Forex Broker: Who’s the Man?

Forex brokerForex broker programs are your passport to the exciting world of Forex trading. Everyday more and more people are realizing that they can manage a career trading Forex alongside another profession and be successful at both. Thanks to trading software like Metatrader 4, professionals can now trade Forex from any computer in the world.

Google ‘Forex broker’ and you’ll see there are a lot out there, but be careful it makes a big difference which one you go with. When selecting a broker it’s usually best to select one which has been around a little while. Steer clear of brokerages that have been operating for less than a year, unfortunately Forex scams are ten a penny these days.

Your Forex broker will set up and manage your trading account. New traders often opt for a demo account which allows them to practice trades without staking real money. Another option is a micro account which requires a small deposit and allows for small trades. If you want to trade for real you have to open a standard account which usually requires an initial deposit of over $1000.

Trading Forex is not the only way to earn from the world’s most liquid market. You can also make considerable earnings as an introducing broker. An introducing broker recruits Forex traders and refers them to brokerages in return for a commission. If an established Forex broker trusts an introducing broker they might offer them a white label. A white label means that an introducing broker operates under the name of a brokerage and may use their image in exchange for exclusive access to the IB’s clients.

Whether you are interested in trading Forex or think you could be successful as an introducing broker your Forex broker will be your closest ally. A good broker is a source of guidance, valuable contacts and encouragement when times are tough. Picking the right broker is just the first step of a long, exciting journey!