Choosing a Forex Broker

How to Choose a Forex Broker

Choosing a forex broker can be daunting task. They all seem to sound so good when you read their sales pages, but how do you know which ones are worth your money?

Initial Deposit

You should look for a forex brokerage that has a low initial deposit. It is not a matter of the amount you should start trading with, but if a broker wants many thousands just for you to open an account, it is questionable. The ideal initial deposit requirements should be $300 to $500 or less.

Regulation

The forexmarket is an unregulated market meaning there is no central exchange. However, forex brokers themselves are regulated. In the US they should be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission(CTFC) and a member of the National Futures Association(NFA). You can verify a broker’s status with the NFA on the NFA website. If you do not find the broker you are interested in listed with the NFA, look for another broker that is listed and has a clean record.

Customer Service

Forex trading hours vary depending on what currencies you are most interested in trading. With that in mind, it is important to find a broker with 24 hour customer service. The forex markets can be wild at times. If you had a question about order execution or a closed order, you should be able to get your question answered no matter what time it is. A good test of a forex broker’s customer service ability is to contact the support desk and ask some questions by phone. Keep notes on how responsive they are to your questions and what attitude they have about answering them. Remember, you are trusting these people with your money. You need to feel absolutely comfortable that all your needs will be addressed.

Currency Pairs

Find a broker that offers the currency pairs that you are most interested in trading, or at least a good variety to choose from. Currency pairs tend to have different breathing patterns and you want to have a good menu of selections.

Software

A professional and easy to use trading platfrom is a must. You would not want to be struggling with the features of the trading platform while trying to make a trade. Any reputable forex broker will offer the ability to trade on a demo account. The demo software operates the same way as the live trading platform. This will give you a chance to fully test out the trading platform without the pressure of using real money.

Reputation

Always check the reputation of a forex broker. One way is to do a google search with the name of the broker plus the word “complaints”. Check around and get opinions from traders on forex message boards. Spend a fair amount of time doing your research. This is an important relationship. You will want to be absolutely comfortable with the broker that you decide on. The important thing to remember is that you will have to do some homework here. It is imperative that you are not lazy about it. Don’t be sucked in by a glossy sales page with extraordinary claims. Investigate! Use a demo account. Take some time to shop around. In the end, you will be happy that you did.

Promotions

Bonus

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1. Forex4you
a.) Bonus $25 for every new clients. Term and conditions :

• 25 USD bonus is credited only to "fx4u-cent" accounts upon registration;
• Monthly limit is 400 accounts (bonus budget is 10,000 USD a month);
• In order to withdraw bonus funds, client must execute orders for at least 2.5 standard lots (250 lots of cent account) in sum;
• In order to withdraw bonus funds, photo ID proof must be provided to the billing department

b.) Extra bonus 25% from initial deposit. Term and conditions :

• 25% bonus is added to the deposit amount when adding funds automatically through Trader Room (manual deposits are not taken into account);
• Client must execute orders for at least bonus/10 standard lots, where bonus is the amount of bonus funds credited to the account;
• When withdrawing any funds from the accounts, if the remaining balance is less than the sum of funds credited to the account (together with bonuses) and the volume of trades performed is less than specified above - bonus will be debited from the account;
• In order to withdraw bonus funds, photo ID proof must be provided to the billing department.

* Bonus offers are valid until January 2010

2. Tradeview Forex
Receive up to a $500 BONUS for simply making a deposit. See below for more information.
New accounts established and funded on the BMF Pro and MetaTrader platforms are eligible to participate and receive a one-time BONUS. Clients wishing to enter into this program must agree to the terms and conditions prior to enrollment.
Participating accounts will be credited a one-time BONUS totaling up to $500 USD. Clients must reach a Qualifying Return on Investment (‘ROI’) equaling 200% of the client's total deposits made during the Promotional Period prior to the end of the Promotional Period in order to withdraw the BONUS. See the chart below and the Terms & Conditions for more information.


Example of different ROIs of 200% per different investement

Initial Deposit	Awarded BONUS	Client's Total Deposit	Equity After Reaching Qualifying ROI
$300	$300	$600	$1800
$500	$500	$1000	$3000
$2000	$500	$2500	$7500

Terms and conditions:

* Customers make a deposit of which have been determined above.
* Clients can not make withdrawals of funds during the applicable bonus period. The bonus period is 30 days after the client make a deposit.
* To be able to attract a bonus, during the bonus period, the client must achieve ROI, namely the amount of equity by: (deposit + bonus) + 200%. For example, can be seen from the table above. However, during the period when the client does not reach the bonus ROI, then the bonus shall be debited from your account.
* If in the bonus period in your account the amount of funds amounting to less than the amount of bonus given, then the Forex TreadeView will take all the available funds and your account will total $0.

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Welcome to fxbroker-information.blogspot.com . Here we provide information about forex brokers and provide promotions, bonuses, rebates and also Cashback. We also provide information about a good forex broker and trusted, and also information and tips about forex affiliate, and also information about forex competition.

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