Hi,
I am a newbie here, can someone guide me in choosing a good broker?
Look for regulation…Search internet to make sure there are no stories about people not getting their money back…
See how much support/help/training they will give you…
Platform that you are comfortable with…
ECN/STP broker,not a market maker…
Make sure you know the conditions if you accept free bonuses…
- Regulation
- Spread, execution
- Account
- Payment method and how long to process deposit/withdrawal transactions
- Policy in trading and bonus programs.
- Feedback from real trader
I advice you choosing a broker from this list:
Forex Broker Guide @ Forex Factory
Frankly speaking, I don’t think any new comer is capable of doing too much to search right broker, it is often said a lot that do this or that to find right company, but in reality not many have patience to do it. I just go with simple thing and that’s regulated company + ECN. It’s best if they have cTrader platform, it is sort of confirmation of ECN and right now I am using that only with Octafx, I believe cTrader platform is probably the best thing that has happened for me!
I second most of the factors above, but keep in mind: Re regulation - go for FCA or at least ASIC, nothing else; re ‘Feedback from real trader’ - be very-very wary of them, 50% or more of both positive and negative are paid-for posts.
The link above is a good starting point, but nothing else - it’s a sponsored one too.
Best to choose a broker based on the first 4 factors and then try them out with a small deposit first.
I guess firstly it depends on account conditions, such as minimal deposits, spread, possible leverage, etc. Secondly, you should be aimed at your strategy, intraday, scalping, med- or long-term trading, currency pairs. And dont forget to take execution speed into account while choosing. Bear in mind that it is not similar on demos and real accounts.
It depends on many things. First and foremost on whether the broker is properly licensed and regulated - you can find that out by checking both the broker’s website to see whether they say they’re regulated, then visiting the website of the regulator they claim licensed them and verifying those claims. Regulators usually maintain lists of brokers which have licenses in their country, often they have a blacklists of scammers too. Apart from that you can check whether there are any articles and announcements from the regulator warning about said broker. For example, Switzerland’s FINMA recently warned about a broker called TradingBanks. You can also look for reviews from former and current clients of the broker you wish to work with.
Once you’ve verified that you’ve picked a legitimate company, you can visit the company’s website to see whether their terms and conditions satisfy your needs as a trader - what are their spreads, leverage, commissions, swaps, etc., whether you can scalp or not, etc., and once you do that, you can establish a demo account to see how their software is behaving under different market conditions. And last but not least, it’s good to check what kind of customer service they have - call them, see how well and quickly respond to your questions, check whether they have an chat function for client support, etc.
It’s especially important, I think, to observe how their platform behaves during high impact events. If their spreads suddenly become huge it’s probably time to look for another broker.
For live or for demo? For demo you can choose any, for live I’d advice you to try FXCM or Hotforex. Best two brokers out there in my view
On choosing a broker, there are lots of things to consider. make sure to read all term and services they offer, for you to know if they can give you good service and can satisfy your needs as a trader. And make sure that they are license to operate to this kind of business.
I agree with niceday and I would like to add, professional support.
I am also searching for true negative balance support.
Feedback from the real trader could be odd case sometimes, some traders will just blame the broker when they loss money but it just because they are not good enough.
For becoming successful in any type of trading, one should require the services of a good forex broker. Broker plays a vital role in the world of foreign exchange and more or less acts like a bridge between the buyers and sellers. It will be a real challenge in selecting forex brokers, so follow some tips and make sure while choosing the right forex broker.
[B]Binary Brokers[/B]
On choosing a broker make sure to read first all terms and services they offer, for you to know if they can give satisfaction on your trading. but better learn first all things abut them and look if they are license to operate.
How do you define professional support? I really want to know. I see most good broker have 24 hours for email inquires and a few minutes for live chat support. anything else?
It’s very important your broker to provide 24 hours support, but most importantly, how prompt they are in delivering the support over phone and email.You can find reviews about brokers support in various websites.
when choosing a broker better read and understand their terms and services for you to know if they can help you to learn, and get good profit from your trades. make sure you start on learning all about forex trading so you won’t have difficulties when you start on doing trades here in forex trading.