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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 this case, if you want to hire a reliable and experienced broker to guide you in FOREX trading, following are few of the things that you must know. 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. 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. 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.
What Do You Know About Stocks
Number 2. Reviews – another known method is trying to find out what others say about the FOREX broker as well as their personal experience working with them. 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. Being a trader you ought to finalize the type of trading strategy would be best for you. 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. Simply put, LPs are the financial institutions that process 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 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.