Any tips on choosing an Online Forex Broker?
October 29th, 2009 by admin
Any tips or certain companies you would recommend? How can I verify for myself they are real?
Tags: Several searches of google provide hundreds of results for companies providing this service, is anyone using or has used any they would recommend? I am new to FOREX and would ideally like to start on a trial basis, with a view
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These days so many adds are available on google that “14% daily” “8800% after 5 days”,”want to get rich in your life”,all these companies are offering Forex investment with high return.These companies are real or fake,If not give me some
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The issue of how to find hot stocks to watch really is the million dollar question. While nobody has a magic formula for picking the hot stocks that will perform best, there are a few ways to go about tracking
Companies like FXCM are usually owned by larger brokerage houses. Do a web search!
Yes do a search forex brokers do not need to reg with the SEC or NFA find one that dose http://www.fxstreet.com/brokers/forex-brokers/
Ultimately, you can check with the Securities and Exchange Commission: http://sec.gov/
I use FXDD and they’re for real.
If you already have a futures broker, you can also trade Currency Futures. I also trade the Forex, but I get better fills on the futures.
Actually, I trade the Forex through PermiereTrade software, and most of their customers (over 1,000 on the Message Board) trade through FXDD. But I can choose any broker.
If you don’t already have charting software and a data feed, this may well be what you should be concentrating on. Of the legitimate brokers, they’re all pretty much the same, if the spreads are comparable. You shouldn’t pay over 2 or 3 pip spread on the majors, definately something to ask about.
On the futures, you pay a commission, rather than a spread difference, and they are in points, rather than pips. The currency futures are just like any other commodity. I use a very professional charting and trading platform called RealTick, through TerraNovaOnline; state-of-the-art stuff, technically oriented. TerraNova is the home of the Day Trader. I can trade currency futures for $11 roundtrip, which is not possible on the Forex. I pay $200/month for RealTick, but I think you can get their Investor package for free, which is RealTick just sized down to one screen. I use five 21″ monitors. But Investor would be a good starting point. Check out their free trial offer.
http://terranovaonline.com/
Here is PremiereTrade’s website:
http://www.premieretradeai.com/index.php
The great thing about PremiereTrade is their Message Boards and their Live Trader Commentary, and the ability to speak with their traders at any time. Keeping you informed is their business, and this is real unusual. They do not tell you when to trade, the software does that, but you are always informed; a definate plus.
Other Forex sites:
http://www.dailyfx.com/
http://www.forexnews.com/
Here’s a good Forex educational site:
http://www.babypips.com/forex-school/market-hours.html
And here’s another legitimate broker, this one international:
http://www.gftforex.com/land/index.asp?aid=500
Check out FXCM. I have a video clip on FXCM trading platform below.
Today, when we have too much scammers around, it is really hard to choose right one broker. It’s esspecialy hard if you are begginer and have no expirience in Forex trading. So, you have to be very carefull before you decide.
My advice is to create a list of brokers you like and then to contact them all. Ask them all you want to know… You will learn much about this Forex broker from their response.
Here are my favorits: Fxopen, Marketiva, LiteForex…
Wish you many great pips!