you with real-time currency prices along with other various tools. Ensure that your broker provides all the tools you need to trade successfully. Other tools could include:
Real-time currency price charting
Technical analysis tools
Fundamental analysis commentaries
The good brokers offer two or more types of accounts. For example the smallest account size is known as a mini account. Mini accounts require you to provide at least say $500, and with that you are offered a high amount of leverage. Leverage is required to profit from such small amounts of trading capital. Standard accounts also have a minimum capital requirement, usually somewhere between $1,000 and $2,000. In the end its important to choose a broker that has the right leverage and services that suit your needs to go with the amount of capital you have dedicated to trading the currency market.
Forex is a 24-hour market; therefore 24-hour support is essential. Can you contact the firm by phone, email, chat, etc? Do the customer support representatives seem to know what their on about? The quality of customer support can vary considerably from broker to broker, so be sure to check it out before opening an account.
One thing you could do is contact a number of brokers to get a feel of how quickly they can respond to enquiries. If they dont respond quickly, and with a reasonable answer dont give them your business.
Its a good idea to talk to other traders in an effort to find out who are the better brokers out there. As in any industry or business, there are some dodgy ones. brokers are no exception. There are many forums on the internet these days that are dedicated to discussing all areas of trading, including the discussion of brokers. These are great resources you can use allowing you to find some valuable information that could just save you being ripped off by some unscrupulous broker.
By taking the time and effort to do some initial research, you will be able to choose a reliable broker. This might just save you a lot of stress and troubles you may encounter if you were to choose any old broker.
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