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Wednesday, 4 July 2012

Reputable Forex Brokers

Tips For Choosing a Reputable Forex Broker

One of the easiest and quickest ways to find a Forex broker is by contacting your local licensing authority. They are responsible for issuing brokers their licenses so that they can be in business. If a prospective broker does not have a license, avoid dealing with them. Avoid the scam artists who pose as brokers and offer fantastic deals that sound too good to be true. Start out cautiously so that you don't get taken advantage of before you get some experience.

There are many forex brokers in our present world but getting a reputable one is a hurdle to cross. However, taking the following features into consideration will put you in a better position to determine who your broker will be.

1. A broker must be well capitalized
Before you pitch your tent with a broker, investigate its capital base to know if it is well capitalized. This will give you the confidence that your earnings would be adequately and promptly paid. If a broker is not adequately capitalized, it will be having problems in paying earnings to its clients.

2. A broker must be licensed
The National Futures Association (NFA) is the body that regulates the forex industry. It is your responsibility to confirm that your prospective broker is licensed by NFA. If not, whenever you have any problem with your broker, you are on your own. But to be on a safer side, simply visit NFA's website to confirm that would-be broker is recognized by the industry's regulator.

3. A broker must have a good online reputation
It is important to know what people are saying about a broker online before opening an account on its platform. Visit forex forums and seek other people's opinion about your choice broker. One way or the other, you will come across those who have traded and are still trading on the platform you desire to trade on.

4. A broker must have an excellent trading platform
Before you can have a wonderful trading experience, your broker's trading platform must be excellent. It must be up-to-date with new features that enhance earnings. Research has led some brokers to come up with improved, easy-to-use trading platforms that make trading a stroll in the park.

5. A broker must have an efficient customer support unit
A reputable forex broker must respond to customers' complaints promptly. The customer support unit must be available 24/7/365 and must be able to handle all complaints satisfactorily. Experience shows that there is no way you will not contact the customer support staff at one time or the other, hence, before you open an account with a broker, make an inquiry into the activities of its customer support department. It is very imperative to confirm that the staffs in the department are professional and efficient or else your forex trading experience would be far below average, and you don't deserve that.

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