In the first step, You will go through some of the main questions you need to ask yourself when reviewing different brokers. Then You will see in different brokers and features available to them. We have compiled a guide comparison by taking some of the frequently asked questions on the internet, and observe some of the most frequently asked questions about brokers out there, so you don't have to.
With this guide, you can narrow your choices down and take the last step of speaking with different brokers and trading demo on different platforms. Simple, right? Let's start ...
Step 1: Do your research
Before comparing brokers, do you know what to look for? No? Well, here are some key questions you should ask yourself:
- Whether the broker is registered with the authority that regulates? Check to see if your broker is registered with the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC) if they are based in the United States. If the brokerage based in the United Kingdom, check with the Financial Services Authority (FSA). If the broker is not registered with one or more recognized companies set up, then you might want to think twice before signing up with them.
- Dealing Desk or Non-Dealing Desk broker? Does the broker offer spreads fixed or not fixed? How wide spread? The questions are more significant for those traders who want to take advantage quickly on a few pips. spread Large and/or variables can be cut into the profits of the trading strategy.
- How much or little leverage will broker gives you? We highly recommend that you review the "Leverage Killer" before deciding how much leverage will be suitable for your trading style. The phrase, "is more or less," can save every newbie
- Of course, you're not going to start trading with real money right away, right? Well, when You have a strategy to win and you're ready to trade live; find out how risk capital more you should start by making a big difference. If you have $ 2,000 or less to start with then you may want to start trading "micro" much. Not every broker has this feature.
- Is this a credit broker or interest rollover debit daily? Some brokers either do both, cut flowers, or not. This information is important for traders to hold a position overnight.
- 6. does this broker for premium services such as charting, news feeds, and market commentary? How important is my premium service for trading?
Step 2: Compare Brokers
Let's not long-winded, now you need to go to a Broker Comparison Guide.
Step 3: Open a demo account and ask questions.
Please select at least two brokers who best fit your criteria and open a demo account. Trading in different market environments. Learn all the different features of each of the trading platform. If You have any questions, don't be afraid to ask. Many brokers have customer service support is excellent and will gladly answer your questions.
Most demo trading platform is very similar to their counterparts, but not exactly the same. There may be differences in the speed of execution, slip, and the reliability of the platform (most of the time live account more reliable from a demo account). When you have a strategy You down and you're ready to move to the live account, ranging from small, testing the waters, and see if this particular broker will be in accordance with the needs of the trade.
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