5 Tips to Find Your Forex Trading Broker

It is not so straightforward to find a forex trading broker that can meet all your needs. There is no perfect dealer. Maybe as long as your broker can meet your criteria, they are considered "perfect" to you. With more than 100 trading platforms online, going through each broker one by one can be confusing if you do not know what to look out for in a reliable, professional and reasonable forex trading broker. If you are reading this, you just found yourself some golden tips here.

By now, perhaps you are fully aware that the foreign exchange market
is not regulated by any central body. Since this is so, it can be subject to fraudulent or less than ethical and professional practices by some dealers. Read the tips below and make sure you apply them and you can prevent falling into scams and end up with a professional forex trading broker you can work with for a long time to come.

1. Always request for references that you can speak with.

2. While the currency market is not controlled by a central body, each country may have its own regulatory body or watchdog organization to exercise certain control over the business activities of these forex trading brokers. If the dealer is based in the US, do a check at Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) to see if the dealer is registered with these two organizations. Find out if there is any bad report or complaints against your prospect.

3. Make a comparison of the account specifics of each prospect. You should compare the minimum opening deposit, spreads, leverage, commission charges and more. Always be sure to ask the prospect if there are any other charges other than what was shown on their websites. They are obliged to inform you. This step is helpful as not all brokers who say they offer the lowest rates on their websites are truly honest about it.

4. An easy to navigate trading platform is important especially if this is the first time you are trading currency. This is why it seems puzzling why some trading platforms that are created are so difficult to use. If the prospect offers a demo account, sign up with them.

5. Requoting can really cost you big time. While some brokers entice you with the "lowest bid/ask spreads and commissions", they may practise requoting. This means that when you carry out a buy/sell order for a currency pair, the price you see is not what you get. In short, you are charged at higher prices if you buy, and at lower prices if you sell. Either way, the odds are against you.

The difference can be more than 7 pips! Requoting is not uncommon and does happen but it should not be too frequent. It is hard to find a broker which does not requote so when you find one, grab it! This forex trading dealer is worth considering.

Well, now you are in a better position to find an ideal broker to work with. Be adventurous and start your search now. While forex trading carries risks, it is also a place where people make their riches. Find out from my website which forex trading broker has consistently amazed their users with excellent service and a "no requoting" policy. Also pick up more powerful tips on currency trading.