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How To Choose Your Next 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. Well on that case, if you are interested in FOREX and want to hire a good broker to guide you, here are some things that you should be aware of. Number 1. Regulation – first important thing that should be done is to check whether the broker is regulated by financial service organization or office. Normally, brokers are obligated to show their license number in public and at the same time, they’re mandated as well to bring it whenever meeting a client 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. Another method you may try is by checking the website of the regulatory body in which the broker works and do inquiries or perhaps, search for him or her. 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.
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Number 2. Reviews – another very effective method in finding a good FOREX broker is knowing what other say about them and their personal experience as well. You can do this easily by just 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 that you’ve traded with non-dealing desk broker, then it will be smart for you to check their LP or Liquidity Providers. Simply put, LPs are the financial institutions that process your trades. Never underestimate this as it creates an impact on the prices you pay on opening trades. Number 5. Services – services the FOREX broker is offering is yet another important factor that should be taken into account. There are traders who can’t live without FX trading tools however, not all brokers are offering the same service and for this, you should consider the tools that your strategy needs and if the policy of your broker allow your strategy.