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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 Forex broker?

Well it is not that difficult if you will to follow these steps:

1. Determine your needs

2. Research the brokers

3. Compare with practice accounts

4. 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:

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:

3. Compare with practice accounts
Once you have short-listed 2 or more brokers that fit most of your criteria, you should open practice accounts with them for further evaluations.
It is common knowledge that most brokers use different servers for their practice 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 practice and live account users.
Do extensive back testing and forward testing on these practice 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 practice 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 a No Dealing Desk broker like

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