Tips For Choosing A Forex Broker

How to Find a Good Forex broker BestForexBrokers24.
com
Tips for choosing a Forex broker
“Forex brokers are online companies that allow us to access the currency
market and other financial markets, including precious metals, stocks,
commodities, indices and others, through electronic trading platforms. In
other words, brokers act as intermediaries between traders and
markets. Therefore, it is essential for the operator to select a broker that
offers the best trading conditions and additional quality services. This is
especially important when considering the large number of brokers
currently operating and the differences in the quality of the services they
provide. Next we will explain how to choose a good Forex broker”
How to Find a Good Forex broker BestForexBrokers24.com

Content
Tips for choosing a Forex broker ............................................................................ 3

Content ...................................................................................................................... 4
What is a Forex broker? ........................................................................................... 6
Investigate the broker's reputation .......................................................................... 7
Check if the broker has regulation .......................................................................... 8
Verify the trading platform used by the broker ..................................................... 10
Types of accounts and the minimum requirements to open an account and
start trading.............................................................................................................. 12
Consider trading costs when choosing a Forex broker ....................................... 13
Different spreads according to the broker ............................................................ 14
Leverage and margin requirements by the broker............................................... 16
Quality of customer service ................................................................................... 17
Speed of executions and stability of the company's servers .............................. 17
Bonuses offered by Forex brokers ........................................................................ 18
Broker liquidity level ................................................................................................ 19
Broker Type ............................................................................................................. 20
Brokers Market Maker ........................................................................................ 21
ECN brokers ........................................................................................................ 23
NDD Brokers ....................................................................................................... 24
Recommendations for choosing a good Forex broker ........................................ 25
Find a solid and reputable broker ...................................................................... 26
Find a Regulated broker ..................................................................................... 26
Higher leverage ................................................................................................... 27
Learn about the types of accounts .................................................................... 27

Look for real-time information and good graphical tools ................................. 28
Try a free demo account .................................................................................... 28
Avoid so-called Snipers or Hunters brokers ..................................................... 29
Check the speed of the autorun ........................................................................ 29
Do not pay commissions for Spot...................................................................... 29
Customer service is very important ................................................................... 30
Avoid welcome gifts ............................................................................................ 31
Frequently asked questions ................................................................................... 32
How much can you earn in Forex? ................................................................... 32
Is Forex a Pyramid System? .............................................................................. 32
What are the business hours of the Forex market?......................................... 32
How to know if a broker is regulated? ............................................................... 33
How does leverage work in Forex? ................................................................... 33
In which countries is Forex trading legal? ........................................................ 33
Summary of tips on choosing a Forex broker ...................................................... 34
We hope this guide has been helpful in finding a good forex broker ................. 35
Our principles ...................................................................................................... 35

What is a Forex broker?
In order to operate in the Forex market or in any other financial market, it is
necessary to have a trading account with a broker or broker and logically have
funds in that account.
Basically a broker (see list of Forex brokers ) is a company or individual who is
dedicated to buying or selling in the financial markets following the instructions of
the traders who are their clients. For this service, brokers charge a commission,
which in some cases may be included in the spread when carrying out
operations. Currently there are a large number of online brokers, so for operators
with little experience it can be extremely difficult to choose one that provides a
good service.
Next we are going to explain a series of basic guidelines where we explain how
to choose a suitable Forex broker according to our needs. It is important that in
choosing our broker, we invest the necessary time since otherwise we may
regret our negligence in the future. We must remember that it is a company of
these that we are going to entrust our money.

Investigate the broker's reputation
An impeccable reputation is mandatory. There is no way to have one
hundred percent satisfied customers in any type of product or service, but still,
before opening a trading account with any broker, traders should verify
the reputation of the Forex broker.you are considering. This can be done simply
by searching the Internet, searching for posts and comments on forums, blogs,
and specialized websites, and analyzing the general tone of the posts. We can
also search for information and opinions on social networks, such as Facebook
or Twitter. Ideally, the broker in question will not have any problems related to
withdrawing funds, opening a trading account and the like. Today's internet-
based media enables questionable broker practices to be spread quickly by
affected clients, making it easy for potential clients to verify the company's
reputation with just a simple internet search.
For this reason, serious Forex brokers avoid any damage to their reputation,
since they know perfectly well that in the long run this can cause great damage
due to loss of clients and the difficulty in attracting new clients, or even problems
with the regulatory authorities, in case the broker is regulated.

