There is a good chance that a forex brokers list is included with certain types of web-based or downloadable forex trading software you may use. The goal of providing this information is to help you make as educated of a decision about trading as possible.
A brokers list helps you make a decision about who would be the best possible firm with which to conduct your forex trading business. It helps you make a decision regarding who to conduct business with based on a variety of attributes.
Information that you can obtain from broker’s lists include as follows:
- You might be able to find out whether they offer live customer service help or not. You should only deal with firms that are happy to help you when you need it.
- You might find out a little bit about a firm by what other investors and traders say about it. This info is found in reviews and comments made by foreign currency traders who dealt with specific firms.
- It helps if the broker you choose offers some type of charting software. Find this out as you view various brokers’ lists. This often is provided free of charge, and you are encouraged to seek out the firms that indicate this possibility.
- Comparison charts provided with information about various trading firms most likely also will indicate how much of a deposit is required. You can compare minimum deposits required and find a broker that requires as low of a minimum deposit as possible. Usually the lowest minimum deposit required by a reputable company would be about $250.00. The highest would be in the tens of thousands of dollars.
- When seeking information about qualified firms with whom you hope to trade, you may need to seek out account types. Some brokers may allow you to trade micro or mini-lots which average between $.1 and $1.00 per pip (percentage in point, which is the smallest forex price increment).
- As you seek info about attributes of different trading firms, check out the advantage offered. The higher the advantage, the less the risk. This pertains to how much you would lose compared to how much you would invest.
- You may choose a particular firm with who to trade based on spreads. According to the advice of some experts, you would ideally want to work with a broker who offers spreads of about 2 to 3 pips, depending upon which shares are traded. You can in some cases go as high as 4 pips, but you are usually never advised to go any higher than that.