Hello there guys! This is a thread I created with special intention for the newbies. For those who are still not able to choose which broker they will open a trading account, here are some suggestions for you to look over before choosing a forex broker.
First of all, a forex broker is middle man that matches up buyers and sellers for forex transactions. There are are several types of forex brokers, but the main job is the same, give buyers and sellers access to the forex trading market.
Here's what you should do before choosing your forex broker (
taken from babypips.com)
1. Do your research - You should research about a particular broker and find out important things about it. Example of things that you should take a good look on a particular broker is the offered leverage, the minimum starting capital, the platform they are using and do they allow all strategies or not?
2. Compare brokers - After you have done research about some brokers, you have to compare them and spell out the advantages and disadvantages. You use this
TOOL in comparing forex brokers.
3. Open demo accounts and ask questions - Once you have chose one or two brokers, open a demo account and try to trade using their platforms. Let yourself familiarize trading in different environment and you can ask questions if you want to clarify some things.
That's it! I hope by doing these steps, you can choose the best broker that best suits your needs.
CREDITS:
babypips.com