How to Choose the Best Forex Brokerage for Your Trading| Ep. 017
Talking about Forex brokers is something that Dr. Jason can do for hours and hours. On today’s show, he’s compiled a list of the most important points to consider on How to Choose the Best Forex Brokerage for Your Trading.
If you’ve been around the market for a while, you know there are regulations in the country of Cyprus, there is a regulating body in Great Britain, Germany, the US, Australia, Canada and the list goes on. They all have different names. Brokers that are regulated and licensed have paid fees, they have agreed to checks and balances, oversight and sometimes even protection from some of the countries that are regulating them.
The brokers that Jason uses personally are not regulated brokers, but more about that in a moment. Some that the traders that he works with use brokers out of Europe that are awesome. However, a lot of traders don’t qualify to trade with the big institutional brokerages that give great pricing fee structures.
A White Elephant in the Room
If you’re a USA resident or you want to trade with a USA broker, there are only a couple of them. There are forex.com and OANDA. Those are the two brokers that are left after the US government rules little by little kept raising the minimums and incorporated more rules and structure that pushed out the small brokerages. If you trade as a US resident, you have to follow the FIFO rule. First in, first out. That means you have to close trades in the order they were opened.
Personally, for Jason, this is a ridiculous rule.
To hear why Jason dislikes the FIFO rule and why he does not use a regulated broker, download and listen to How to Choose the Best Forex Brokerage for Your Trading.