Find a Broker for Forex Trading

There is a vast number of Forex Trading Brokers eagre to offer you an account and assist you in trading your funds. Everything can look very good in the beginning, but there are way too many reports of strange trading behaviour, funds going missing, reversed trades and other scams http://www.forexpeacearmy.com/public/forex_scams that leave you high and dry with a zero balance, or it could be a simple as being unable to withdraw funds.  

So how do you find a Broker for Forex Trading? 

Here is a simple list of checks you should undertake that will give you an overview of how a Forex Trading Broker might rate: 

• Is the Forex Trading Broker regulated by an official Government Body? 
• Contact information. Are they available by phone, or only via email or web enquiry service? Forex is a 24hr market, are they available on the phone 24hrs per day? 
• Do they have a recognised trading platform or an ‘In House’ system? Some big Institutions like Dukascopy have their own platform, but many Brokers normally use main stream platforms like MetaTrader, Currenex or Integral 
• What spreads do they offer?  
• What is their Broking structure? Are they DD (Dealing Desk) Broker, a NDD (No Dealing Desk) Broker, a STP (Straight Through Processing) Broker or an ECN (Electronic Communication Network) Broker? For a detailed explanation of the differences and how it affects your trading check out: http://www.100forexbrokers.com/stp-ecn-brokers 
• Speed of Execution of Orders? This is interlinked with their broking structure, so investigate (5) above. 
• Leverage offered? Most Forex Trading Brokers will offer 100:1 but some will go much higher for established clients. Start low at 100:1 it is better for your risk management. 
• Access to all major Financial Markets. 
• Do they provide PDA feeds and software for mobile trading? 
• Do they offer Demo accounts, how many and how long can you work them? 

This should get you started on a Forex Trading Broker ‘short list’.