In the case of brokers with questionable practices, it is almost impossible for their
dissatisfied clients not to share their bad experiences with these companies, so
that a trader can easily discover when a broker has presented serious problems
related to the withdrawal of funds, prices and execution of operations, customer
service, abusive clauses and the like.
Check if the broker has regulation
One of the characteristics of the Forex market is that it is basically a market
without strict regulation. However, this does not mean that there is no type of
regulation for companies that provide their services in this or another market, on
the contrary, today there are various regulatory entities of financial services,
especially in Europe and the United States. which ensure the legality of the
operations of these companies. This makes it almost mandatory for the trader to
choose a Forex broker that is properly regulated, since otherwise his money may
fall into the wrong hands or if a problem occurs he has no one to turn to.
There are various governmental and private regulatory bodies, but the best thing
without any doubt is that it is governmental, since by principle every state entity
seeks to take care of the interests of citizens. For this reason, the least thing is to

choose a broker that is registered and regulated by the financial regulatory body
of the state. If a broker says it is "regulated" by a private body, it is best to be
careful.
In the United States, brokers are defined as FCM (Future Commission Merchant)
and must be duly registered with the NFA (Natural Futures Association) and the
CFTC (Commodity Futures Trading Commission). In England, brokers must be
regulated by the FCA (Financial Conduct Authority) and with respect to the rest
of Europe, this depends on each country since in Spain the CNMV (National
Securities Market Commission) is the entity in charge of regulating the brokers in
that country.
Keep in mind that many brokers have their main offices installed in a tax haven
and are regulated by local entities. However, since the laws in these countries
are so permissive with respect to companies that provide financial services, that
regulation does not provide many guarantees.
Among the duly regulated brokers, it is best to choose those that have a clean
record within the regulatory entity and have such capital that it gives them a
sufficiently solid financial base to operate without problems. Generally, the
regulatory bodies most valued for their good work, experience and reputation are

the NFA of the United States and the FCA of England. However, in Switzerland
and Australia good progress is being made in this regard.
In the following link you can verify a list with the main financial regulatory bodies
currently existing and the brokers that are registered and certified with them:
-Regulation of Forex brokers
Verify the trading platform used by the broker
A very important aspect to take into account when choosing a Forex broker is the
trading platform.it offers. All online brokers allow the user to operate in the
market easily through a trading platform, an application serves as a connection
between the operator and the broker. This platform is the work station where the
investor will carry out practically all his market analysis work, and at the same
time it will be the means by which he will carry out the operations, hence its great
importance. In most cases, brokers offer free demo accounts through which the
client can test the trading platform they offer and its main advantages and
disadvantages without risking real money. When choosing a broker, it is
important that you test and practice with their trading platform before opening a

trading account and depositing money into it.When testing the platform it is
important to take into account the following points:
 Check if the platform is equipped with an account summary where the
client can verify the account balance, the open positions, the history of the
operations, the available margin and the general profit / loss statement.
 Check if the platform offers real-time quotes of currency pairs and other
instruments traded on the market.
 Check if the platform has a complete package of analysis tools that
includes charts. In most cases, trading platforms come with an integrated
market analysis package, especially technical analysis indicators that can
be applied to charts in real time. In some cases, brokers usually charge for
the use of these analysis tools, however due to competition most of these
companies offer them for free. An easy-to-use platform that has a good
package of this type is surely the best option for the client.
Another important aspect with respect to trading platforms is that they can be
divided into two types: platforms based on web technology that do not require a
download and local downloadable platforms, which like any other computer
program must be installed on it so that they work.
Web trading platforms, as their name suggests, are used through a browser such

as Internet Explorer. They are usually based on the JAVA language and do not
require the installation of any software. For their part, platforms in the form of
local programs must be installed on the computer. Typically these platforms are
faster and better for market analysis than web platforms as they have more
features. In most cases, these applications are designed to work in a Microsoft
Windows environment, so the user who has a MAC computer should look for a
broker whose platform works without problems in this environment. However, the
safest thing is that over time the trading platforms of most brokers will also work
on MAC.
Types of accounts and the minimum requirements

