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Friday 1 July 2011

What to Look For in Forex Broker Reviews

Finding the right forex broker can be difficult. Fortunately, forex broker reviews exist to make the job a lot easier by giving you plenty of information you can use to contrast and compare your options. The best forex broker reviews contain certain bits of information that can be used to separate the solid possibilities from brokers you do not need.

Here, we will help you by explaining certain key pieces of information you need in your forex broker reviews – items that, if present, can let you know you have some of the best forex broker reviews before you to make an informed decision.

The Best Forex Broker Reviews: Types of Brokers

One thing to look for in forex broker reviews is to find out what kind of broker the website in question is, mainly so you know how they operate. Some brokers are no dealing desk (NDD) brokers, which means they make their money off of commissions, not spreads. An STP broker displays its own quotes and often routes your trades to a market, instead of making the market themselves.  The third type is an ECN broker, which allows you to see depth levels and routes you directly to the market. These typically have capital requirements.

The Best Forex Broker Reviews: Customer Service

Another key concept in forex broker reviews is customer service – especially if you are a beginner. Customer service is there to help you trade with full functionality, and if you are new to trading, that is incredibly important. Look to see if they have live chats and available contact numbers.

The Best Forex Broker Reviews: Payment Methods

Most forex broker reviews will also cover payment methods, which is particularly important if the broker is in another country. Brokers do not always accept certain payment methods, so if you are limited in how you can fund your account and need a broker to accommodate you, forex broker reviews can help.

The Best Forex Broker Reviews: Demo Accounts

Demo accounts are extremely helpful for beginners to learn the platform and get a hang of trading in general. Forex broker reviews will tell you whether or not a demo account exists for a particular broker and what is required in order to use it.

The Best Forex Broker Reviews: Regulation

Regulation is another helpful thing to have in forex broker reviews. Why? Simply put, you do not want to do business with an unregulated broker. It is your money at risk, after all, and any broker that isn’t regulated is a potential scam waiting to happen.

The Best Forex Broker Reviews: Currency Pairs

Finally, one of the most important things to look for in forex broker reviews is the asset availability list. In other words, what currency pairs does this broker trade? If you like the major pairs, like EUR/USD, USD/JPY, etc., you are probably good to go wherever you choose. Other minor pairs, though, may be available only at certain sites.

No matter where you choose to go ultimately, use forex broker reviews to lead the way. The best forex broker reviews will give you a good bearing on what is out there and where the perfect fit may be for your trading style.

1 comments:

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