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Here's how to choose a forex broker who's right for you in three easy steps

by , 22 April 2014

Need to get your foot in the door in trading forex? A broker is your best bet if you're new to forex trading! He'll take you through all you need to know to gain your ground. But do you know what to look for in a broker? Today, we reveal three things you need to look for when choosing a broker…
 
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Why you need a broker if you’re new to trading forex 
 
Finding a good broker is half the battle won, says FSP forex expert Timon Rossolimos. And he won’t let you lose more money than you’ve deposited in your trading account. 
 
Plus, having a broker allows you to be more of an investor than a trader because you not only have someone to trade for you, but also access to market reports and analyses. 
 
But, you can’t pick any name that comes up when you’re looking for a broker.

 
 Keep these things in mind when choosing your own forex broker:
 
1. Make sure your broker is registered before you trade forex
 
A broker in South Africa has to register with the Financial Services Board. You can verify your broker’s registration number on the FSB website
 
For your safety and peace of mind, you should also check whether your broker is registered elsewhere in the world, says Forex Trading South Africa
 
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2. A good broker is always available for you when trading forex
 
A good broker won’t keep you hanging when you need him the most. His support is available whenever you need it, says forex-partner.biz
 
With so many brokers out there available at the click of a mouse, use trader reviews on the Internet to judge the worth of your broker. 
 
3. Look for a broker who matches your needs in forex trading
 
If you’re starting out small in your forex trading, look for a broker who manages a micro account and offers lots of support, as well as tight security, says tradeforexsa.co.za. A good broker should match your needs as a trader. 
 
Trading forex for the first time can be overwhelming, but it doesn’t have to be! Follow these tips to make your experience in trading forex so much more rewarding and enjoyable! 
 


Here's how to choose a forex broker who's right for you in three easy steps
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