A 10-Point Plan for Stocks (Without Being Overwhelmed)

5 Tips When Choosing Your Forex Broker These days, the list of FOREX brokers is overwhelming and staggering. In addition to that, there are many brokers that you can find over the internet as well, which make the selection a lot more difficult. On that case, if you’re interested in FOREX and would like to hire a good broker to guide you, here are a few things that you must be aware of. 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 you may try is by checking the website of the regulatory body in which the broker works and do inquiries or perhaps, search for him or her. 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 – another very effective method in finding a good FOREX broker is knowing what other say about them and their personal experience as well. 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 – it is essential for you to know the type of broker you’ll be working with whether he/she is a non-dealing desk broker or a dealing desk broker. Being a trader you ought to finalize the type of trading strategy would be best for you. 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 – say that you’ve traded with non-dealing desk broker, then it will be smart for you to check their LP or Liquidity Providers. Simply put, LPs are the financial institutions that process 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.