Smart Investing: Top Tips for Finding a Forex Broker

Finding the right broker that suits your trading needs is very important and when you make the right choice, it should definitely help rather than hinder your prospects of trading successfully.

When you are trading liquid Forex markets, these markets often have varying liquidity and opportunities that present themselves need to be actioned and executed as swiftly and efficiently as possible, which is where a good forex broker comes into the equation.

Narrowing down your choice

A fundamental point to consider when you are trying to choose a forex broker is to establish and consider what general brokerage type they belong to.

There are three distinct types of forex broker. The first is a Market-Maker, and they will form a two-sided market to customers of their dealing desk. This means that they can take either side of a trade provided that they buy on the bid and then sell on the offer side.

A forex broker who is classed as a market-maker will take the other side of your chosen trade and then either offset that trade or elect to keep it running depending on their opinion as to the market’s direction.

If you choose an ECN broker, you should be aware that an Electronic Communication Network broker does not actually have a physical dealing desk. An ECN is basically an electronic platform to facilitate the trades of market makers, traders, banks and any other participants who wish to enter competing bids and offers through the network system.

A No-Dealing-Desk brokerage is exactly that. Although it lacks a dealing desk it does offer you access to multiple liquidity providers instead. These providers post their best bids and offers with the No-Dealing-Desk, in the hope that they can fill these orders and earn a marginal profit by increasing the dealing spread.

Important considerations

Making the right choice of broker is so important for a number of extremely valid reasons and when you consider that a poor execution service can actually cost you lost profits and opportunities in a fast-moving environment like the foreign exchange markets, it is worth taking the time to get it right.

The amount of starting equity that you have available will to a certain extent dictate your available choice, but here are some other important considerations as well.

You should check to see what regulatory body oversees the broker that you are thinking of signing up to. It is also of high importance that you establish how the funds you are lodging with them are insured.

You should also check how fast they are with their executions and get some other traders opinion on this factor rather than simply accept the testimonials and information given on their website.

Other considerations that could well be important to you include finding out if orders are executed automatically on a system or put through manually. Find out if they charge separate commissions or they are part of the spread, and also establish if any margin balance you have will attract interest.

Having the right forex broker is akin to having the right vehicle to get where you want to be. If they can’t offer what you need or want, you are simply making it harder for yourself to make a profit from the forex markets.

Spencer Dawson is a longtime Forex trader with his own helpful broker. An avid writer, he likes to share what he has learned over the years on various websites, so newcomers to the Forex field can learn by his experience.

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Smart Investing: Top Tips for Finding a Forex Broker

Finding the right broker that suits your trading needs is very important and when you make the right choice, it should definitely help rather than hinder your prospects of trading successfully.

When you are trading liquid Forex markets, these markets often have varying liquidity and opportunities that present themselves need to be actioned and executed as swiftly and efficiently as possible, which is where a good forex broker comes into the equation.

Narrowing down your choice

A fundamental point to consider when you are trying to choose a forex broker is to establish and consider what general brokerage type they belong to.

There are three distinct types of forex broker. The first is a Market-Maker, and they will form a two-sided market to customers of their dealing desk. This means that they can take either side of a trade provided that they buy on the bid and then sell on the offer side.

A forex broker who is classed as a market-maker will take the other side of your chosen trade and then either offset that trade or elect to keep it running depending on their opinion as to the market’s direction.

If you choose an ECN broker, you should be aware that an Electronic Communication Network broker does not actually have a physical dealing desk. An ECN is basically an electronic platform to facilitate the trades of market makers, traders, banks and any other participants who wish to enter competing bids and offers through the network system.

A No-Dealing-Desk brokerage is exactly that. Although it lacks a dealing desk it does offer you access to multiple liquidity providers instead. These providers post their best bids and offers with the No-Dealing-Desk, in the hope that they can fill these orders and earn a marginal profit by increasing the dealing spread.

Important considerations

Making the right choice of broker is so important for a number of extremely valid reasons and when you consider that a poor execution service can actually cost you lost profits and opportunities in a fast-moving environment like the foreign exchange markets, it is worth taking the time to get it right.

The amount of starting equity that you have available will to a certain extent dictate your available choice, but here are some other important considerations as well.

You should check to see what regulatory body oversees the broker that you are thinking of signing up to. It is also of high importance that you establish how the funds you are lodging with them are insured.

You should also check how fast they are with their executions and get some other traders opinion on this factor rather than simply accept the testimonials and information given on their website.

Other considerations that could well be important to you include finding out if orders are executed automatically on a system or put through manually. Find out if they charge separate commissions or they are part of the spread, and also establish if any margin balance you have will attract interest.

Having the right forex broker is akin to having the right vehicle to get where you want to be. If they can’t offer what you need or want, you are simply making it harder for yourself to make a profit from the forex markets.

Spencer Dawson is a longtime Forex trader with his own helpful broker. An avid writer, he likes to share what he has learned over the years on various websites, so newcomers to the Forex field can learn by his experience.

840 Responses to Smart Investing: Top Tips for Finding a Forex Broker
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