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3 Tips of Getting a Good Forex Broker?

3 Tips of Getting a Good Forex Broker?

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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