
registered with the Futures Commission Merchant and the Commodity Futures Trading Commission. You should verify that your potential forex broker is in fact registered before giving them any money. Also, because of the massive amount of capital required in the foreign currency market, brokers are usually owned or operated by large banking institutions. Verify their financial stability to ensure the safety of your investments.
Account Types Available. Small investors should look for brokers that offer mini accounts. A mini account usually offers a high amount of leverage (otherwise it would take decades of successful trading to grow $300 into anything significant). Every broker should have standard accounts which need $2000 to start the account with and offers more leverage options. The third type of account is a premium account, which will offer access to more powerful tools, services, and research. The amount of capital needed for a premium account will vary based on institution.
Quality of Tools and Research. Just as in online stock trading accounts, the quality and availability of tools and research will vary greatly between brokers. Most will have real time charts, news, & data, along with technical analysis tools. Some will have expert analysts writing articles and reports. You can look these analysts up on Google to see how credible they are. Also look for technical trading tools, economic indicators, and good customer support. I suggest starting a demo account at several brokers to get a feel for their platforms and see what type of system is most comfortable to you.
Choosing a forex broker is a very important decision, so take your time and do your due diligence. If you end up with a good one, you'll have everything you need to succeed and will be able to focus solely on trading the forex.
About the author:
This article is just a small piece of the free Forex Trading Course at forexgameplan.com. Go learn about this incredible market and sign up today while the 30 day course is still free.
Written By: Francis Gillen

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