In the forex industry, there are thousands of brokers˳ But if you search through the internet, you can basically find a lot of forex brokers˳ But finding a good forex broker is not easy and I will be giving more tips regarding the forex broker˳
The first tips in finding a good forex broker, is the pip spread˳ Choosing a forex broker which can offer tight pips spread can give you a better earning˳ If the pips spread difference is too large, and then is much harder for forex trader to get their profit target˳ Take an example; we place a sell trade, so we anticipate the market to move downwards˳ But in order to get our profit target, we need to add on the pip spread in the calculation so that we can reach the target profit˳ The formula will be something like this 100pips (target profit) + 10pips (pips spread) = 110 pips˳
The second’s tips of getting a good broker are the leverage˳ If the broker offers you a leverage of 1:50 this is consider a very high leverage˳ Normally for a beginner, is better to get a leverage of 1:200 or sometimes you may get some broker which offer you 1:400˳ The reason for beginner to get a 1:200 leverage is because you can use a little of your capital, but you can able to control more units˳
The third tips to get a good forex broker, is a good forex broker background˳ A good broker must be at least regulated in their country˳ A non regulated forex broker can be also known as illegal broker˳ This illegal broker had no rights at all to open an account for you˳ For example, in Malaysia it is illegal for people to collect money from others and trade for them˳ They call them self as a broker but it is illegal˳ Lately Malaysia government has brought out this matter in the newspaper˳ As this is a serious matter as many people had been conned by this illegal broker˳
So I believe that I had given you some tips on how to get a good forex broker˳ But bear in mind that you need to try to search more brokers and try it out with live account˳ This is because you never try, you never experienced what actually they give to you˳ You can also try to go some forum to get more feeds back on the broker that you had chosen˳
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