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There are many things to be considered when you begin your online forex trading account and that is to consider how to choose a forex currency trading broker. The question is how do you select the best forex brokers. Consideration should be given to these 7 critical points when you are making the decision to appoint a forex currency trading broker.

1. Dependable

This works on multiple levels. You need a broker that you can rely upon to be trustworthy and who will not all of a sudden vanish like a puff of smoke from the internet taking with them all of your hard earned money. Please satisfy yourself that your forex broker is a member of a professional trading association as the fx market is largely unregulated so take care to ensure your broker has impeccable credentials.

The first step is to check up on the reliability of the currency trading broker and to confirm your online forex broker is regulated. In the USA this means that you want a forex trading broker that carries a current registration with the Commodity Futures Trading Commission (CFTC) and also the National Futures Association (NFA).

The National Futures Association should be consulted to make sure that your forex currency trading broker has a good record regarding complaints. Other countries have their own regulatory bodies for example the same function is performed by the Financial Services Authority in the UK.

Another consideration is whether the online forex broker's trading platform is reliable. The forex trading platform is the financial software that will connect you to the FX markets whenever you want to trade. If the online forex trading platform is often offline then this will cause you some major problems. There could be a time when you miss out on an opening price or closing price because of the forex trading platform experiencing some downtime.

Some good advice is to check what others say about the forex broker and go online and check the relevant forex forums on the web and see what experience they have of downtime. Remember it is like with all online forums do not listen to the loudest voice as they may have a vested interest either way in recommending or not recommending who in their opinion are the best forex brokers

2. Services Provided by the Best Forex Brokers

The forex markets trade 24 hours a day from Sunday night to Friday afternoon EST. You will need to check that your forex broker's trading platform is available all of this time, and certainly the best forex brokers are and they will also offer 24 hour customer support on forex trading days.

Check that they cover at least the seven major currencies USD, AUD, CAD, GBP, EUR, CHF, JPY and again the best forex brokers certainly will. The best forex brokers should offer you financial trading charts, technical analysis charts and instant execution of your forex trade at the price displayed.

3. Forex Broker Costs

Online forex brokers do not make commission charges but will make their income from the forex trading spread. The forex spread is the difference between the buy and sell prices on any currency pair. The forex trading spread can be anything from 1 pip or less and up to about 3 pips although this will depend upon the online forex brokers terms of service and the currency pair being traded.

The piece of the pie taken by the spread can make the difference between achieving a profit or making a loss in your forex trading account over both the immediate and also the longer term so you will need to check closely at what level the spread is calculated. If you can decide which pairs you are likely to trade most often, for example I prefer the USD/GBP trading pair which is known as cable, the spread on those pairs will be more important to you than on others.

Beware of special marketing tricks like special offers of lower forex trading commissions that may not last long once you have committed your funds. Consideration need to be given on how much is the minimum amount of capital you can invest. The accepted advice given to new forex traders is to start your forex trading with small lots so you will need to consider a forex broker who will let you open an account with less than $250.

4. Margins which are also known as Deposits

Margin requirements vary from forex broker to forex broker. A lower margin requirement means higher leverage, and higher leverage gives you greater profits or losses on the same fund size. So low margins seem great when you are doing well, but losses will be bigger if things go badly.

5. Lot size

Lot size varies from one broker to another. Generally 100,000 units of currency is a standard lot, 10,000 is a mini lot, and 1,000 is a micro lot. Some brokers offer fractional lots which give you more power to set your own lot size. You may consider this to be of an advantage to you or if you prefer a less complicated approach this may well be an unnecessary complication.

There are other considerations including the interest paid on your margin account, rollover charges and other FX trading policies. However, these are the main points that you should be looking out for when choosing the best forex trading broker.

6. Customer Service

This is very important especially when you have just started out using a forex trading platform. Like with all new things there will inevitably be teething troubles and you will want to be able to speak or email someone and get an instant response. The best forex brokers will provide this service.

7. Forex Exit Strategy

There will be a time when you want to realize some of the profits that you have made and be able to withdraw your money quickly and easily. Make sure that you are able to get your money within a couple of days as some online forex brokers insist on a 14 day delay which is totally unnecessary

The other half of the truth is that if you buy and study a good forex currency trading e-book guide or program and understand how it works, avoid the pitfalls and get to know the secrets of risk management and trade with discipline, you can get fabulously rich so fast it will make your head spin round and put the devil to shame.

