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Forex Broker

Written by ForexCult Team
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Forex Broker When you are choosing a forex broker, there are six steps that you should take so that you are able to choose the right broker that is appropriate for handling your situations. The first step that you need to take is to read the broker’s criteria section of the broker that you are interested in website, this is a list of information that you should take into account when you are actually choosing a broker. The second step that you are going to need to take is to use the broker’s comparative table. The forex broker website should include a page that shows the features that are associated with the principal of the brokerage firm. The third step that you need to take is to use the info links so that you are able to get detailed information about the forex broker when you are in need of it. The fourth step that you should take is to create or open what is known as a demo account which is actually a direct link to the demo account platform that is related to the brokerage firm. The fifth step that you need to take is to chat with an individual forex broker, this way you are able to have an anonymous conversation with the representative from the brokerage firm. The last step that you will need to complete is actually being contacted by the forex broker that you have chosen. Forex Broker Criteria There is also some criteria that is general when it comes to choosing a forex broker. The general criteria that you need to make sure that you cover when you are choosing a forex broker is the regulation, the market maker in line with the ECN which stands for the Electronic Currency Network, you should also consider how reliable the actual trading platform is that the broker has to offer as well as the costs of trading that should be compared to the other brokers. Other criteria that you are going to want to cover is the size boundaries that are associated with the dealing and you should also see if the trading platform is actually user friendly, you will also need to see if the broker is actually offering you other services that have added value. You may also want to check out the customer support so that you are able to see if it is on the cutting edge and you are going to want to check out the leverage as well as the margin when it comes to call policies. Choosing a Forex Broker There are many different traders out there in the market today and there are also a lot of different forex brokers that are also located in the markets today so I guess the real question here is if you should actually choose to use a forex broker, the answer to that question is yes. There are many people that will tell you that the forex market is not a place in which you want to take the time to cut your teeth as an actual trader. It is a fact that the novices can actually get their fingers bite off very quickly in the forex market, however you should not base whether or not you choose a forex broker just on your inexperience in the forex market. When you are considering being a trader in the forex market you should also think about whether or not you have the right temperament as well because the forex market is known for being a high pressure market in which there are swings that are moving at fast speeds so you will have to adjust mentally to the actual markets. One thing is for sure and it is very important that you remember that fear as well as greed actually is the enemies when it comes to being a successful trader. Being a Forex Broker As you may already know choosing a forex broker can be a very tough job if you do not know what you are looking for because there are so many out there in the market today. However can you imagine how hard it is to be a forex broker? Forex brokers are required to go through a number of different situations in which they have to learn a lot of different material so that they are able to actually be a forex broker so make sure that you take that into consideration when you are talking to the forex brokers.

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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.