Many traders believe that choosing the right broker is the biggest nightmare in Forex trading. If you are a novice you don't really even know what a Forex broker is. To add to the confusion, there are many, many brokers online to choose from, and this makes the task even more difficult.
For the FAP Turbo, the task of choosing the right broker to help you open a Forex account might be one of the easiest things you can do. The developers of the FAP offer to guide new FAP users though the steps to get started with a broker. They actually have a personal Forex brokerage that you can use in conjunction with the FAP Turbo, or they offer to let you choose any other broker you want.
Why would the FAP Turbo developers help you choose a broker? Well, they just want you to use their product. Period. And, truthfully, if you trust their product enough to buy it, then you should probably trust them enough to use their own broker. This is great customer service for anyone wanting to get started in Forex trading.
To help you get started, the Forex product site has a members' area where the broker setup is described in detail step by step. You can even view a customized video tutorial about the process, and if all else fails, you can call their customer support telephone hotline.
If you make the decision to choose your own broker to use with the FAP Turbo, then you are going to need to know more about Forex than the average novice trader.
The first step will be to learn what spreads are and how the broker deals with them. Spreads are measured by pips, and are quoted as fixed or variable. They are in essence the amount of financial risk you are comfortable taking in any trade. You want to find a broker that trades in smaller spreads, such as a 3-pip spread, which would mean a minimum spread, which reduces costs and minimizes risk.
The second step will be to learn if the broker offers all three of the usual accounts, known as standard, mini, or micro. Each of these accounts start with different amounts of starting capital beginning with about $5K for standard, about $500USD for mini, and about $100 or even less for micro. Some brokers will let trades begin with as low as $1. You just need to find the one that is right for your own financial picture.
Next steps will include various checks being done when you open an account, and also tax forms that you will need to complete before your account is opened. You will also want to check to see what currency pairs the broker trades in so your FAP matches the currency pairs. You will need to learn about any special services your broker offers as well. These vary by broker, but may include general trading advice or none at all, downloadable free trading software to use on your computer or trading live from the broker's website, or perhaps trading platform software and separate charting software.
With so many variables to consider when launching out on your own, it is great to know that the FAP Turbo developers offer comprehensive customer service in this area.
