Any tips on choosing an Online Forex Broker?
Sunday, April 11th, 2010 at
6:35 pm
Any tips or certain companies you would recommend? How can I verify for myself they are real?
Tagged with: Broker • Choosing • forex • online • Tips
Filed under:
Forex EA
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Companies like FXCM are usually owned by larger brokerage houses. Do a web search!
Yes do a search forex brokers do not need to reg with the SEC or NFA find one that dose http://www.fxstreet.com/brokers/forex-brokers/
Ultimately, you can check with the Securities and Exchange Commission: http://sec.gov/
I use FXDD and they’re for real.
If you already have a futures broker, you can also trade Currency Futures. I also trade the Forex, but I get better fills on the futures.
Really, I trade the Forex through PermiereTrade software, and most of their customers (over 1,000 on the Message Board) trade through FXDD. But I can choose any broker.
If you don’t already have charting software and a data feed, this may well be what you should be concentrating on. Of the legitimate brokers, they’re all pretty much the same, if the spreads are comparable. You shouldn’t pay over 2 or 3 pip spread on the majors, definately something to question about.
On the futures, you pay a commission, rather than a spread difference, and they are in points, rather than pips. The currency futures are just like any other commodity. I use a very professional charting and trading platform called RealTick, through TerraNovaOnline; state-of-the-art stuff, technically oriented. TerraNova is the home of the Day Trader. I can trade currency futures for $11 roundtrip, which is not possible on the Forex. I pay $200/month for RealTick, but I reckon you can get their Investor package for free, which is RealTick just sized down to one screen. I use five 21″ monitors. But Investor would be a excellent starting point. Check out their free trial offer.
http://terranovaonline.com/
Here is PremiereTrade’s website:
http://www.premieretradeai.com/index.php
The fantastic thing about PremiereTrade is their Message Boards and their Live Trader Commentary, and the ability to speak with their traders at any time. Keeping you informed is their business, and this is real unusual. They do not tell you when to trade, the software does that, but you are always informed; a definate plus.
Other Forex sites:
http://www.dailyfx.com/
http://www.forexnews.com/
Here’s a excellent Forex educational site:
http://www.babypips.com/forex-school/market-hours.html
And here’s another legitimate broker, this one international:
http://www.gftforex.com/land/index.asp?aid=500
Check out FXCM. I have a video clip on FXCM trading platform below.