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Buying and selling of currencies in the international Forex business holds a certain fascination for those who knows about it. As a novice it would be a good idea for you to go into Forex business with the guidance of a broker. A broker is a person who has the knowledge of the currency market and its mechanisms and can give you right advice. To know which broker would be best for you, you should compare forex brokers.

To compare forex brokers you will have to go through some of the internet sites that will give a fair idea of most of the brokers functioning online. When you read up the reports of different Forex platforms at foreign exchange broker comparison sites you will recognize the plus points and drawbacks of each broker.

Safety factor

The money you invest in the foreign exchange trade is the most important thing and its safety is of extreme importance. While you compare Forex platforms you have to determine that the broker should be truthful in their dealing. The genuineness of a broker can be understood from the seal of approval that is given to it by the governing bodies of the nation to which the broker belongs. For example in USA the broker must be the member of NFA or CFTC which will show its authenticity and should be safe for you to opt for it. In European countries and also other countries of the world the brokers obtain their license and approval from the authorities. While you compare Forex brokers you may find great deals from many brokers but if they are not licensed it is best to stay away from them.

Commission charging

When you go for Forex broker comparison you must check the kind of fee they are charging. The commission of the brokers varies according to the Bid and Ask price after the trade is finalized. They do not ask for any other fee. Some of the brokers do not collect any fee and this will be to the benefit of the trader. While most of the brokers who charge commission charge 2/3 pips on Euro/Dollars, the no commission brokers will take 3 pips on Euro/Dollars on your spread.

Initial deposit

There are brokers who will allow you to open a mini account with $50 to $500. The gain from such accounts is nothing. Though as a beginner you may like to invest less in case there is a loss. The other Forex trading brokers will ask you make initial investment of $1000 to $2000 as these deposits are more profitable in the market. It is in your hands as to which broker you would like to make your deposit with when you carry out your Forex broker comparison.

Currency dealing

One more area where you would like to check Forex broker is the currencies they are trading in the Forex trade. You may have specific requirement as far as currency is concerned and you should find a correct broker who will deal with the currency you want.

Customer care

It is essential for you to compare Forex platforms on the basis of their customer service. Those which are the best in the trade are providing help to their clients 24x7 and taking care of all their questions and needs. They have to have friendly approach and give you a patient hearing while trying to resolve your problem. Doing Forex broker comparison you should know the customer service of a particular broker.

I hope these suggestions would help you sort out the list of best forex brokers.

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