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Trade for a Living
Holy Grail of Trading?
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No Dealing Desk
- STP (Straight-Thru Processing)
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No Requotes
During Normal Market Volatility
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No FIFO or
Hedging Restrictions
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Best Liquidity
From Multiple Tier One Banks
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Trade Forex,
Metals, CFD's & Forex Options
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3 different Spread
Options: ECN Premiere, Variable and Fixed
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Independently
Administered Segregated Client Accounts by Turnstone Group Corporation - An Industry
First
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Leading MT4
Platform for Desktop, Laptop, PDA, Smart Phone
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Trade Any Style
or Method, No Limitations
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Free Real-Time
News And Analytical Tools
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Syariah
Compliant Accounts Available
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Audits
Conducted by World Class Firm, Ernst & Young - An Industry First
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Leverage Up To
1:500
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Trade Micro,
Mini and Standard Lots All In One Account
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Fully Licensed
and Regulated by FSC
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FREE EA Hosting
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E-wallet and
debit card
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Open a Demo or
Live Account From As Low As USD250
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24 Hour
Customer Support
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Unlimited Lifetime Income
Moneybookers
Your
wallet for the internet... to shop and send money
worldwide
Luke 6:38 - give, and it shall be given unto you...
 
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How to
Choose a Broker?
Choosing a broker for your your trading is
a critical decision especially when there is a great deal of fraud in the Forex
market.
Your choice can affect the safety of your fund, the performance and hence the
outcome of your trading, the ease of depositing and withdrawing of your money,
and the responsiveness of customer support to your queries.
So how does one go about choosing the right
broker?
Well it is not that difficult if you will to follow these steps:
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Determine your needs
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Research the brokers
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Compare with demo accounts
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Fund your live account
1. Determine your needs
The brokers that you want to shortlist are the ones that meets all if not
most of your needs.
Here are some of the more important criteria for choosing a broker:
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The safety of your fund. |
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That you are dealing on a level playing
field. |
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That you can get the best price the
markets have to offer at any given time. |
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The cost you pay for your transactions. |
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The availability and the ease of
automated trading. |
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The availability of currency pairs that
you will be trading. |
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Your trading style such as scalping and
hedging? |
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The quality of customer support and the
availability of other services such as mobile platform for trading etc. |
2. Research the brokers
The word of mouth recommendations from trusted sources are good starting
points for short-listing your brokers.
The next best source for your research must be the internet. Just be careful of
the reviews of brokers posted online and don't believe them until they can be
verified.
You can also get a good feel of the quality of the brokers by visiting their
corporate websites.
One tell-tale sign of questionable brokers is the
non-existence of or the lack of information on their ownership and management
team.
The other answers you should get from your short-listed brokers are:
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Are they registered with the necessary
regulatory bodies? Are the clients' funds segregated? If so, are the
segregated funds independently administered by a 3rd party who can monitor the
flow of funds in and out of the company? A segregated account is not safe if
the fund is not protected from manipulation by the management. |
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Does the broker has a dealing desk and
hence a market maker who will trade against its clients? It is like playing
poker with your cards opened when you trade with a non straight-thru
processing broker. |
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Who are the liquidity suppliers? What are
the slippages? Is the price you see the price you can execute on? How often do
the prices re-quote during normal market volatility? |
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Does the broker charges a commission and
if it offers fixed, variable spreads and rollover interest? More importantly,
what is the quality of the price feed and are the prices executable? |
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Is the trading platform popular and well
supported by a large user community? If you trade with robots, does the
broker's trading platform support them? |
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Are the currency pairs available for your
trading. What are their spreads and leverages? |
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Are you allowed to do scalping and
hedging? Is so, is there any restriction for your live trading? |
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What type of customer supports are
available and their response time? |
3. Compare with demo accounts
Once you have short-listed 2 or more brokers that fit most of your criteria,
you should open demo accounts with them for further evaluations.
It is common knowledge that most brokers use different servers for their demo
and live feeds. Hence, a difference in speed of execution, slippage, and
platform reliability should be taken into consideration.
It would be another plus if the broker offers the same price feeds to both its
demo and live account users.
Do extensive back testing and forward testing on these demo accounts and decide
on the best broker based on the evaluations of their reliability, response time,
customer support and trading results using the same trading plan etc.
4. Fund your live account
When you have decided on the broker. you can then open a live account and
start off small to test the water in the live environment. Compare the price
feeds of both your demo and live accounts. Try to make some fund withdrawals.
If your broker offers rebates, then it is to your advantage to become its IB or
Affiliate to lower the costs of your trading. You will also earn residual income
for promoting the business.
Only then will you be able to confirm if
you have made the right choice.
I can sleep well when I trade with brokers like
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