Choosing Your Online Forex Broker – Part 1


Master Trader
Feb 7, 2009
Forex trading has absolutely exploded on the internet, where just about anyone can invest and make money if they have a computer with an internet connection. As such there are many Forex brokers willing to act as a platform for your trading, so many that it can be a daunting task to choose one to do business with.

During the initial stages of searching for a forex broker you should always check that they are registered with one of the governing trading bodies. You can easily do a search of the broker’s name to find out their vital statistics and whether they are a legitimate business. The sad truth is that there will always be scam businesses out there for any sector you are interested in. You can also check out their reputation on blogs and forums, where people will be brutally honest about their experiences.

The type of account you are looking for will also influence the forex broker you choose to do business with. If you are just getting started then you should probably look for a forex broker that offers a demo account. Most forex brokers will also offer mini accounts and standard accounts – choose one that gives you enough room to trade using your individual forex strategy.

These are the very basics of choosing your online forex broker, but you should also check out their margin as well as the spread (the difference between the price being asked and the bid price) because the lower this is then the more profit you can make. All of these factors will vary from broker to broker, so compare carefully before making your decision – it could mean making or spending a lot more money!

For more information on choosing an online forex broker check out part two of this article.

Read more interesting Forex posts at the Forex Blog

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