Find The Best Forex Broker

I’m not in the business of recommending a broker to you but I do want to tell you a little of what to look for when you are deciding which broker to use. Let me say up front the following:

I know of only one broker who does not offer any kind of backhanders to people who introduce other people to their services. I am sure that there will be another one or two but I have yet to find them. How do I know? Because I have asked brokers if they offer an introduction fee. I suggest you do the same.

What is a backhander? It may be a one off fee payable to you for introducing a new account or it may be a cut of EVERY trade that the person you introduced takes. Imagine, you introduce me to a broker and I sign up and place my funds in their account. Every trade I then make the broker takes his spread and a further pip or so for you! You have no desire to tell me so I carry on “blind” having to pick better and better trades to fund your lifestyle.

Slippage - the difference between the price I choose to enter a trade and the actual price executed by the broker. A delay of a second or so in the broker’s favour can cost us a small fortune. Now, when we operate in a broker’s “dummy account” there is rarely, if ever, slippage. But when we trade real money the problems begin. I have only experienced slippage on a couple of occasions and even then, it may have been my internet connection rather than a problem with my broker. I know my broker executes trades via an automated system NOT with any humans involved.

Spikes - when a currency shoots up or down quickly for no apparent reason. This could cause us to be stopped out. I have only been damaged by a spike once with my broker. I complained and asked them to look into the matter. Three days later they replied that they had looked into the matter and decided to refund me my money.

Look at the “big” brokers that advertise and check how well they are capitalised. Are they safe or could they go bust and take your money with them? Does advertising mean a good broker? I think not!

My broker doesn’t advertise but it is in the top three biggest independent brokers in the world. It is the best capitalised independent broker out there and it doesn’t take or offer backhanders. Other brokers may not like them - why - because they can’t compete!

By: B. Boshell

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