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Choosing a forex broker
Before start trading Forex, you need to set up an account with an online Forex broker.
Thanks to the Internet, today online trading is so much easier that before. Most of the Forex brokers are very efficient in cost and service. The following are important criteria to consider when choosing a forex trading broker.

1. Customer Service
Since Forex is a 24-hour market, so, 24-hour support from broker is important. We have to ensure that the broker’s film can be contacted either by phone, email or online chat at any time. The quality and knowledge of the representative also a key factor to considerate before opening an account.

2. Safety of funds
It is important to use a broker with a strong financial standing and is regulated by a regulatory authority in the country you are located.

3.Type of broker
Is the broker an Electronic communication Networks ( ECNS) or the Market maker.
ECNs brokers route your order and match them with a trader in the real market.
Marker makers are the liquidity-providing brokers who fill your order without routing into the marker.

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4. Spread ( Charges )
What spread the broker charge? are there fixed or variable? The broker’s charges can greatly affect the earning of the trader. We recommand some where at 3 pips.

5. Commissions
Do the broker charge additional commissions? In general, most broker’s commissions are built into the spread

6. User friendly platform
Forex brokers usually allow you to trade over the Internet via their trading platform. Most trading platforms are either Web based, or a client based program.

Web based software is hosted on your broker’s web site. A client-based program which require you to download and install. Usually, this program runs faster than the other.

The broker’s trading platform should also include:

Instant execution of your orders, this is the outmost important feature. Secondly, the common technical indicators, the basic order types, the ability to view real-time currency exchange rate quotes, your account balance with realized and unrealized P/L. margin available, and any margin locked in open positions.

Forex beginners always be sure to open a demo account and test out the broker’s platform and learn sufficent forex education before opening a live account!

7. The Broker Policies
Before selecting an online Forex broker, you should examine their features and policies. These include:

>Type of Currency Pairs
The seven major currencies such as AUD, CAD, CHF, EUR, GBP, JPY, USD should be available.

>Margin Requirement ( How much you have to deposite to start an account )
The lower the margin requirement the higher the leverage, mean the greater the chance for higher profits and losses. Be careful about margins and remember this is a double edged sword. We recommand USD 250 – USD1000.

>Minimum Trading Size your broker allow
1 standard lot = 100,000 units
1 mini lot = 10,000 units.
1 micro lot = 1,000 units.
Some brokers even offer odd lots allow you create your own unit size.

Last but not least. You need a high speed Internet connection in FX trading.The Forex market is a fast moving market. Make sure you have a high speed Internet connection.

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