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Chapter 38, Part II. Things to Think About.

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Jun 4, 2012.

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  1. Administrator

    Administrator Just Administrator :-)

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    Part II. Things to Think About. [​IMG]

    Commander in Pips: Since we briefly have discussed types of brokers, let’s take a look what particular points to pay attention to when you are in the process of choosing broker.


    [​IMG]

    Pipruit: Right, I’m just wanted to ask – how to choose one, because I think that can spend all my life just to list them.
    Commander in Pips: Absolutely. So, the first thing that you have to worry about is the safety of your money:

    1. Broker’s security and safety.

    It is very difficult to estimate it easily, but some government authorities will help you to do this. Crooks will find it very hard to stay untouched under their supervision. In different countries there are different regulators, but they have similar functions.


    These are some of the major ones:

    - They are NFA (National Futures Association) and CFTC (Commodity Futures trading commission) in US;

    - ASIC – Australian Securities and Investment Commission;

    - Financial Services Authority in UK;

    - Swiss Federal Banking Commission;

    - Federal Financial (Bundesanstalt für Finanzdienstleistungsaufsicht);

    - AMF or Financial Markets Authority in France (Autorité des Marchés Financiers).


    2. Money transfer security, speed and convenience.


    In fact, your broker holds YOUR money, and the single reason why he is doing it is just because it is practical from a trading standpoint. Hence, you should not have any problems, delays and other barriers to deposit your money or to withdraw some or all of it. At the same time, broker has to provide sufficient safety of money transactions and avoid any mistakes during transfers.


    3. Customer service.

    In the beginning it seems not as important as, say, security, until you will start trading. The fact how broker is perfect or not in customer relations will be an important sign how it is perfect in trading. If you can’t resolve something technical like common question or even trading conflicts – what we can say about this broker? Questions should be resolved fast and easy – call back, internet on line consultations, 24/7 support by e-mail, phone and other things – must be presented in customer support service. Multi language is also preferable.
     
    #1 Administrator, Jun 4, 2012
    Lasted edited by : Oct 15, 2016
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