FOREX TIP's

What online broker you use depends greatly on what you want to trade. I know many options guys who like Think or Swim or Options Express. For swing trading stocks and ETF’s, I like Interactive Brokers. At only a dollar per trade, you can trade all you want without being eaten alive by fees. Now that’s what I call adiscount broker! Unfortunately, no one broker does everything well and finding a good Forex broker can be a real challenge. First, you have to make sure the broker is legit. After that, it completely depends on how much money you have to deposit and what kind of terms you want. The more money you can deposit, the better the spread you may receive.

Since most of us don’t have truckloads of cash, this post will focus on discount brokers who accept small deposits. One that I have found that makes it easy to get started is, aptly named, Easy Forex. The good features of this broker include:

1. Initial deposit as low as $100. (Hard to believe but true!)
2. Easy deposit via credit card or Paypal
3. “Freeze rate” for best price while market is moving. (See “Forex Pairs: How to Read Price Quotes” for more on this.)
4. Guaranteed stop-loss rate. (This is as good as it gets.)
5. No software download. This means you can trade online from anywhere and are not limited by your CPU speed or hard drive size.

Online Broker Rating

There are many Forex brokers out there. Some better than others; some outright scams. So I’ve developed a Squidoo lens to allow traders to vote for the brokers they like and to leave comments on those they don’t. My hope is that eventually this will be a great consumer resource for traders. So come on over and get pro-active .....Link......