to open an account and start trading
Before opening a trading account, it is important for the operator to analyze how
much capital is available to open the account. This can decisively influence when
choosing a broker to start trading since each company has a minimum deposit to
open an account. In this aspect the trader can find everything since there are
brokers that do not require a minimum deposit while others require a minimum of
$ 10,000 or more. Of course, this is not the only thing to take into account, since
each broker has a certain minimum size per operation. If the minimum size per
trade is very high and the trader deposits little money in the trading account, he

will have very little margin to manage the risk of his operations.
In general, brokers have mini accounts, which can be opened with a minimum of
$ 100 to $ 500 depending on the broker and have a minimum trade size of one
mini-lot, which is equivalent to 0.1 standard lots. Likewise, brokers usually offer
micro accounts that can be opened with less than $ 100 and can be operated
through micro lots (equivalent to 0.01 lot). They are ideal accounts to start
operating in the market with real money but risking little capital. In some cases,
brokers allow so-called odd lots , which allow you to choose fractions to suit the
operator in such a way that he creates his trade size to measure.
Consider trading costs when choosing a Forex

broker
When an operator analyzes a broker, he must especially take into account the
operating costs since the higher these are, the lower the profit will logically
be. The costs that must be taken into account are basically the following:
 The spreads.
 The commissions.
 The rollover or swap.
The spread is the amount that the broker adds to the price of the instrument and

is the profit that it obtains for each transaction carried out by the operator. For its
part, a commission is a fixed amount that the broker charges the client for
carrying out a transaction and depends on the size of the transaction and the
instrument with which it is trading. A broker that adds a spread to the quotes
does not usually charge commissions and vice versa, this depends of course on
the type of broker as we will see later.
Rollover can be defined as a rate that the broker charges for holding an open
position from one day to the next, it can be both positive, negative and positive,
in which case it can benefit the trader. In some cases, the broker does not
charge the rollover, however the operator must first inform himself if the broker in
which he intends to open an account charges or not the rollover and if so, what
are the rates that apply. Rollovers originate from the difference between the
interest rate of the base currency of the pair and the interest rate of the quoted
currency. Logically, the greater the difference between the two types, the greater
the rollover.
Different spreads according to the broker

As we saw previously, the spread is a primary part of the cost of operating in the
market, which is why it is very important that the operator always takes the
spread into account. For example, when choosing a Forex broker, a high-

frequency trader should choose the ones that offer the tightest spreads to have
the best trading costs.
The spread is measured in terms of pips , but to calculate the total cost
associated with the spread of a transaction, the size of the traded lot must be
taken into account. Generally, for the same broker, each currency pair has
different spreads, which is due to the liquidity differences for each pair.
Therefore, the spread of the EUR / USD is lower than that of the NZD / USD for
example. Likewise, spreads tend to differ from one broker to another. And in the
same broker, the spread can vary over time, due to different market conditions,
such as the presence of greater liquidity. Depending on the time, the broker may
offer higher or lower spreads. However, there are some brokers known as Market
Makers which offer fixed spreads most of the time.
In this way, we have that the spreads can vary depending on the broker, the
different currency pairs, the periods of time in which it is operating. Due to this, it
is necessary for the operator to evaluate the spread offered by each broker
before opening an account with any of these companies.

Leverage and margin requirements by the broker
At this point the operator must be careful, since a margin requirement can be
very positive if our operations are carried out as we want, but otherwise it can
cause us large losses in which case we wish we had had a higher margin
requirement. Therefore the issue of leverage and margin should not be taken
lightly and the trader should carefully analyze what is best for him. Generally, in
most brokers the margin requirement is 1% and up. The most advisable thing is
to use a medium-level margin requirement that allows adequate risk
management.
With regard to leverage, many traders fall into the error of believing that the
higher the level of leverage offered, the better it will be for them. However, in this
case, leverage must also be used with care as too high a leverage can lead to
losses that are too high. Typically, brokers offer leverage of 1: 100 for standard
accounts and 1: 200 for mini accounts, which is more than enough for any trader
looking to make good profits in the market. Regarding those levels of leverage of
up to 1: 500 offered by some brokers, they can produce a lot of money in a short
time or leave the operator's account without funds.
The best practice for a novice trader is to use the traditional 1: 100

