Selecting a Forex Trading Company
In essence, there are four ways to trade the Forex market. It can be done manually by the trader himself, using a managed account provided by the brokerage firm, using Forex forecast signals or with an automatic Forex trading system. A relatively new trading approach in Forex trading, an automatic Forex trading system provides a trader the benefit of automation as well precision execution of trades.
You will need to open a Forex trading account at a Forex brokerage or trading firm before you can start trading. This Forex trading company is the one who will execute your trading orders. Forex trading companies don't charge commissions for their services, unlike brokers who deal with the stock exchange. Forex trading companies make money by charging "spreads" on currency pairs that you purchase. Today, with the mushrooming of online Forex trading companies, one can easily be confused as to which Forex trading companies to sign up with.
It fxcm markets will take some time and research to find the best Forex trading company. It may require some extra effort to learn about the Forex trading companies' services and spreads. However, the effort is worth it as you will need to be satisfied with your Forex trading company.
In order to give you some direction as to what to look for in a Forex trading company, below are some guidelines that you can follow to help you scrutinize the Forex trading companies that you are interested in.
Check to see if the Forex company is registered by a regulatory agency
Their customer service is excellent
Online trading platforms are available for evaluation.
What types of accounts do they have?
The company's policies
Regulatory Bodies
Investors who are scammed out of their money and their hard-earned cash by unscrupulous Forex companies have few recourses for their losses. It is therefore important to choose Forex trading companies registered with an independent regulator. You can find out more about regulated Forex trading firms in the US at the website. In Australia, ASIC is the regulatory agency that regulates financial companies. The website for this company is
Customer Service
You need to make sure that the Forex company you sign up with offers you 24 hour technical support. Because it is your money that is at stake, you must not compromise on this prerequisite. You should only accept "live" help and not "voicemails" recorded on the phone.
Evaluation of the Online Trading Platform
The foundation of any online trading platform is its ordering system. Ensure that the system have real time viewing of the exchange rates. The system should also provide you with a summary of all of your trading activity so that you can get an overview of your entire investment portfolio.
Types of account available
A new trader has three options when it comes to opening an account with a Forex company. You can choose between a "Micro Account", a Mini Account or a Full Account. Micro or Mini accounts are especially recommended when you are just starting out in Forex trading as they allow you to trade on a smaller scale.
