You already have knowledge about some of the risks involved when starting in the currency market and knows that he should take precautions before making any move.
Something you need to make transactions in the foreign exchange market is a Broker. A Forex Broker is the institution or financial company with which you offer your capital to open an account and make investment in the foreign exchange market.
The number of online brokers is impressive and is something that as a user has to face and know how to choose, because its success or failure in business may depend on it, you should never choose a Forex broker lightly.
Some things you should consider when selecting your Forex Broker, some of them are:
The extra products or type of service from the broker, some offer more than others but all will depend on what you need and want, learn everything properly on the Forex Broker can do for you and give service in the language you master.
Forex Broker normally earn through commissions, if this is the case of broker you have chosen has to investigate which are can be: for sale by withdrawals for account maintenance, etc.. There are also brokers that charge no fees and benefit by the exchange rate differential.
You should always know the credibility of the Forex Broker, because you must be sure that when a profit can pay the broker. Clearly, this information does not get out of the blue, but for that you should research in advance and not to invest large amounts of starting with a broker who does not know, start with little capital.
A further aspect of this is information about the bank where the broker support, a bank must be known and respectable you know you can defend your interests.
The initial investment to be made is also something that you should pay attention to it you can draw many conclusions and determinations.
As with the products should find out what services the broker provided as fundamental analysis, technical, graphics, etc.. Another vital element of the Forex broker you choose is that you have the task of ensuring respect the limits and stop loss as users can perform.
Customer service is crucial, because you never know what might happen, so it is best to choose a Forex broker that has a good customer service, some offer 24 hours, have chats, telephone support, etc..
Always check that the Forex broker in which you decide to invest is regulated and this is not one hundred percent guarantee that nothing will happen but it is much safer than a broker that is not regulated. To do this, there are national and international entities, most currently recognized are: NFA (U.S.), CFTC (U.S.), FSA (UK) and the CNMV (Spain).
Something very important is the Forex platform you use and which is the same used by your broker. It is always recommended that you test the demo, where you can display the tools and you will determine whether complete or not.
In the currency market are certain types of Forex Broker which are: ECN, NDD, and Market Makers Dealing Desk.
Its acronym in English means ECN Electronic Communications Network, which work directly with the market where there are also market makers banks and operators.
The type NDD means no dealing desk and they work without intermediaries, so that their transactions are performed automatically.
Now Dealing Desk if they have an operating room works as an intermediary for user operations. And Market Makers are market makers.
As you can see there are many aspects to consider when choosing a Forex broker but keep in mind that it is for their safety and for you to have the greatest opportunity to generate positive benefits in their transactions. The important thing is to NEVER invest a large amount when you start with a new broker, better wait until you feel safe with him.
