choosing the forex broker. You should be able to contact them anytime of the day. Choosing a local broker may help you because you can call them easily than a foreign broker. For a starter, it is necessary to have that comfort. Choosing the forex broker is not an easy job. You will have to put in some efforts to find a suitable broker for you. Look on the different forums for the reviews. Speak to senior people in this business. Try the demo account of different broker. This way you will get the feeling of the trading conditions. You should select the broker who fits your bill perfectly. Now that you know the basic principles to consider, find out more detailed guide in how to choose a forex broker. If you're looking for a decent broker, I would recommend your look into LiteForex broker.
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