How to Select the Transaction / Broker / Forex Broker - Singapore Forex Trading, Singapore Forex Academy, Singapore Forex Association

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How to Select the Transaction / Broker / Forex Broker

There are 2 ways to select for themselves a good Forex trading floor, 1st is simple way (or "lazy way") and Monday is the professional way ( you will automatically perform their own investigation and taking See the review), so you are doing in what way?

Selecting the Forex-Broker The two basic ways to select Gold Exchange, Forex is popular:
1. The simplest way (or "lazy way"): read the review of the floor, and based myriad Stars (Vote-Star) and the feedback to choose from.
This way, there is no guarantee, however, the gold exchanges will reach 5 star rating is the best choice for you, or the information you read is reflected true
2. professional way: you will perform their own investigation and refer the assessments on only a part of it. We will describe the specific steps to get professional choice:
Step 1: Know what you want when dealing
Start by creating a list of properties for gold trading you need.
The question you should add to this list is:
- Do you trade the currency pairs?
- Spread How is right for you (fixed, changed, how many pips)?
- Will you accept a fee (commission) for each command you put it?
- The minimum amount you can invest?
- Leverage is how much you need?
- Tools (tools), the indicator (indicators) do you need?
- You do not need a separate platform (such as MT4)?
- You can not beat style Scalping?
- You have not rated Hedge style?
- Do you need Trailing stop it?
- Do you need the "One-click-trading" does not?
- Do you want to trade by phone and / or receiving transactions?
- Are you interested in this floor is ECN / STP or non-Dealing Desk?
- Leverage the floor that can give you?
- Floors are registered with regulatory agencies do not?
- Floors are high-end services such as charts, provide news and market commentary? These services are important to how your transaction?
- Are you concerned about the reputation of this floor? (You should really care about this issue, because the safety of the investments)
- You can transfer and receive money somehow (bank transfer, PayPal, credit cards ...)? There may be limited depending on where you live.
- What is the fee when you deposit money, transfer money, withdraw money ?
- Sort of questions depending on the importance of it for you, give them to your list and begin the search.
Step 2: Search Broker fit
Search the Internet, use a search engine and look at the site of the gold floor. That is what the traders did before!

Step 3: Visit the website of Broker
After narrowing your choices to just a few Broker, it's time to do further investigation by reference to their website and read about the transaction principle, commitment and policies, understanding the conditions and terms, perceive the transparency of their business through: address, phone, customer support services, presence information of the agency is managing them.

If a forex floor without any address on the website, it will be an alarm signal for you. Phone, chat, skype, email - all are nothing if no addresses!

Monday, overall website appearance can tell me about all of it. It does not need a modern computer and interact more, write in Flash ..., but just a very professional look, all pages and links to a specific function.

Something like "Coming soon" (soon to appear) on a blank page is not acceptable! For new customers, it is always like a temporary message, but by experience, we know it will "soon appeared" in a few months or a few years (!). A gold floor which has business and receive money from customers, it does not allow websites to be incomplete.

The best choice will be open forex accounts with a broker Regulated - that is a Registered Broker with authorities and remain under the supervision and management of the agency.
In the United States: NFA, CFTC

Agency management CFTC and NFA in the US. CFTC determine the rules governing brokerage industry goods, and is responsible for protecting investors, traders and the public from unethical activities in the commodities market, futures market and options . Furthermore, the CFTC is responsible for creating a regulatory environment to foster an open market and promote competition. CFTC has the right to close any organization that is not prescribed in the forex industry.

NFA is another agency managing the implementation of capital requirements and maintain a healthy financial structure among members. It also requires member companies actively monitor employees, agents and affiliates to prevent fraudulent activities and illegal. Since not all Forex Broker are members of the NFA, so very important when looking for a Broker which shows the transparency among members in order to minimize risks associated with fraudulent activities and illegal
In Canada: BCSC, CIPF, OSC
In the UK: FSA UK

In England, the Forex Broker is managed by the FSA ( Financial Services Authority ). In addition to the usual monitoring tasks, FSA also requires customers to deposit funds and separate accounts of brokers. In other words, in case of bankruptcy due to fraud or mismanagement, the funds will be safe. The advantages of this are obvious requirements.

A t Switzerland: SFDF, ARIF, FINM (Requires a banking license)

Our advice for new traders is to be wary of forex brokers that operate only in Switzerland or just register with the Swiss authorities. Many scammers have exploited the reputation of Switzerland as a banking center to register the fake company with the bodies of the Swiss Confederation, who are lax about the rules of Forex industry .

Management Agency headquarters in Switzerland's Federal Banking Commission Swiss (Swiss Federal Banking Commission_SFBC). But many scammers choose to register their company with one of the private institutions, as Organisme d'autoregulation fonde par le GSCGI, Association Romande des Intermediares Polyreg and Financiers, because these bodies are only interested money laundering issues, and generally very lax in protecting customers.

Expected bangThuy Banking Committee Officers Union will put all forex brokers under the supervision of their own by setting up an agency similar to the US NFA, but until that plan in effect, customers of forex brokers in Switzerland are basically not protected from fraud.
  • In Sweden: Swedish FSA
  • Denmark: Danish FSA
  • In Spain: CNMV
  • In Japan: FFAJ, FSA Japan
  • In Hong Kong: SFC
  • Australia: ASIC
ASIC manage foreign exchange operations in Australia. All legitimate broker providing retail services must be registered with the enforcement agencies' capital requirements. Australian law requires any Forex broker must also be Australian Financial Services License (License Australian financial services) or license granted by Reserve Bank of Australia (Reserve Bank of Australia).
Step 4: Read the review of the selected Broker
You should look for more online reviews to make decisions. This information can be very useful but can sometimes make you confused and was "overwhelmed" information. Because there is so much conflicting information, good, bad, in the assessment of a certain forex floor, it's hard to sort out what is true and decisive. What to do now?

We liberty to offer a few simple principles as follows:
a. If the floor has been established for over 10 years - this is to say that this floor has experienced a lot in forex and cares about customers, otherwise they will not exist until now.
b. If the floor is managed by a large organization in that country - Does this mean that the floor that really serious about this business and have the necessary efforts to comply with the rules and laws of the organization Such supervision.
c. If the floor that provides more than 1 product transactions, for example there beside Forex Futures (futures contracts), Options (Option), Commodities (goods), Stock (Securities), CFDs ... this says that there are a flooring business scale larger, with more responsibility and have more clients with their transactions.

Information filtering the good and the bad:
Please select the information that you have read, always analyze what people have written evaluation which is a professional trader or a novice.

Through our review article not only know about the qualifications of such trader, but also know that people understand what they are writing or not. This way you can filter out a lot of bad news where the novices about the problems they face by the ignorance of them.

Same applies also to filter the 5 star rating. Not hard to see the assessment provided by the floor in order to increase their rankings. These evaluations have a "scent" special and despite efforts to conceal the true face of the reviews, I was not hard to realize that 100% advertising only. Your job is always to keep a cool head and evaluate everything objectively.

Step 5: The last trick for the right decision
Finally, your approach to selecting a gold trading floor is similar to the process of selecting a bank you can trust to send money to: reputation, transparency, quickness convenience in transaction money, good customer support.
Commitment to customer (Client Agreement) is what?
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Many Forex trading floors can "forget" no update on their website under the change in trading conditions, such as on the web shows that 1 pip spread when in fact already changed to 2 pips, for Review scalping when in fact it does not. If you do not read customer commitment and instead simply check the box "" I agree, "you're hurt yourself there.