Monday, August 13, 2012
Searching for a Best Forex Broker? Every Forex traders needs Forex Broker to trade Forex Market. There are several Forex Brokers . The Forex Broker should be good and genuine. And there are different type of brokers. We need to select a Best Forex Broker. Here i am going to giving to some basic steps to find a Best Forex Broker. I hope it will help a newbies to select a Best Forex Broker.
Before you settle for one broker, you should read as many reviews as possible.
If you know someone who uses this broker, ask them to show you how it works.
Once you get an account, you might have to stick with it for a little while.
Make sure you choose the right broker.
Forex Regulation:
The following is a guide you can refer to when checking up on a Forex broker or service provider and make sure they are indeed following official Forex regulations. There are many regulations but i suggest you to go for NFA , FSA any CySEC regulations.
NFA-National Futures Association
National Futures Association (NFA) is the self-regulatory organization for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency (Forex) and OTC derivatives (swaps). NFA has developed and enforced rules, provided programs and offered services that safeguard market integrity, protect investors and help their Members meet their regulatory responsibilities and has done so for more than 30 years.
NFA Official website:- http://www.nfa.futures.org/
FSA-Financial Services Authority
This is a UK based independent body given statutory powers by the Financial Services and Markets Act 2000. The FSA regulates the financial services industry in the UK, which is made possible by the FSA's regulation making, investigatory and enforcement powers. The FSA is obliged to have regard to the Principles of Good Regulation.
The FSA has now become two separate regulatory authorities.
The new regulatory authorities and a description of their responsibilities is below:
I) FCA - FInancial Conduct Authority (http://www.fca.org.uk/)
II) PRA - Prudential Regulation Autority (http://www.bankofengland.co.uk/pra/Pages/default.aspx)
CySEC - Cyprus Securities and Exchange Commission
Customer Service or Live Support :-
Forex Market is 24x5 . So we need to find a 24 hours customer service provider. It is very important. To check their Customer service ability is to contact the customer live chat support and ask some questions. Try their phone customer service too and check their attitude they have about answering them. Is they can answer your all questions and if you satisfy with their answers then go with them. if you not satisfy and their attitude is not good then stay away.
Before you settle for one broker, you should read as many reviews as possible.
If you know someone who uses this broker, ask them to show you how it works.
Once you get an account, you might have to stick with it for a little while.
Make sure you choose the right broker.
Forex Regulation:
The following is a guide you can refer to when checking up on a Forex broker or service provider and make sure they are indeed following official Forex regulations. There are many regulations but i suggest you to go for NFA , FSA any CySEC regulations.
NFA-National Futures Association
National Futures Association (NFA) is the self-regulatory organization for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency (Forex) and OTC derivatives (swaps). NFA has developed and enforced rules, provided programs and offered services that safeguard market integrity, protect investors and help their Members meet their regulatory responsibilities and has done so for more than 30 years.
NFA Official website:- http://www.nfa.futures.org/
FSA-Financial Services Authority
This is a UK based independent body given statutory powers by the Financial Services and Markets Act 2000. The FSA regulates the financial services industry in the UK, which is made possible by the FSA's regulation making, investigatory and enforcement powers. The FSA is obliged to have regard to the Principles of Good Regulation.
The FSA has now become two separate regulatory authorities.
The new regulatory authorities and a description of their responsibilities is below:
I) FCA - FInancial Conduct Authority (http://www.fca.org.uk/)
II) PRA - Prudential Regulation Autority (http://www.bankofengland.co.uk/pra/Pages/default.aspx)
CySEC - Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (Greek: Επιτροπή Κεφαλαιαγοράς), better known asCySEC, is the financial regulatory agency of the Republic of Cyprus.
Since Cyprus became a member of the European Union in 2004, CySEC has become part of EuropeanMiFID regulation, giving firms registered in Cyprus access to all European markets. This has led to a number of overseas firms registering in Cyprus to take advantage of this regulatory regime.
Customer Service or Live Support :-
Forex Market is 24x5 . So we need to find a 24 hours customer service provider. It is very important. To check their Customer service ability is to contact the customer live chat support and ask some questions. Try their phone customer service too and check their attitude they have about answering them. Is they can answer your all questions and if you satisfy with their answers then go with them. if you not satisfy and their attitude is not good then stay away.
