The selection of your Forex brokerage firm is almost as an important a decision as choosing which currency mentoring program to take or which software based trend system and signal system to utilize while trading. There are numerous websites on the internet that have spent time opening and maintaining accounts with the top currency brokers and offer Forex broker reviews. The majority of these reviews are conducted by professional traders who where going to open the account with the different brokerage firms anyway and decided to write about their experiences.
There are so many aspects to consider when selecting a Forex broker that an article simply does not supply enough detail to thoroughly cover the subject, you really would need to write a book. A few of the features one must take into consideration when selecting a broker are customer service, security, server down-time and the expense of operating with a specific broker.
I personally consider customer service the most important factor when doing business with any firm, much less a company that is going to have a substantial sum of my money. If there is an issue with anything regarding my account I need to have access to employee of the firm immediately and receive a resolving explanation to my inquiry.
The next important characteristic I take into consideration is the online security provided by the brokerage firm. This is not an easy part of the evaluation process since most of the firms fail to provide this information or the data they do supply is not comprehensive enough to make a decision. So on this factor I always choose to error on the path of longevity and size, utilizing the assumption the longer they have been in business the more likely the have been forced to fight off numerous internet attacks and the larger they are the more funds they possess to invest in this highly speculative issue.
A server of a brokerage firm can simply not go down and fail to provide you access to your account. For those of you that are new to trading I am sure you really have difficulty understanding the importance of this issue, but trust me when you lose $10,000 because you could not get to your account for fifteen minutes you will come to appreciate this critical factor. To the best of my knowledge, I have only been able to find one brokerage firm that has software and hardware sophisticated enough to switch from one server to another when they are having problems with one thus eliminating any downtime to their clients. That firm is Easy Forex, the largest brokerage firm in the world.
The next trait I take into consideration are the expenses of operating with a particular brokerage firm. Commissions you pay a Forex brokerage firm are called "Hops." But notice I did not say I consider Hops, but expenses. Many of these firms have all kind of hidden cost that you only become aware after you are a client. As long as the firms expenses are within the normal industry averages and they are providing everything else I require then I am more than happy to pay them. I am surly not looking for the least expensive place to trade with. I am a businessman myself, as are most of you that are reading this and realize that providing exceptional service cost money and that money must come from somewhere.
There are many websites that provide very detailed Forex brokerage reviews that cover the subjects I mentioned above. It only takes a few minutes to read these and research the firms you are contemplating becoming a client of. By doing this you should improve your chances of becoming a highly successful profitable Forex trader we all desire to achieve one day.
We have researched, tested & reviewed 100s of Forex Courses, Software Systems and Brokerage Firms which we only list our TOP 10 to help you LEARN FOREX TRADING. For 100s of FREE FOREX TUTORIALS please visit LEARN CURRENCY TRADING. Good Luck! I look forward to seeing you on the trading floor making money! William R. Alheim, Jr., CPA, MA |
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