Smart Tips For Finding Trades

How To Find A Dependable Forex Broker When looking at the list of FOREX brokers today, you’ll surely feel overwhelmed in it. 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 – among the things you have to do is to see and check if the broker is regulated by a financial service organization or office. A broker is often required to show their license number publicly on their page and at the same time, have it available if ever it’s asked in person. Say for example that you have requested the registration number of your broker and refused, then this must raised a red flag immediately. Checking the website of the regulatory body that the broker is working and inquire or search for that particular broker is another method you can do. Take note that different regulatory bodies enforce different policies for their brokers and with that said, researching the reliability and requirements of regulation will be a good idea.
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Number 2. Reviews – finding out what others say about the FOREX broker as well as their personal experience working with them is another great method to try. You can easily do this by visiting forum websites, through word of mouths or via independent broker review pages.
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Number 3. Type of broker – knowing the type of broker you will be working with is essential like if he/she is a non-dealing desk broker or a dealing desk broker. As a trader, you must finalize on what type is right for your trading strategy. The major difference between these two types of brokers are, when dealing with desk brokers, it is creating internal market as well as trades against clients while a non-dealing desk broker is sending clients trades right to their liquidity providers. Number 4. Liquidity provider list – say for example that you trade with non-dealing desk broker, then it is wise to consider their LP or Liquidity Providers. These are basically financial institutions that are processing your trades. Such creates a big impact on the prices you pay on opening trades so you should not underestimate them. Number 5. Services – services that FOREX broker is offering is another important factor that must be taken into mind. There are actually traders who can’t trade without their FX trading tools which it’s essential to know that not all brokers offer the same service.