Sunday, 27 September 2009

Choose a Forex Broker

Choose a Forex Broker

Choosing a forex broker can be daunting task. They all seem to sound so good when you read their sales pages, but how do you know which ones are worth your money?
Initial DepositYou should look for a forex broker that has a low initial deposit. It is not a matter of the amount you should start trading with, but if a broker wants many thousands just for you to open an account, it is questionable. The ideal initial deposit requirements should be $300 to $500 or less.
RegulationThe forex market is an unregulated market meaning there is no central exchange. However, forex brokers themselves are regulated. In the US they should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission(CTFC) and a member of the National Futures Association(NFA). You can verify a broker’s status with the NFA on the nfa web site . If you do not find the broker you are interested in listed with the NFA, look for another broker that is listed and has a clean record

0 comments: