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How Do You Choose A Broker? |
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There are several areas to examine before you sign on the dotted line with any broker. Begin with the spread. There is no central exchange for currency trading, so different brokers offer different spreads. Also check if the spread is fixed or variable. A fixed spread is always the same no matter what time of day or night it is. Variable spreads only widen if the market is active. Of course, the activity has to be in your favor in order for you to make money.
How fast do they execute orders? The best way to find out is to open a demo account. This will let you see what the speed of execution is like firsthand. If execution isn’t quick enough, it may cost you when you are trying to enter or exit a position that hinges on timing.
Male sure the trading software shows you live prices, not just quotes. It should also let you attach Limit and Stop orders to your order entry. Another beneficial feature is the One-Cancels-Other order. This lets you set up your trade and leave the software to execute it. The most important feature of any software is, of course, is its ease of use.
Since Forex is a 24-hour market, your broker should offer 24-hour support. Be sure that there is round-the-clock phone support in the event you lose your Internet connection.
Forex brokers are regulated, but that doesn't mean they are all created equal. Get information about the broker’s financial backing. You don’t want to discover during a market collapse that your broker hasn’t got the reserves to cover it.
Other information you’ll want to know is the policy regarding minimum account balances, interest payments, which currencies can be traded, whether or not non-standard sized lots can be traded and whether clients' funds are insured.
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| Symbol |
Rate |
| GBP:CHF |
1.747703 |
| GBP:JPY |
155.484239 |
| GBP:USD |
1.638403 |
| NZD:USD |
0.627050 |
| EUR:CAD |
1.545998 |
| EUR:CHF |
1.516857 |
| EUR:GBP |
0.867915 |
| EUR:JPY |
134.947096 |
| EUR:USD |
1.421994 |
| AUD:JPY |
76.394373 |
| AUD:USD |
0.805000 |
| USD:CAD |
1.087204 |
| USD:CHF |
1.066711 |
| USD:JPY |
94.899879 |
| USD:SEK |
7.613010 |
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Disclimer: This website is for informational purposes only and is not intended to provide
specific commercial, financial, investment, accounting, tax, or legal advice.
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© ForexCenter.com, 2005, All Rights Reserved
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