How do I chose a forex broker?

Oanda is indeed pretty popular with the newbies. They have a web platform as well as an MT4 one.

I think we can not trade in Forex without a broker but we should choose a good reputable and reliable regulated broker. There are many good brokers in the market and you can choose on of them.

On coming into the market, you need the best of caution and diligence to avoid scams. The first feature you should look for in a broker is his transparency and reliability. This is highly delicate and stressful however important. The market is the most liquid, yes. Yet it is not the most moral. As even regulated brokers turn up market makers practically even with bucketshop tactics. We are thereby forced into admitting that even this transparency of a broker is an identity not totally borrowed from their regulation as even some offshore brokers are necessarily transparent with flexible, competitive trading conditions. What therefore matters on your part is due diligence and calculated caution.

Hey,

You can check out TradingPip | Invest Your Money Wisely and compare brokers

Lee

I’ve seen talk about brokers that scam you in different ways, delying orders, not letting you withdraw, that they want you to lose money and work to make that happen…
Makes me worried and it was not easy for me to try and pick a broker.

How common are these scumbag brokers? Should I be worried?

Selecting the right broker is the single most challenging task for all, but that’s for others not me. It is because of proper research and it is not really tough if we are sensible. I usually look for Broker Comparison available at top sites, that are handled by highly qualified team of experts which help you out with laying out proper comparison, and therefore we can easily work out things in terms of right broker selection.

Hello Visser, according to my trading experience, I think we the traders actually have to trade in regulated trading broker which guarantee their clients funds. Practically, real regulated trading broker does not restrict any kinds of trading techniques and they always make sure security of funds with certainly, low transaction cost, easy withdrawal system without long time process and much more real trading facilities.

Hi I’m new to forex my friend has a agent he is using and he’s making alot of money!!! the agent uses avatrade is this broker trustworthy??? Also can this agent get me in debt with avatrade?? I no he could lose the money in my account but could he make it so I was in debt with avatrade something to do with leverage

It’s understandable, and all of them say that they are reputable and reliable. But how can I know about their reliability without trading with them?
Listen to others advice?

At least you should ask Wiki (notable companies have articles there) and Google. There are lots of sites with reviews you can trust. Some of them accept only reviews with real proofs. You can be sure that it was written by real traders.
And if you see on the brokers site info about regulation and liquidity provider, it’s one more plus to them.

When choosing a good and reliable broker, it’s important to make sure the one you choose is safe and the best fit for your trading needs. Since they are not made equal, there are critical factors to put into consideration when choosing a reliable broker. For me, proper regulation is one of the most important factors to consider. Choose brokers that are regulated. They are usually mandated by specialist agencies to follow measures set out by them. Another factor to be considered is finding a forex broker whose trade execution practices are excellent. You can tell how good they are from the rating done by real customers. You should also look out for the broker’s trading platform. If his softwares are powered by Webtrader or MetaTrader, then its worth your time.

Hello to everyone. I am a newbie here and in Forex overall. Just started improving my trading skills, watching useful videos and reading some online notes. The question is whether it is a good idea to open different demo accounts with different broker in order to compare them?

There’s no harm in it, if you can find more than one that meets your requirements for live trading, later.

You need to do that research and make that decision [I][U]before[/U][/I] opening a demo account, really.

The “key concept” is that you need to do your demo trading in the same place in which you’re later going to do your real-money trading, so that you [B][U]don’t[/U][/B] have to acclimatise to a new broker’s interface, margin requirements, terms and condition, policies and procedures, technical support and helpdesk at the same time as being under the psychological pressures of trading with real funds for the first time. Quite important, this!

Thank you for your advice, appreciate it!

One important point when opening demo is to find one that doesn’t expiry in time if you stop using it and brokers don’t charge anything to restore it from the archive. I knew when cases where something like that and traders could simply lost their valuable trading tests, history and experiments.

If you’re UK based, check here 301 Moved Permanently

Exceedingly good tips about choosing a broker, in the future I’ll definately consider some of them)

Some brokers have an “inactivity” charge as well, so keep an eye out for that. Nothing worse than finding out your £1000 is down to nothing because the broker has been taking £50 every month you don’t trade

No properly regulated broker does that (or is allowed to). If that’s an issue for someone, they need to take a little more care selecting their “broker” and appreciate how important a factor where/how/by whom they’re regulated is.

Frankly speaking, I don’t think at all that hard to find a good broker, if you are active trade or part of Forex Forums community, it’s very easy to know which ones are good and which ones are not.