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Online Forex Broker

Written by ForexCult Team
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Online Forex Broker In the following article, I would like to take the time to tell you a little about what online forex broker is and how you can go about finding the right one to meet your individual needs as a trader in the forex market. Please make sure that when you are choosing your online forex broker that you take the time to do careful research because there are some scams out there in the world today and you are going to want to make sure that you are no part of them. Also make sure that you take the time to read this complete article because you will find that the information in this article is going to be very helpful to you as a forex trader. Choosing Online Forex Broker Your first step into the forex market should consist of setting up an individual account with online forex broker; you need to make sure that you do this before you begin trading. Just in case you are not familiar with what online forex broker means, I am going to take the time to tell you what online forex broker is. Online forex broker is what is known as an individual person or it could also be a whole company that actually buys as well as sells certain orders that are according to your actual decisions as a trader. It is also known that online forex broker may actually earn their money by charging what is actually known as commission or another type of fee that is for their individual services to you as a trader. When you are searching online for a forex broker, I am sure that you will begin to feel overwhelmed due to the fact of the variety of online forex broker that you will see online that are offering their services to you. However, you should consider that choosing an online forex broker is going to require some effort on your behalf as well because you are going to have to do some research on the forex broker yourself. Needless to say, there is no reason that you should feel bad about having to do the research because it is a fact that the time that you spend researching the broker will actually give you an insight into the actual services that indeed are now available to you as well as the fees that are also charged by the different online forex broker. Is Online Forex Broker Indeed Regulated? When you are considering a forex broker that you think may be right for you, it is important that you take the time to find out what specific regulatory agencies that the forex broker is registered with. The actual foreign exchange market is known to be an unregulated market and in which it basically is. However, regulation is found to be typically reactive which means that it is only after you as the trader has been bamboozled out of all of your money that something can actually be done about it. When it comes to the U.S., you will find that the forex broker must actually be registered with the FCM as well as the CFTC. However, the CFTC and the NFA are known to actually protect you against the possibility of fraud as well as manipulation and also abusive practices. Now you should make sure that you know about the customer service that the forex broker has to offer you. Since the forex market is a twenty four hour market then you should be able to have twenty four hour service and support. You want to make sure that the forex broker offers you many different ways that you can get in contact with them, whether it is my email or telephone or even chat. You are going to need to make sure that they are going to be there when you need them. I have a tip for you that you may want to follow in the event that you need to choose a forex broker. What I want you to do is make a list of the potential forex brokers that you have in mind. Then take the time to contact the help desks. Your individual ability to see just how fast that they will respond to your call and answer your questions will let you know how they will actually respond to your needs. If you are not able to get a speedy reply or even an answer that you are satisfied with you don’t need them to represent you.

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Which is the Best Forex Broker you have traded with?

Interview with Matthew Sheppard

Senior Forex Advisor at XForex

1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.