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Forex Brokers – Choosing a Great One

The forex broker will also give you leverage so that you can trade on margin and control the larger amount you have with you. Of course, it's up to you how much and when you use it. Remember that leverage can be your friend if used logically but it can increase your losses if you are not careful. But we will talk about this later.

There are several things to keep in mind when choosing a forex broker. Some of the most important points to consider:

1. Availability

Check that they cover all the major currency pairs which are USD against EUR, JPY, GBP, CHF, CAD, and AUD. They should offer at least a few cross pairs of major currencies that are two of the other currencies not including the US dollar. All brokers will offer charts and technical analysis. Check that these meet your needs. You may also want to check if they offer instant execution of orders at the displayed price without slippage. Visit this website, if you’re looking for a forex broker.

2. Charges

Forex trading brokers usually do not charge fees or commissions. Instead, they make money from the spread, which is the difference between a currency pair's bid and ask prices. The spread is usually in the range of 1-3 pips depending on the broker and currency pair, but it can vary during times of volatility. You need to be aware of how they make money out there and reliable brokers are very happy to explain it just for you. Please ask them.

3. Minimum Account and Lot Size

While there are certainly large accounts, the minimum investment will be an important factor. So as you want to trade forex, the good news is that reliable brokers can get you up and running with some of them only wanting to start trading with $100.