Brokers fees and commissions

[maya95]

When selecting a broker the very first step is to consider the typical fees and commissions associated with their services.
do you think the same guys?

[steve369]

NO. The first step is to research into a regulated broker firm that is suitable for where you reside, and is seperating client money from their own by placing all account money into a bank.

This can be obtained by Google - best broker firms for ‘your country’ in 2023. It is imperative that the broker details that your funds are segregated from their funds.

[Emi.s]

1. regulated by one of these (FCA - CFTC - NFA - ASIC)
2. Customer service
3. Your desired features

[ria_rose]

Definitely agree with Steve and Emi. I think the first consideration should be whether or now they’re properly regulated. You want to be sure that the broker you’re entrusting your money with is legit, and you’d have a claim should there be any anomalies in your transactions. I think all the other considerations follow.

[Amy95]

I don’t think so. There are so many factors to be considered than fees and commissions.
Or at least they are not the very first step.

[maya95]

@maya95

fees

Hello, Steve how you doin’? : )
It’s nice that you brought up regulated brokers here. But to me, finding an unregulated broker is not a big deal,because it led to them providing as many possibilities, such as having their own platform with minimal charges and fees.

[maya95]

To me customer service and responding asap is very important because I am seeking for my problems to be solved asap.
And as I answered to Steve an unregulated broker is not a big deal to me.

[maya95]

Hello Ria.
How are you?
People think differently, of course, but when I was looking for a broker, I was concerned with the instant and reduced fees for deposits and withdrawals.

[maya95]

HI Amy.
What factors did you consider when choosing your broker?

[steve369]

It would be a big deal if the unregulated broker decided to help themselves to your account, which is a risk not worth taking.

I can assure you many regulated brokers offer minimal charges and fees - and keep your account money separated from theirs in a bank.

[SwingTrendTrader]

No, for me its safety of funds.

[Emi.s]

Your life your choice Maya! I have friends who work with unregulated brokers for years but I don’t have a good experience with them.

[maya95]

I absolutely agree with what you say and understand it.
However, after doing some research, I found that unregulated brokers offer larger leverage and bonuses, er, promotions, and that if they wanted to be regulated, they might face some restrictions in specific circumstances.

[maya95]

So, What are your main criteria for ensuring that a broker can handle your money?

[maya95]

May I ask what dissatisfied you with the unregulated broker?

[SwingTrendTrader]

I have to be a citizen of the country and they have to have an insurance policy, for me thats usa and td ameritrade.

[flamingoproxy]

@maya95

the very first step is to consider the typical fees and commissions associated with their services.
do you think the same guys?

no, absolutely not!!

i think doing that is a very widespread and very misguided approach indeed, and the fact that it’s so widespread is a major contributor to the industry’s problems and reputation, and to trader failures, too

so i agree firmly with all the replies you’ve had above

i hope the three posts linked to below, and a careful reading of the threads they’re in, will also help you to completely reappraise this issue!

Recommending Broker

three things really matter: regulation, regulation and regulation! what’s most relevant, and most important, is avoiding disasters, and you will always give yourself the best chance of avoiding disasters by using a broker regulated by the FCA or ASIC everything else is secondary (and a distant second) to that Oanda, but it doesn’t matter which one i recommend, or which one anyone else does - different people prefer different ones, for different reasons, and have different experiences with t…

Which broker is better?

because counterparty market-making forex “brokers” offering high leverage are not reliably regulated, simply because the UK, European, Australian and American regulators (for very good reasons) don’t allow such “brokers” to offer high leverage it’s really very, very simple: if you see a “broker” offering high leverage then you already know that they are not regulated by a proper regulator, and therefore not trustworthy - because the two things are, by definition, mutually exclusive be aware t…

The bonus of the broker is good or bad?

they’re almost universally bad most new traders will never manage to complete the number of lots traded to claim all the ‘bonus’ without blowing their accounts, and even those that do manage will have likely paid several times the ‘bonus’ in brokers fees/spreads ethical, real brokers don’t use gimmicks of this kind, and don’t need to the ones making such offers are counterparty market-makers relying on attracting a particular type of customer whose inexperience they know will make such offers…

i hope that a careful reading of those three threads will change your mind about what you said above …

@maya95

I found that unregulated brokers offer larger leverage and bonuses, er, promotions

that’s definitely right, and it’s part of the reason why high leverage, bonuses and promotions are three big read flags warning you to AVOID such brokerages, because the reasons they have chosen to be unregulated (or lightly regulated, which is often the same thing, from the customers’ perspectives) are reasons that are good for them, not good for you

[maya95]

I got you.
to me as i said is the fees, I don’t want to pay too much.

[maya95]

what is wrong with me (haha) what i say is the wrong way.
also i really appreciate your mentioned links.
I will check them

[Emi.s]

The experience I had. I started with $500 and ended up with $1.51