Can you trust a broker just because they are regulated? What are the other important features and factors of a good broker?
This would depend on what you need to become a successful trader in your country. I suggest you Google ‘best brokers 2023’, and then visit their sites to see which one suits you best.
There is no one cap fits all.
many are “regulated” by fake regulators paid for by the brokers they regulate
it matters WHERE and BY WHOM they’re regulated
for example, being “regulated” in Vanuatu or the Caribbean island countries is the same as being unregulated, in all the ways that matter to the customer
they’re kind of irrelevant, compared to the regulatory issue - the relative significance.importance of the rest is about 1% where regulation is 99%
Too big to fail is my #1 criteria.
You can look at their reputation or see how long they have been in business. Another option is to call their support and check whether someone answers the phone.
This is a good one, yes.
really? but some truly huge ones have gone under …
for myself, i care that if they go bankrupt, my funds are both segregated and covered by a government-backed guarantee - sorry, not trying to be argumentative, but honestly that’s WAY more important to me than how big they are! isn’t it, to you too, really?!
that’s why what really matters is WHERE and BY WHOM they’re regulated
apologies for the repetition, but sometimes all you can do is keep saying the same thing in the hope that it will eventualy do some good, even if only one or two people get the message
In the USA there is no government guarantee for futures and forex accounts. Too big to fail is the the next best thing.
You made a good point . We should pay more attention to where they are regulated and also not be fooled by just having regulation.
I also think that a broker’s amount of years of experience can be proof of credibility and trust in that broker.
Someone said that I used a broker that whenever I encountered a problem and used their call and live chat, I was connected to various support agents, which was a sign of the extent of their work and even a proof of trust.
Exactly! It’s important to see whether a broker has active support or not. You should call them to see if anyone picks up the phone, or even if they do, are they really trying to help you and solve the problem or not.
I am new to this forum site and was advised to check the forums for good brokers. I have been demo trading for three months and have made consistent profits.
Currently looking for recommendations on good brokers that have low commissions and a quick-responding customer service team.
Well FCA license is pretty hard to acquire brokers should meet lots of strict requirements to get access to UK markets, including proper order execution and withdrawals. That’s why I prefer to trade with UK regulated brokers like HFM or Exness
And I think the level of customer support provided by a broker is a crucial factor to consider when choosing a brokerage.
Of course. Like I said you should check that are they really SUPPORT agents or just some people who are hired to pick the phone and do the same drill over and over no matter what’s the problem.
It’s not easy to get a license from reputable watchdog, so if a company spent time and put some efforts and money into it, this speaks a lot about their long-term intentions to conduct fair business.
I also believe the customer care and having accessible customer care is necessary.
And I am trying to work with brokers that have long-term aims and put efforts to offer better opportunities.
Other factors are:
Trading Costs: Understand the broker’s spreads and commissions.
Platform: The trading platform should be user-friendly, stable, and feature-rich.
Customer Service: It should be available 24/7 and offer very friendly and useful support. Avoid those bot supports
Execution Speed: Important for high-frequency traders where seconds matter.
Leverage: High leverage can mean higher profits or losses, so choose wisely based on your risk tolerance.
Ease of Transactions: Depositing and withdrawing funds should be straightforward. Instant deposits can be crucial in volatile conditions.
Reputation: Research and make decision by your own. Don’t trust reviews 99% of them are fake.
Check listing websites like earnforex or fxlist, and choose some old and top ones. Message their customer service to ask anything that you want to know.