This is why there is an organized campaign to discredit online currency trading. If you get rich so fast, then you’ll not need to depend on the “Money and Power” Elites and their jobs and welfare system where they allow you nickels and dimes to keep you subjugated. If you get rich too fast, they will no longer be able to manipulate you into voting and keeping them in power to continue milking your life by making you labor and work yourself to death making them rich. There are so many reasons why most beginners in foreign currency trading fail to earn money and instead lose all their savings.

When they first hear about how easy and fast it is making money from day trading currency, they search the internet and find a forex trading broker. Then they open a currency trading account and put in a few thousands of dollars in the online currency trading account and immediately begin to try to earn money from online currency trading. And they get entangled in all the foreign currency trading sophisticated strategies and systems of technical and fundamental analysis such as reading “Forex charts”, “Moving Averages”, “Elliot wave”, “Stochastics”, “Bollinger bands”, “Directional movement index”, “Trend and Oscillator indicators”, “Fibonacci retracements and others.

They spend all day and night listening to business news on radio, reading forex newsletters, forex articles in magazines and watching business news on TV These beginners don’t take their time to buy a valid online currency trading e-book guide to study and understand the forex market and the currency trading “SECRETS” before they begin trading.

They don’t open the free demo trial forex trading account to practice for free to develop viable profitable currency trading skills first before they open a paid forex trading account to begin trading and making real money. They make the fatal and dumb mistake of trying to fly in the world of foreign currency trading market before they learn how to crawl. So, they get confused, make grievous foreign currencies trading errors and lose their money. When they lose their money, they will not accept responsibility because that is the difficult part.

The easy thing to do is to blame their mistakes on online currency trading and to declare and gripe that it is risky and a scam designed to con the unsuspecting public. This gives them the justification to begin filing false complaints and instigating legal action with the lame excuse that they were naïve and didn’t know the risk involved and so have been ripped off. The truth is that there are at least one million people around the world who have foreign currency trading skills and do it well to make millions of dollars monthly!

Yes, sometimes they will lose.

But most of the time they are fabulously profitable. I once read about a taxi cab driver from New York who started trading foreign currencies about 10 yrs ago. While driving his taxi cab, occasionally during his lunch break, he will log into his forex trading account and enter a few currency trades. By the end of his driving day shift, he would check his online currency trading account and was always surprised to find that for a few minutes of trading currencies, he had made more money that day in minutes than he made driving the cab for a whole month.

This encouraged him to stop driving the taxi cab and to begin trading currencies full time. In 10 years, he made $4 billion dollars ($4,000,000,000) trading foreign currencies online and was listed in Forbes Magazine’s 400 richest Americans! He is just one out of the many average people all over the world who took the time to study online currency trading, understood it and trade it correctly and are making millions of dollars without any hard work.

You too can do the same. It is simple. If you can click your mouse once to buy the currency and in a few minutes click your mouse a second time to sell them, you can make money. It is a no brainer. Even a caveman can do it! So, foreign currency trading is not difficult to understand or to do like stock or bond or commodity trading.

If you know where to get a good and valid forex trading guide or e-book and be patient to spend 1 hr daily to study it to understand the foreign currency trading market, how to click your mouse to buy and sell the currency; and if you will be patient to do the free demo trial for a few months before you open a paid forex trading account to begin trading, you can get obscenely and insanely rich so fast, it will make your eyes want to pop out, seeing all the piles of cash you generate just by clicking your mouse twice for a few minutes daily!

One powerful secret that will help you as a beginner is to avoid hiring money managers at the beginning to trade currencies for you. The reason is that 90% of these money managers who advertise with highly impressive websites and brochures and also in TV infomercials and radios and seminars are fraudulent. When you hire them to trade for you, they will over trade your account (churning) so as to generate a lot of trading fees for themselves because whether they make money for you or not, you must pay them their fees.

The more they trade your account, the more fees they generate for themselves! By over trading your forex currency account, they expose it to massive risk which will eventually lead you to lose a lot of money. This is because there are certain days and times which are profitable to trade and there are some days and times which are not. Therefore by over trading (churning) your currency trading account, they get rich at your expense.

Plus, some of them will even use some profits they generated from trading your account to trade for themselves and make themselves rich without you knowing what is going on. As if that is not bad enough, some will entice you to trade on margin. This means that they will loan you money to trade. But the trick is that they are loaning you digital money which is created from the air and has no value. All they do is go to your account and enter any amount of money they wish to loan you. (They don’t actually put real money into your currency trading account!) This is not real money because it is just digital artificial numbers. But if you use this fake funny digital money to trade and lose, then you’ll owe them real money!