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Before you can begin
trading in Forex, you will need a trading account with a Forex
trading company or brokerage firm. The Forex trading company will be
the party that will execute all your trading orders. As compared to
brokers dealing with the stock market, Forex trading companies do not
charge commission for their services. How Forex trading companies
earn for their services is by charging a spread on the currency
pair that you are purchasing. Today, with the mushrooming of online
Forex trading companies, one can easily be confused as to which Forex
trading companies to sign up with.
Selecting the correct
Forex trading company will require some research and time into the
background of the company in question. Although it may take some
additional effort on your part to find out about the services offered
and the range of spread charged by these Forex trading
companies, this effort will be worth it in the long term as you need
to be fully satisfied with the party that you are closely working
with in all your trading.
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 if the Forex
trading company is registered with a regulatory body
- The quality of their
customer support
- Evaluate the online
trading platform that they provide
- The types of account
that they have
- The policies of the
company
Regulatory Bodies
Said to be largely
unregulated market, investors who get swindled out of their money by
unscrupulous Forex trading companies will not have much remedies for
their losses. As such, it is important that you select reputable
Forex trading companies that are registered with an independent
regulatory body. More information regarding regulated Forex trading
companies in the US can be obtained at the website
www.nfa.futures.org/basicnet/.
In Australia, the Australian Securities & Investments Commission
(ASIC) is the regulatory body that is in charge of regulating
financial companies. Their website is at
http://www.asic.gov.au/asic/asic.nsf.
Customer Support
Because you are dealing
with a 24 hours trading environment, your have to ensure that the
Forex trading company that you are signing up with also provide you
with 24 hours technical support. Because it is your money that is at
stake, you must not compromise on this prerequisite. Ensure that you
are getting live support and not a recorded voicemail on
the helpline.
Evaluating 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. Also the system
must provide a summary of your trading activities in order for you to
be able to get a snapshot view of all your investment positions.
Types of account
available
There are basically three
kinds of account that a new trader can open with a Forex trading
company. They can be a Micro Account, 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.
Company Policies
Before you sign up with
any Forex trading company, you should also check their policies and
well as any terms and conditions they might have. This includes
checking:
- The currency pairs
that they deal in
- The transaction cost
like the spread and rollover charges
- The margin
requirement
- Their working hours
- Interest rate they
charge for utilizing the margin facility
Finding the right Forex
trading company to deal with is one of the first steps towards
venturing into the Forex market. As such, it very important that you
take your time to evaluate each and every one of the Forex trading
companies that you shortlisted.
Selecting,Forex,Trading,Compan