leverage. Therefore, when choosing a Forex broker, it is important to see if it
gives us the leverage that we require.
Quality of customer service
A quality broker must have good customer service that works 24 hours a day, at
least Monday through Friday. Typically, brokers allow their clients to contact their
support staff via email, over the phone, and via live chat on the company website
itself. The customer service of any broker must be able to resolve any questions
that the customer has regarding the services provided by it. You must also
respond promptly, and not leave the customer waiting days or weeks for a
response.
In fact, we can say that when choosing a Forex broker, customer service should
be one of the most important factors. You never know when we may have an
important question or when a problem may arise with our operations.
Speed of executions and stability of the
company's servers
Financial markets like Forex are characterized by periods of rapid movements of

high volatility. For this reason it is important to have an account with a broker
whose servers are highly stable (servers that almost never go down) and allow
the trading platform to carry out fast and efficient execution of orders. In this way,
it must be guaranteed that the trader can open a position in the market at the
price he wishes, avoiding what is known as slippage and requotes, which cause
the trader to enter late and sometimes at an unwanted price, leaving him in a
position. compromised or even orders are not even executed.
To ensure this, it is also required that the client have a high-speed Internet
connection that ensures the fast sending and receiving of information both to and
from the broker. The quality and speed of executions can determine the success
or failure of a trading strategy, especially scalping. When choosing a Forex
broker, check how good their executions are, and especially if they are fast.
Bonuses offered by Forex brokers
Today many brokers offer welcome bonuses to clients who open a trading
account and deposit funds into it. These bonuses are provided in the form of
money deposited in the account and that the user can use to invest in the
market. The amount of these bonuses usually varies, but is generally 10% -20%
with respect to the money deposited in the account by the client. For example,

suppose a trader deposited $ 5000 with a broker X which offers a 10% bonus. In
this case, the broker adds a total of $ 500 to the client's funds. Through the
following link you can check the different bonuses offered by various brokers:
-Bonuses offered by brokers
However, whether or not one of these companies offers bonuses is not a
sufficient criterion for choosing or rejecting a certain Forex broker. The other
criteria explained in this article must be taken into account.
Note: Currently, brokers that are registered with financial services regulatory
authorities in Europe and other economically developed countries, such as
Australia, are prohibited from offering bond promotions to their clients for
regulatory reasons.
Broker liquidity level
Any trader looking to trade with a serious broker should look for one that has a
good level of liquidity so that it can support all large and small trades with
sufficient capital and continue to run smoothly. A broker without the proper level
of liquidity is not very trustworthy and should be avoided. The large investors and
providers of liquidity in the Forex and other markets are the large banks, which

make up a large common market called the interbank market. In addition to
these, we have brokers that do not belong to that group of large investors which
are called Retail Brokers or retail brokers. These are the brokers currently used
by most minor traders.
Good brokers are those that have adequate liquidity providers that may include
some of the major big banks. When choosing a good Forex broker, find out if
they have liquidity providers that allow the company to maintain a good level of
liquidity under any market conditions.
Broker Type
Forex brokers can be classified according to different criteria, including the
markets they offer to their clients and the way they process and execute their
clients' trades. Among these criteria, the type of execution offered by the broker
is among the most important, since it determines aspects such as spreads,
market access, speed of execution of operations and other relevant
aspects. Therefore, when choosing a Forex broker, we must consider the way in
which it processes traders' transactions.

Among the Retail brokers for currency traders we find the Market Makers, Non
Dealing Desk (NDD) and ECN which we will describe below:
Brokers Market Maker
Market Makers brokers are those who set Bid and Ask prices and act with their
clients' counterparts during their transactions. In this case, the difference
between the Bid and the Ask is what is called the spread and constitutes the

Market Maker's profit during the transactions of its clients.
In most transactions, Market Maker clients have as a counterpart the opposite
transaction of another client of the same broker, however, sometimes it may
happen that in a given period, there are operations that have no counterparty.
When this happens, the Market Maker must act as the counterpart (make the
opposite position to that of the client), which is why they are called Market
Makers, that is, "Market Makers". In order to be able to take these operations,
Market Makers make agreements with banks or other brokers to serve as
liquidity providers in such a way that they have the necessary level of liquidity at
all times.
Market Maker-type brokers get their earnings from spreads and not from
commissions. Although some brokers in this category offer efficient execution
without slippage (slippage), in some cases the clients of some of these
companies state that the orders are executed with delay, which causes losses
and possible gains for the broker. For this reason, if you are going to choose a
Market Maker broker, it is best to look for one that offers adequate execution and
therefore has a good reputation in this regard.
Market maker brokers allow operations with mini-lots and micro-lots, which are
suitable for clients with little capital who cannot afford to operate with standard
lots (100,000 units), which is the smallest operating unit of the large banks. . In

