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April 18, 2008, Newsletter Issue #50: How Do You Select a Currency Broker?
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Tip of the Week
FXClub.com Tip: There are many Forex brokers available, and it can be tough to make a decision as all brokerage firms offer attractive deals.
The first consideration when deciding on a Forex broker is how much of a deposit you can commit. Some brokerages require no deposit, some as little at $250, and some as high as $7,500.
The next consideration is whether or not the broker is regulated, and if client funds are kept separate from operating funds. Are they insured?
The Forex market moves at lightning speed - how fast does each brokerage execute a trade? Is there a risk that they could put you on manual execution if they don't like your trading style?
Commissions vary also from brokerage to brokerage. Typically, lower commissions mean less support. If you are an MBA and understand the market well, you may not need any assistance. But if you are new to Forex, it is a good idea to choose a service that will provide help and guidance.
Other considerations include the trading platform itself and ease of use, the margins, slippage, and minimum trade size. Some brokerages only deal in large trades, while others permit smaller trades.
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Exclusive Sponsor
Greetings,
Forex Club is excited to announce a special program. When you open a new trading account we will deposit $100 on it to help you to get started with Forex trading. Since there are no fees to open an account, in essence, this means that you can start actual forex trading without spending a single dollar. Sounds like a pretty good deal, does not it? This is way better than a demo account. You can find out details about this promotion program here: http://www.fxclub.com/incentive
Thank you for your interest and good luck! Forex Club, New York
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