Newcomers to the world of foreign exchange often wonder how one would go about selecting a broker to handle orders and transactions. Perhaps the most helpful means is to find a list of brokers that would be viable options for the novice. Here are a few tips on how to go about finding a solid brokers list and engage a broker that you can work with successfully.
If you already have some friends or business associates that engage in investments, ask them for recommendations about reliable brokers to work with. Often, at least one or two of your contacts will have three or more brokers they can recommend. Over time, you may notice that several brokers tend to show up repeatedly on the lists. You can use the names of those brokers to start making a list of your own.
Another approach to finding helpful lists of brokers is to check with associations that are set up to allow brokers to network. The foreign exchange market is perhaps the most unregulated of all investment markets. Much of the policing of broker activity is done through associations that require brokers to maintain a certain level of business
ethics in order to be a member of the organization. Going to these state and national associations and obtaining lists of brokers in your area that have committed themselves to a high standard will certainly aid you in making a decision about a broker.
Online resources should not be discounted when it comes to finding lists of ethical brokers. Message boards and forums are idea places ask questions about where to find resources that include listings of recommended brokers. Often, you will find this approach will yield several links you can follow and possibly uncover someone that would be an ideal choice for you.
Keep in mind that you may also want to seek out lists of brokers to avoid as well. When you see particular brokers show up on several lists that are meant to warn investors away from working with dealers with questionable ethics, take it to heart. There is a good chance that there is at least some truth behind the placing of those brokers or dealers on the list.
By using all the resources at hand, it is possible to come into contact with quite a few lists that deal with brokers. Some of the lists will be helpful in identifying brokers who have developed a reputation of being highly ethical and customer centric. In some cases, the lists will serve as a warning to not deal with certain brokers, based on the collective experience of a number of investors. In each case, just about every list will provide at least some small details that will ultimately serve the new investor well.
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