Choosing a FOREX Broker
When you are trying to choose a Forex broker, there are a number of things that you are going to want to look at. Here are some things to look for when you are trying to decide on a Forex broker.
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Low Spreads
One of the most important things that you will want to look out for is low spreads. Every broker is going to have different spreads and you want to find the broker that has the lowest spreads out there. Most Forex brokers are compensated with the spread on each trade. Therefore, if you can get a lower spread, this means that you will be able to keep more of your profit on each trade. While it might seem like a small price to pay, it can really add up over the long-term. You will also want to pay attention to what type of spread you are getting with your broker. The spreads could be fixed or they could be variable. If the spreads are fixed, you will know exactly what the spread on each currency pair will be at all times. If the spreads are variable, they will fluctuate with market conditions.
Account Types
When you are looking at the different Forex brokers out there, you also want to see if they have the type of account that you want. Forex brokers can offer standard accounts, mini accounts, and micro accounts. Depending on how much you have to invest, you will need to make sure that they have the proper account for you. For example, most standard accounts are going to require you to invest somewhere between $2000 and $10,000 to get started. However, if you want to start out with only $100, you could potentially find a broker that offers micro accounts.
Deposits and Withdrawals
You will also want to pay attention to how the broker handles deposits and withdrawals. Some brokers have very elaborate systems that are used whenever you want to make a deposit or withdrawal. You might have to open an account with a third-party broker that is located in some other country and wire money to them to get your account funded. Other brokers allow you to fund your money through a bank wire transfer or PayPal. Make sure that the deposit and withdrawal method is to your liking before you sign up with them.
Execution
The Forex market moves extremely fast. Because of this, you want to be able to get your orders executed whenever you want to place them. If you have to place an order and then wait for 30 seconds, you may not be able to take advantage of the trading opportunity. You want to find a broker that has instant execution the majority of the time. Make sure that the broker has the proper liquidity providers in place so that order execution is not going to be a problem for you overall.
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