this way, through mini-lots (10,000 units) and micro-lots (1,000 units), Market
Makers allow operators with a lower profile to operate in the market.
You can get more information about this brokers here: List of Market Makers
brokers
ECN brokers
ECN (Electronic Communication Network) brokers are those brokers that are
directly connected to a network of financial agents that provide them with
liquidity. These agents from which this type of broker obtain their liquidity are
usually banks or even other brokers that are connected to the ECN network. As
with the Non Dealing Desk brokers, the spreads of the ECN brokers depend on
the liquidity conditions of the market, which is why they are usually variable and
generally quite low. By being directly connected to liquidity providers, ECN
brokers offer fast execution and tight spreads. Unlike Market Maker brokers there
is never a conflict of interest since ECN brokers never operate with their clients'
counterparts.
These companies generate their income by charging their clients commissions
for each transaction, instead of the spread. These types of brokers allow the use
of trading techniques based on scalping.
You can get more information about this brokers here: List of ECN brokers

NDD Brokers
The broker Non Dealing Desk (NDD) are those brokers who have direct access
to liquidity of the market and operate directly with the largest liquidity providers
(large banks, other brokers, etc) that are in this. Unlike Market Maker brokers,
they do not operate in an artificial market created by the same broker since they
use external liquidity in order to provide the best prices and liquidity to their
clients. In some cases, NDD brokers are more of the ECN type, however in most
cases they are somewhere between these and Market Makers. In many cases,
NDD brokers are STP brokers or ECN brokers, or even a combination of these
two types of brokers, usually known as ECN / STP brokers.
The broker's external liquidity providers are directly connected to the company's
trading platform and compete with each other to provide the best Bid and Ask
offers to enter the market. In this way, the broker system automatically selects
the best offers for its users. Some NDD brokers include among their services the
possibility of visualizing the liquidity that is in the market at a given moment, that
is, the best quotes and several more prices (this is known as market depth), as
well as the liquidity available for each price . This allows NDD brokers to offer
greater transparency in the executions, since if the client sees that the best price
has little liquidity and is decreasing, he can deduce that soon that price will not
be available,which, in turn, would make it possible to more reliably predict short-

term market trends when there is a difference in liquidity between supply and
demand. This can be especially useful for traders who operate on the basis of
scalping (short-term trading).
Another advantage offered by NDD brokers is that there are no conflicts of
interest between the client and the company since the broker in no case operates
against the trader, which is because he does not need to become his counterpart
during operations. , as with the Market Maker. In this case, the bid and ask
quotes depend on the supply and demand of market participants, and are not
controlled by the broker. For this reason, the spreads of NDD brokers are
variable, since they depend on the liquidity of the market. Another difference of
NDD brokers with respect to Market Makers is that they do not obtain their profits
from spreads, but instead charge a commission for each operation carried out by
the client.
You can get more information about this brokers here: List of NDD brokers
Recommendations for choosing a good Forex
broker
A broker is the financial intermediary in our operations, that is, it is the
intermediary between buyers and sellers. Here we tell you ten tips that you

should keep in mind to choose a good broker in the Forex market:
Find a solid and reputable broker
It seems obvious, but we should not stop highlighting it in the first place. And how
do you know if it is solid and respectable? For this we must look for a broker with
a lot of net worth, because the higher the capital of the firm, the greater the
protection of its funds. To determine the vitality of a broker, you must look at the
number of employees on the staff; If it is a solid and respectable organization, it
will have hundreds of employees, who can help you 24 hours a day. They also
likely have hundreds of thousands of accounts. If the firm has few employees, it
is likely that they have low capital, or that they are unable to provide you with the
personal assistance you need.
We must also take into account which guarantee fund supports it , since this is in
charge of protecting your money in case the broker goes bankrupt.
Find a Regulated broker
It must be taken into account that the broker is regulated by a competent
entity such as NFA (United States), FSA (United Kingdom), FINMA (Switzerland),
among others. Avoid all those brokers that are in tax havens. Brokers in Europe,
Canada, Hong Kong and Australia have adequate regulations, and capital
requirements are high. If your company is located in an underdeveloped country,

