Forex Brokers Guide – Forex Founders
Choosing your forex broker
The importance of making the correct choice for your broker
As an individual forex trader, you’ll be trading through a broker of some kind. A broker is your entry to the foreign exchange trading world, so it’s essential that you choose a broker that suits your style of trading.
Although a broker is basically an agent buying and selling currencies for others like you, the choice is vast. A broker is also in business to make money, either by using a spread (selling you currency at a higher rate and buying it at a lower rate) or by charging a commission on what they do for you.
To make the choice that works best for you, you need the right information. Remember that with all the data available on different brokers, it may also be helpful for you to have access to broker lists and ratings prepared by an independent advisor who is both expert and objective.
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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