One of the fundamental factors of your success on the Forex market is a right choice of broker, or, in other words, the company, with which you open account, and through which our managers will carry out currency operations on the Forex market. The right choice of broker will help both to increase the capitals and save a lot of nerve cells. At the present time there is a great number of companies, rendering the broker’s services.
All of them may be divided into three major categories:
- Dealing centres (DC);
- Broker’s companies;
- Investment banks.
Here is the list of the basic parameters, which are fundamental when choosing a broker.
- Sum of your initial capital;
- Fame and reputation of broker;
- Different extra limitations on merchandising;
- Reliable connection with a broker and technical support;
- Convenience of work with the software.
1. Sum of initial capital.
Thus, a fundamental factor when choosing a broker is a size of your initial capital. Though at the present time a purse of any filling will find its application, both on the currency market and on the market of securities. The overwhelming majority of Russian and foreign brokers, oriented to a Russian-speaking user, require deposit of $2,000 at least. Also the companies, beginning to work from $10,000, are wide-spread. As it takes place, it doesn’t mean at all, that the better conditions and hundred-per-cent guarantees of the well-timed payments and safe keeping of earnings for the larger sums of invested resources you will be offered the better conditions. it's all according what a particular supplier of services. If you keep the faith, that one should begin the work only with the solid western banks, the amount of your account may not be less than $50,000, rather more often $100,000. The general idea is that the work should be started just from such sums. But in our conditions, and reasoning from own experience, one could do with significantly less resources. The main rule, which is worth following when determining initial capital, is that even the loss of all sum must not be ruinous.
2. Fame and reputation of broker.
Before to invest resources the information of your future broker should be carefully collected. Pay attention to the time of the company existence on the market of services. It is evident that the «older» brokers are more preferable than the beginners because of stability and reliability. Though sometimes just the new companies offer the most comfortable conditions of work. Ask your acquaintances or visit the forums in Internet, dedicated to the currency trade. Usually the facts of fraud hardly remain unnoticeable in the traders’ environment. Certainly, one can stumble on counteradvertising, but if the name of your potential broker figures often in the different black lists, you should treat such facts with increased attention. Choose the brokers, about which you succeed to collect more positive references.
3. Different extra limitations on merchandising.
In this paragraph I would like to warn a beginning investor that many broker’s firms practice extra limitations on merchandising. The mostly well-spread is provision of compulsory number of dealings for a period of time, for example, for a month. Be attentive when concluding a contract, determine what limitations are deliberately unacceptable for you.
4. Reliable connection with a broker and technical support.
The day-and-night permanent connection with a trader must be there without fail, preferably not only by means of electronic terminal, but a common phone one. The technical support in majority of broker’s companies works from 9.00 a.m. till 6.00p.m. Unfortunately, it is difficult to test the function of communication until an account is opened.
5. Convenience of work with the software.
Certainly, one can get accustomed to any software. Nevertheless, we recommend to install a demo-version of trading terminal and provided programs before to conclude a contract. A friendly clear interface will favour a pleasant work since the very first days, though, certainly, this point may be regarded to be secondary when choosing a broker.
Conclusion.
The dream of any trader and investor is a work with an ideal broker, meeting all the above requirements. But it was tried out, that no real broker exists. One should always put up with some shortcomings. Before choosing your broker determine the most critical points for you, which qualities of broker are paramount with you. Study the contracts and the documents first and may success attend you! | 
