There are many brokers in the forex industry. There are thousands of forex brokers to choose from, but you can easily search the internet for many. However, it is not simple to find a good FXCM Markets brokerage.
Pip spread is one tip to help you find a reliable forex broker. For better earnings, a forex broker should offer a tight spread. It can be difficult for forex traders who have a wide spread to make their profit targets. For example, let’s say that we place a buy trade to anticipate the market moving downwards. In order to achieve our profit target, however, we will need to add the pip spread into the calculation. The formula will look like this: 100pips (target profit), 10pips (1-pips spread), = 110pips
Leverage is one of the most important tips to find a good broker. You should consider 1:50 leverage as a high leverage offer. It is better for beginners to have a leverage ratio of 1:200. However, you might be offered 1:400 by some brokers. You can manage more units with a 1 to 200 leverage, but only a portion of your capital.
A strong background in forex brokerage is the third tip that will help you find a good broker. A good broker must have at least one country’s regulatory authority. Illegal broker can also be called a forex broker who is not licensed in their country. This broker did not have any rights to open an accounts for you. Malaysian law makes it illegal for anyone to receive money from another person and trade on their behalf. They refer to themselves as brokers, but it’s illegal. Recently, the Malaysian government has made this issue public. This is a serious issue as many people were conned.
I believe I’ve given you some tips to help you find a reliable forex broker. Remember to look for more brokers to get a live account. Because you have never tried, and you’ve never seen what they actually give you. To learn more about the broker you chose, you might consider joining a forum.