There are thousands of FXCM Markets brokers. The internet is full of many forex brokers. It can be hard to find a good broker. This is why I’ll give you more tips.
The pip spread should be your first tip when looking for a reliable forex broker. If a forex broker can offer a tight pip spread, you can expect to earn higher profits. If the spread is too big, it can make it difficult for forex traders reach their profit goals. As an example, we might place a sale trade in order to predict that the market will fall. For us to reach our target profit, we have to calculate the pip spread. The formula will look something like: 100pips for target profit + 10pips for spread = 110 pips
The leverage is one of two tips for choosing a broker who is reputable. If the broker gives you a leverage greater than 1:50, this is considered very high leverage. A leverage of 1 to 200 is a good starting point. You may also be offered 1 to 400 by some brokers. It is better to have a 1:200 leverage than a beginner because you can control more units while using less of your capital.
The third tip is to have a strong forex broker background. A good forex broker must be licensed in their home country. A forex broker that isn’t licensed can be called illegal broker. This illegal broker didn’t have any rights to open a account for you. Malaysian law, for example, makes it illegal to make money and trade for other people. They call themselves broker but it is illegal. Malaysia’s government has recently made public this matter. This is a serious problem as many people were manipulated by the broker.
I believe you have been given some useful tips on how to find a forex broker. Be aware that you must search for more brokers, and to experience the live trading with them. This is because if they don’t give you what you want, then you won’t know. You can also go to some forums to get more feedback about the broker that was chosen.