So you want to Find a Good Forex Broker in Australia?
Choosing a good forex broker can be a daunting task. With so many brokers available to choose from, where do you start?
Because your broker will be your only point of contact in your forex trading it is essential to find one that suits your needs. It should however be noted that a forex broker will not actually help you with what you decide to buy and sell.
Step 1. – Make sure that your Forex broker is reputable.
1. Make sure the broker is registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission.
2. Make sure the broker is an NFA member. You can verify this by phoning the NFA on (800) 621 3570.
Step 2. – Find a broker that offers a demo forex account
If a forex broker can not demo their software, It’s not even worth considering them. The good news is that most brokers will allow you to take their software for a spin first.
Step 3. – Read their Terms and Conditions
Not every brokers uses a standard terms and conditions. Make sure you read them thoroughly. One thing to look out for is their minimum lot size. There are different brokers which specialize in your level of proficiency. For example – EToro is suited especially to new traders however a company like ETrade is more suited to experienced investors.
Step 4. – Make Sure their Customer service is Open 24 hours a day.
Trading in the Foreign Exchange market is a truly 24 hours business. If the broker doesn’t offer support 24 hours per day then they may not be there when you need them most.
If you are new to Forex Trading choose a company like – EToro. They have an interface which is extremely friendly to used and actually help you get the feel for Forex trading very quickly. EToro offers a demo account which will certainly help you get a feel for trading online.