the current regulations may not be adequate.
Higher leverage
Leverage can help you make big profits, but it can also cause huge losses. It is
recommended a broker that provides you with leverage so that in this way you
can operate effectively in the currency market. Naturally, higher leverage means
better opportunities for you. Some brokers offer 100: 1 leverage, which means
that for every dollar in your account, up to € 100 can be borrowed and
used. Other brokers offer up to 250: 1. When choosing a Forex broker, you have
to take into account the leverage it offers, since this could be your great ally.
Learn about the types of accounts
It is advisable that the broker can offer different types of forex accounts. For
instance:
1. The "Mini" accounts require a minimum margin or equity that could be $
250 and up. With this type of account, you can trade forex but the level of
leverage is lower.
2. The “Standard ” accounts , which require a minimum of $ 2000. This type
of Forex account allows you to open larger positions.
3. The “Premium” account makes it possible to open even larger positions.

Types of accounts in Forex
Characteristics
brokers
For low net worth (approx. $

Mini accounts
250)
Average wealth (approx. $

Standard accounts
2,000)
Premium accounts High net worth
Look for real-time information and good graphical tools
They facilitate daily decision making, helping to choose the investment in a more
optimal way.
Try a free demo account
It is recommended that the broker have a free demo that operates in real time
because it allows you to practice and learn with play or real money the
characteristics and services of the broker you want to hire before opening a real
account and starting to operate in it.

With a demo account you will be able to immerse yourself in the Forex market
without the risk of starting by investing your assets: this way you will be able to
carry out the first operations and have a more global vision of this market before
investing.
Avoid so-called Snipers or Hunters brokers
These brokers usually buy or sell based on pre-established points, they usually
perform these maneuvers to increase their profits. Avoid these types of
corridors. To find out who these brokers are, you must communicate and interact
with other operators online or through forums.
Check the speed of the autorun
One of the most important variables to take into account when choosing a broker
is the speed of the executions. The best thing is that the execution is automatic ,
so when we want to enter or exit the market at a certain price, normally the
Broker respects it.
Do not pay commissions for Spot
Forex traders do not pay commissions for placing orders , unlike those who
operate in futures markets. In reality, a Forex broker is a simple intermediary,

and not a broker or agent itself. Therefore they obtain benefits through the
Spread , this is the difference between the value of the “bid” and the “ask”.
Remember the differences between hiring a market maker and an ECN

( Electronic Communication Network )
You have to take into account the differences between an ECN and a market
maker to know what type of broker can best meet your investment needs.
It must be remembered that: price volatility in an ECN is usually higher than in a
market maker's network, ECNs do not usually allow leverage, unlike market
makers. In addition, ECNs usually give the prices set by their liquidity providers,
with the exact same margins, and then charge a commission for each round-trip
operation. However, market makers allow you to open an account with fewer
resources and their platforms are easier to use.
Do not forget that the market maker or market creator covers the position with
other operations or does not cover it, so that he assumes the opposite risk to
yours. In other words, if you win, the market maker loses, thus creating a conflict
of interest.
Customer service is very important
Customer service is very important because they will help you solve any possible
incidents you may have. It is advisable to look for a broker that solves them as

quickly as possible, that does not hinder the withdrawal of funds, that does not
have many complaints from other investors. To know the opinion that other
investors have about the brokers in the market, you can consult and participate
in forums .
Avoid welcome gifts
Avoid all those brokers that offer welcome gifts such as 30% welcome bonuses
or Ipad gifts. In most cases, if you stop to read the fine print of the conditions, you
realize that in order to withdraw the bonuses or the money itself, it is more likely
that you will end up losing all the money deposited before. One fact to keep in
mind is that if you want to withdraw your money and you do not meet the
conditions to do so (almost always), the bonus received or the amount of the gift
made will be deducted from your account.

