Choosing a Forex broker

If you want to make trades with Forex, you will need to choose a Forex broker.  You have a few options when it comes to choosing the broker, as I shall explain below.

Firstly, you should be aware that the broker will provide you with a Forex trading platform.  This platform will be the single means by which you can manage your Forex trades.  Some of the platforms use software, which you will need to install on your computer.  You will need to make sure that you can actually install this.  To find out it it will be feasible, check the broker’s FAQ page to find out the basic requirements for your computer.  You may need to have windows installed to run it, or some of the software does have a mac alternative.  You also need to check that you have enough memory in your computer to run the software too.  More simple Forex trading platforms allow you to use a browser applet which will allow you to use any operating system as long as your browser is able to run the applet.

The next thing you need to think about is the way that you are going to top up your Forex account.  Are you going to use your credit card to make payments?  If so, you will need to be certain that the broker site is safe and established.  If you have your credit card information stolen after signing up to a Forex broker site, it can be difficult to make your credit rating better again.  Some brokers allow you to use alert pay or Paypal.  I far prefer these broker sites, as you don’t need to share as many of your personal details with them.

If you will be using any kind of Forex trading software, for example a Forex robot, then you should also ensure that you are able to do so.  Not all brokers allow it, so it is always best to check before you sign up.

Follow the link to my info about practice accounts to find out more about these, but you should always take advantage of your Forex broker’s practice or demo account.  You should check out all the tools that the broker can offer you, including any advice and also customer support that they offer too.

Finally, you need to make sure that your investment will go as far as possible.  Check out my post about spreads and commission and ensure that the broker will not be charging you so much to make your trades that it is not worthwhile.