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How To Choose Your Next Forex Broker? The list of FOREX brokers these days is quite overwhelming and staggering. Apart from that, there are numerous brokers that you can also find online which easily made the selection a lot harder. On that case, if you’re interested in FOREX and would like to hire a good broker to guide you, here are a few things that you must be aware of. Number 1. Regulation – among the things you have to do is to see and check if the broker is regulated by a 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. In the event that you requested your prospective broker the registration number and refused, this should raise a red flag automatically. 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. Take note that different regulatory bodies enforce different policies for their brokers and with that said, researching the reliability and requirements of regulation will be a good idea.
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Number 2. Reviews – finding out what others say about the FOREX broker as well as their personal experience working with them is another great method to try. You can easily do this by visiting forum websites, through word of mouths or via independent broker review pages.
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Number 3. Type of broker – it is essential for you to know the type of broker you’ll be working with whether he/she is a non-dealing desk broker or a dealing desk broker. You have to finalize on what type is best for your trading strategy as a trader. 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 for example that you trade with non-dealing desk broker, then it is wise to consider their LP or Liquidity Providers. Basically, these are the financial institutions processing 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.