Frequently asked questions
How much can you earn in Forex?
Profits on the world stock market depend on the capital invested. In general,
offers that promise exorbitant profits in a short time are often misleading. The
truth is that earnings in Forex largely depend on the size of the invested capital. It
is possible to obtain a return of 10%, which multiplies as more money is invested.
Is Forex a Pyramid System?
Forex is the International Foreign Currency Market, and it is not a pyramid
system at all, nor is it related to these financial systems. However, some agents
who work as brokers (intermediaries), can turn the exchange of securities into a
pyramid scheme. That is why it is important to identify when the brokers are
really trustworthy. Generally, when they are not very transparent and require a
complex referral system to withdraw the money earned, they are pyramid scams.
What are the business hours of the Forex market?
To face the time differences, the Forex market has established different

schedules. These time guides are divided into three zones: Tokyo, London and
the United States. The Tokyo Forex time zone according to Greenwich Mean
Time (GMT) starts at 0:00 and closes at 9:00. In the case of London, the Forex
market starts at 8:00 and closes at 17:00. Finally, for the United States, the
opening time according to GMT starts at 1:00 p.m. and closes at 10:00 p.m. This
allows all sectors to coincide at certain points of the day.
How to know if a broker is regulated?
Regulated brokers usually show their registration number. This number allows
the broker's regulatory body to be consulted and verified. In addition, the most
serious and reliable brokers include this information in privileged areas of their
website. To verify if the broker you want to use is regulated, look on its main
page for sections such as: Security of funds, Regulation, About us, etc.
How does leverage work in Forex?
In simple terms, leverage in Forex consists of a technique that allows you to
invest for a nominal value greater than the resources used. It is the quotient
between the size of the position and the equity within the platform. Leverage
increases analogously with losses and decreases with gains.
In which countries is Forex trading legal?
There are a large number of countries where it is legal to trade Forex. This is

because in these countries it is a recognized and regulated practice by a
specialized entity. The main countries are: United States, Canada, United
Kingdom, Spain, Chile, Colombia, Cyprus, Japan, Hong Kong, Austria, Belgium,
Germany, Denmark, Slovenia, among others. If you are residing in a country
where it is not legal to trade Forex, you can still invest in that market through a
broker. However, this broker must belong to one of the countries in which it is
legal to trade on the international stock market.
Summary of tips on choosing a Forex broker
To summarize everything discussed in this section, if a trader wants to invest
with confidence in the financial markets, he must choose a Forex broker that
meets the following:
 Be duly regulated and capitalized.
 Offer low spreads.
 Have a stable trading platform with a suitable analysis and graphics
package.
 Have a leverage and margin requirement appropriate to the client's initial
deposit.
 Have a relatively low minimum account opening.
 Provide fast and efficient executions.

We hope this guide has been helpful in finding a
good forex broker
Best Forex Brokers 24 is a web portal specialized in the analysis of
brokers and online trading platforms. Our mission: Our website was created
with the purpose of providing detailed information and exhaustive and
impartial analysis for online brokers so that our users can choose the online
broker that best suits their needs. Faced with the rise of online trading and,
unfortunately, scams related to this industry, Best Forex Brokers 24 is
positioned in favor of the use of regulated brokers by official bodies. That is
why on our website we only include brokers that have passed an exhaustive
security and reliability examination. All this with the purpose of improving the
security of our users.
Our principles
We are governed by a series of principles or values, among which the following
stand out:
Impartiality: when analyzing the brands included in our lists, we try to be
impartial. You will often find information about both positive and negative
aspects.

Reliability: we try to provide reliable information, both about the brokers we
promote and when giving trading advice. We never promise profit as trading is a
risky activity.
Security: as we have already mentioned, we only show brokers regulated by
one of the following international organizations.
CySEC (Cyprus): https://www.cysec.gov.cy/
FCA (UK): https://www.fca.org.uk/
CNMV (Spain): https://www.cnmv.es/
ASIC (Australia): https://asic.gov.au/
Legality: we try to abide by current international laws and therefore we update
aspects of our website (such as risk notices) in accordance with current
legislation.
We invite you to visit us and we will help you make the choice of the best
forex broker easier. Visit us at https://bestforexbrokers24.com/
Best regards,
Best Forex Brokers 24 Team

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How to Find a Good Forex broker BestForexBrokers24.

market and other financial markets, including precious metals, stocks,

commodities, indices and others, through electronic trading platforms. In

other words, brokers act as intermediaries between traders and

markets. Therefore, it is essential for the operator to select a broker that

especially important when considering the large number of brokers

provide. Next we will explain how to choose a good Forex broker”

How to Find a Good Forex broker BestForexBrokers24.com