How can you choose the best Fores broker?
In choosing a broker you need to first of understand what you are looking for and see how your criteria fits into what they offer and most broker offer good customer support so make use of it by asking questions… Most demo account offer by broker are almost the same with live account and so it also an avenue to know a broker. Presently i trade with profiforex i got 10% bonus for my deposit and the order execution speed is incredible.
[QUOTE=“amitverma;712580”]How can you choose the best Fores broker?[/QUOTE]
Hey,
Make sure they’re regulated before taking sign up bonuses etc, you can check with the regulatory body in your country to see which brokers are registered with them. I’m in the uk and use fxpro and really like them been with them for a long time. They have a good live chat feature you can use and ask questions before signing up.
You need to check spreads, commissions, how you fund or withdraw from your account and what if any charges are applied for withdrawing or funding.
There’s a Good section in the babypips school to explain how to find the broker for you.
Good luck.
Shyfx
10% is not too much, why did you choose profiforex then?
it simply means pick the broker that can respond most your requirements. But I am not sure if you know what is good for you.
There is a process called “due diligence.” Basically, it means what everybody above has said already. But before you pick a broker, you need to know very well what it is you want. It is like car shopping, you know (hopefully) what the car you are buying needs to be capable of, the mileage, how often you will need to do maintenance to keep it operating properly, and so on.
The same thing with finding a broker. While that is ultimately a decision you will have to make, you first need to know WHAT you want the broker to be able to do for you. Basically, you need to start with education, what type of trading possibilities are out there, what type of trading you are better at, what type of trading you might prefer over another. You need a lot of information first before just jumping in a picking a broker.
Many brokers allow you to make use of a demo account, many of which without even having a live account with them. It is strongly recommended that you make use of this before starting live trading, but this is only one step along that path.
I choose them because their trading condition meet my trading requirement such as tight spread,fast execution and provision of online educative forex materials such as videos that really help me in trading effectively.
There’s no such thing like best forex broker. All of them may expose you to various issues - from stealing your money in barefaced way to sophisticated and disguised techniques of order execution (slippage, stop hunting, spread widenings). All becomes clear when you start to trade with consistent profit making regular withdrawals, etc bringing up possible conflict of interests between you and broker.
This may sound hackneyed but to find best broker you need to …trade. Trade a lot. Don’t buy for advertising or fake positive reviews make your own due diligence. My choice is Hotforex you can try their micro account for a start, maybe they’ll suit you too.
Good luck
I see this question How can you choose the best Fores broker? thousand times, and no complete and exact answer so far. Just find some experienced trader with proven good performance, then trade with their broker (remember to check their required deposit and other requirements)
A “broker” is someone who executes your trading orders for you in the underlying market (in the case of Forex, that means in the interbank market).
So you need to choose one who [B]doesn’t[/B] trade against you, holding the other side of your positions and having an incentive for you to lose, while also holding your deposited funds and making up and interpreting all the rules governing the transactions at the same time, according to their own internal prices. Those companies are not brokers: they’re people [U]pretending[/U] to be brokers.
In other words, choose an [I]actual [/I]broker, [B]not[/B] a market-maker.
If it helps, I recommend [B]Interactive Brokers[/B].
OK, so profiforex provides educational videos. I didn’t know that, thanks.
Interactive Broker is a big well-known broker, but their required deposit is too high. Can we trade with US Brokers when we are out-side US?
If you can provide prof of citizenship!
if it is as you said, it’s so unfair when us trader cannot trade offshore.
I still think its unfair, like have tooo many restrictions and having all this standard agency try to put a standard on everything we do, jeezz
Focus on spreads and speed of execution these two factors are essential to be profitable in trading. Try to gain more information about slippage on your broker especially in volatile times it indicates how substantial are your odds to benefit from trading market.