What are the most important factors when choosing a Broker?

There are many factors at play when you’re choosing a new broker. First and foremost that broker has to be licensed and authorized to work in the country in question, and finding one can sometimes be tricky -I’ve often heard of brokers which lie on their own sitesabout being authorized, and then it turns out they’re not. Apart from this, I for one prefer a broker that offers low spreads (that don’t increase, or at the very least don’t increase too much during high impact news), good customer support, quick money transfers, etc.

Sometimes the process of finding such a suitable broker takes quite a while, up to a few months even.

agree with you
tried several brokers on internet, some of them , satisfied me with their trading conditions, but took too long in withdrawal process
some of them , proceed my withdrawal very fast,but comes with bad term of services.

and because i am retail traders, i am stick with Tickmill because for a retail offshore broker, they are just right for me with their good trading conditions,

well if you have find a broker that you can trust, stick with them forever untill they change their quality

Frankly, I never understood why brokers bother to lie about this. Information about who is authorized and who isn’t is widely available, someone is bound to notice the discrepancy sooner or later. I suppose they’re counting on total newbies not to realize what is going on. I confess that as a newbie it didn’t occur to me to check such things, but I learned my lesson very quickly.

There are always gullible individuals that can be ripped off. Forex trading is becoming more and more popular, so the influx of potential victims is ever increasing, unfortunately.The FCA even reports that the amount of scam alerts has risen sharply lately, which isn’t surprising, but is still very worrying. People need to be really careful when they pick a broker.

yes,. people must not fall into marketing gimmick like deposit bonus that can lead us into unable conditions to withdrawal or profit or even deposit

and the second, do not lazy to read brokers trading conditons and term of services, and pay attention with broker restrictions, if you do not want to have negative experience.

i read tickmill terms and conditions before opened an account with them and asked their support too, were they had any trading restrictions, and they said no, which is true so far .
at least i can trade the news and they never cancel my profit

Guys,

I read this post with interest. I know there are alot of brokers as everyone is into the game nowdays and if you google forex you will see tons of information which you have to weave through. With that said no one has listed any reputable brokers on this thread. How do you guys check whether they are licensed and regulated? As many of you know anyone can lie so where does one go to check if a broker is regulated? And by the wau I am in the US, what broker is regulated in the US?

Thanks in advance for replying.

Actually paying out withdrawals. Bottom line.

I can workaround all other things they throw at me.

Do not choose company with dubious title
Do not choose company with high fixed spreads and with high leverage (more than 1:500)

It’s hard to highlight just one thing. It’s a portfolio of things. I found the most detailed and organized info here. List, country of origin, regulation, minimum deposit, site and contacts, platform.

Is there anything wrong with Cypriot regulations or is this just hot air?

go for large FCA or ASIC regulated broker and stay away from all brokers which are regulated in Cyprus, Belize, Seychelles or any other dodgy offshore regulator…

Seriously though, if you’re trading with a Belize regulated broker, you deserve to not be able to withdraw your money… Darwinism.

Choose an ASIC regulated broker and you will never have any problem.

Mm, being able to make a comparison is actually a good idea.

It could be worse, you know. You could pick a broker from a country where there’s no regulation whatsoever. Didn’t Russia introduce licensing from the beginning of this year?

Absolutely! Even strongly regulated countries, like the UK, have report scam brokers. The UK’s financial watchdog, the Financial Conduct Authority (FCA), issued on Thursday a notice regarding a sharp increase in the number of consumer reports about unauthorized brokers in the country

For one thet cannot enforce compensation when a broker s***s up.

And it is also not the regulator that is a problem, but the ease with which companies can be restructured, money can be moved and the ease of covering your traces when you do bad as a broker.

Haha this!!

Just don’t do it to yourself.

What a load if rubbish.
Not only are you spouting tripe but, yet again, you’re trying to promote the firm you work for

How do i find a non dealing desk broker, i’ve heard the term, but never thought it was that important. I am with FreshForex but i’m not sure if they have a non dealing desk or not, but i will check.

Thx

Not sure why this ended up here, hope for a reply

Hey Priscaha,

Yes I know it is very hard to find a non-dealing desk broker because today every market maker portrays himself as having either an ECN or STP model. After much of research work and considering various factors, I hace chosen 2 brokers- hotforex (recently switched over it) and fiprotrading. Fingers crossed and hope to receive good results from them. :22:

As I know, FreshForex has both STP and ECN models, and in my opinion, it’s no bad neither good. Actually I don’t understand why people need ‘a true ECN broker’. We are all retail traders with realtively small deposits, why don’t we just choose a reliable broker and trade with it? A mean with good trading conditions, tight spreads and fast and honest withdrawal?