Choosing broker

Hey everyone! :raised_hand:

I’m excited to share that I’ve started learning about trading, and now I’m ready to dive in and start trading (with a demo account, of course). However, I’m a bit unsure of how to choose a broker since I’m new to this. Can you give me some advice on what criteria I should look for in a broker?

I really appreciate any help you can give me. Thanks!


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Wow! :star_struck:
Thanks a million!

don’t obsess over it - just choose one that’s properly regulated, preferably by the UK’s FCA or Australia’s ASIC, and you’ll avoid all the avoidable disasters and accidents

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Hellooooo! :slight_smile: Going with non-regulated brokers may work for a lot of people but for newbies, I think one of the main things to consider is whether they’re regulated or not. :sweat_smile: Safest choice! :slight_smile:

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Thanks for the advice.

Thank you for providing the list and yes, honestly as a newbie I TRULLY appreciate safe ways :slight_smile: :grinning_face_with_smiling_eyes:

Welcome! As a newbie, you have to be careful with your choice of broker, so I would recommend opting for regulated broker over non. You can check the thread here: Low cost brokers to use

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Would you please describe more about the Regulation thing? I am getting so much suggestions about non-regulated ones; what exactly does that regulation do for me as a client or what threats does that eliminate?

firstly it gives you safety of funds - regulatory bodies usually require brokers to hold client funds in segregated bank accounts, and never use those funds at any given time for their own operations, and in some countries investor funds must be insured so as to guarantee reimbursement in case the broker goes under (it happens!)

secondly, transparency: regulated brokers tend to provide honest and transparent services because there is a body that oversees what they do, and this can prevent identity theft, platform manipulation and dishonest promotions

thirdly, most regulators perform random checks on the operations of companies under their jurisdiction to ensure that they stay honest in their operations and services

fourthly, favorable dispute resolution: you are guaranteed fair resolution in the event that a dispute arises - regulators are mandated to protect investors, which means that you can expect just treatment in case you ever want to resolve any issue that arises between you and the broker, and the regulator has power over the broker, it’s like an independent arbitration service (especially proper regulators like FCA in the UK, ASIC in Australia, but not so much in countries with “soft regulators” like Cyprus and Caribbean/Pacific island nations)

for all these and other reasons using an unregulated broker just makes no sense at all


Actions speak louder than words. I suggest using demo accounts on many different brokers and testing them by yourself and then choosing the most suitable one. Experiencing is the best way to decide. Wish you the best!


In the world of cryptocurrency, regulation is kind of like a set of rules that cryptocurrency exchanges and brokers have to follow. When a cryptocurrency exchange or broker is regulated, it means that they have to meet certain standards set by the government or other regulatory bodies. These rules help to ensure that the exchange or broker operates fairly and transparently, and that they have enough money to cover any losses that might occur.

If you’re thinking about using a cryptocurrency exchange or broker, it’s important to consider whether they are regulated or not. While some non-regulated exchanges or brokers might offer lower fees or more privacy, they can also be riskier to use because they’re not overseen by any regulatory bodies. Regulated exchanges or brokers might be a bit more expensive or require more personal information, but they can also offer more protection for your money and help prevent fraud.

So, in short, regulation is kind of like a safety net for cryptocurrency users. It helps to ensure that you’re using a trustworthy exchange or broker and can protect your money from potential risks.

Thanks for the recommendation!

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Thanks a lot, you are totally right.

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Thank you mate. I appreciate your time.

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And you’re totally smart :wink:

Hello Ethan! Happy trading! In my experience, trading with a low commission and spread can be beneficial as it can reduce trading costs. I suggest you consider the overall quality of the broker or trading platform you’re using since a low spread offered by a low-quality broker may come with other drawbacks.

Also, you need to look for a broker with a demo account service. Most reputable forex brokers such as IC Markets, PrimeCodex, and CMC Markets have a demo account feature that you can use, and they offer low commission and spread options as well.

One way to determine if a broker’s spreads are good and tight enough is to compare them to other brokers in the market. You can also use a demo account to test out their spreads in real market conditions before committing to a live account. Additionally, you can monitor the spread fluctuations during high volatility periods to see how tight they remain.