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safety of my funds

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safety of my funds

Post by jt28 on Fri Mar 27, 2009 7:39 am

Hey, am looking to start some serious forex trading, but have one concern ... how safe is my deposit money with the broker? should he go bust wht happens to my money?

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Re: safety of my funds

Post by finvik on Mon Apr 06, 2009 6:20 am

Hello i hope you must have selected your broker if not then please these things in consideration.
If you want to choose a good broker then there are so many things you have to keep in your mind.
When choosing a forex broker there are many factors to take into account.
- Trust
- Experience
- References from past clients
- Level of success
- Amount of advice to be given
- Convenience
- Amount of margin offered
- Speed
All of the above are of course important. In any financial transaction it is important to trust the broker you work with. This trust is garnered by the experience level the broker has. Of course there are some new brokers starting out who are quite trustworthy, but most people would rather work with an experienced broker. For that reason most new brokers attach themselves to a firm where they can be mentored and gain experience.

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Re: safety of my funds

Post by georgeharrison on Tue Apr 14, 2009 8:13 am

Hi ,also references from past clients are important. If your broker has helped someone else is successful in the past and that person is willing to speak up for him that says a lot. You can gage the level of success your broker has had by speaking with past clients and seeing how well they did working with this broker. Next, take a look at the amount of advice your broker is willing to give you. Of course, you make your own decisions and will never take another person's word for everything, but it is good to have knowledge to work with, and advice from an experienced broker is key information to factor in. Convenience is also impotent. If you live in California then an Ohio broker might not be the best choice. But in the age of the internet that factor has become less relevant. With fax and email where you and your broker live has become less important.

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Re: safety of my funds

Post by georgeharrison on Tue Apr 14, 2009 8:16 am

Hi ,also references from past clients are important. If your broker has helped someone else is successful in the past and that person is willing to speak up for him that says a lot. You can gage the level of success your broker has had by speaking with past clients and seeing how well they did working with this broker. Next, take a look at the amount of advice your broker is willing to give you. Of course, you make your own decisions and will never take another person's word for everything, but it is good to have knowledge to work with, and advice from an experienced broker is key information to factor in. Convenience is also impotent. If you live in California then an Ohio broker might not be the best choice. But in the age of the internet that factor has become less relevant. With fax and email where you and your broker live has become less important.

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Re: safety of my funds

Post by finvik on Thu May 07, 2009 8:44 am

I had given generalized views & you are also right you have to refer past references also.

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