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It is wise to compare Forex brokers before committing to trading. Forex brokers are different than other options brokers since their commission is paid from the spread the broker offers you rather than a straight commission fee.
Spreads are determined by pips and is the difference between the value of the bid and offer. With a fast moving market you need to be able to reach your broker at any time and have a stable, reliable platform to perform your trading.
A full service brokerage offer advice so you get the best possible spread for your trade. The frequency of your trading can determine the fees paid to your full service broker. It is to your benefit to review and revise your account fees and negotiate the terms and conditions with your broker frequently to get the best rates.
Using a full service brokerage that is accredited means they will be familiar with currency rates, terms and conditions for the exchange you are trading and will provide sound advice. Your broker should provide you with advice on the best time to swap currencies at any time by the current market conditions.
Understanding daily market trends based on current economic news and events is something your broker should keep you informed of with frequent current updates. It is in your best interest to become familiar with your broker and stay in constant contact through personal conversations.
Frequent conversations with your broker will enable you to obtain good advice on for your options trading. It will also help you understand the market in which you are trading. This type of advice and communication is best obtained from a top full service brokerage firm.
Stop losses are an important factor when trading Forex so you need to find out from your broker if they guarantee stop losses and if so what are the fees and charges associated with stop loss.
Slippage is another subject your broker should make you aware of when trading Forex since it is the price you request compared to the price you actually get.
Find a full service Forex brokerage with experience before you start trading.
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