How can I find a good partner or broker?

Broker Discussion Forex Brokers
#4

To echo what both @Navs24 and @bonboktrader have already said, you should consider brokers regulated in major financial centers appropriate for your region.

The advantage of trading with a well-regulated broker is there are both financial and trading standards set, ongoing monitoring by the regulators to ensure compliance, a framework for handling complaints from customers, and the power to enforce actions against regulated brokers for violations.

  • In the US, forex is regulated by the CFTC and NFA, and brokers are required to maintain net capital of $20 million.
  • In the UK, forex trading is regulated by the FCA and funds are protected for up to £50,000 per client by the FSCS.
  • In Canada, forex trading is regulated by IIROC and funds are protected for up to $1 million per client by the CIPF.

Where do you live, @cypreesjeff?

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Confused about position sizes and Account Margin Used
#5

To find a good broker is quite real, now we have many options. Here you need to be determined. And about the partner, I would advice you to manage your money by your own, it will be safer this way.

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#6

A good way to find a broker is to start your search in your country of residence. Like what they’ve said, find the one that’s regulated so that whenever you have issues with your broker, there’s a channel that you can go to.

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#7

You want a broker that offers tight spreads, low commissions, fast trade execution and a good range of tradable instruments. Read the online reviews also. You could try to have your own experience with the brokers by opening a demo account or a micro account with small initial investment. This will help you in making a better informed decision about that broker.

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#8

Yeah, good tip. My first step in determining broker quality is demo performance and then if it meets criteria I set new for live account to see how it goes. Basically step-by-step approach where you have control over the process.

#9

isnt that something like “How can I find a good girl to get marred to” :slight_smile: , its not that easy, based on my experience. There is a thread on this forum dedicated to offshore brokers who have been vetted over last 5 years. If you are just starting off, or if you are sick of client support and commissions and leverage limitations from your current broker, its best to try and move on to an ofshore broker. Given CFTC and ESMA more and more brokers will limit how much leverage you can take, how your trades are accounted (FIFO or LIFO or Average or trader’s selected). Plus weather you can hedge your positions or not or weather you can avail serious leverage like 200X or more. In my experience offshore brokers are the best way forward and they will re-define the forex brokerage indsutry in the coming years. You can see the list of these brokers here

Hope that helps :slight_smile:

#10

True, increasing restrictions for trading will certainly clear industry from brokers offering financial casino and leave only trusted brokers with transparent trading conditions and proper regulation. In this case we have to wait to see which brokers deserve our money :slight_smile:

#11

Here I am sharing few more points that how to find forex broker check

  • Trading Platform of The Broker
  • Customer Service of The Broker
  • Limit on Deposit and Withdrawal of Funds
  • Security with The Forex Broker
  • Transaction Costs Charged
  • Check Broker Reviews
  • Account types
  • Check Commission Rates and Spread
  • Types of Currency Pairs Offered
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#12

These tips are evident when your seasoned trader which learned with trials and errors. Newbies need some more detailed instructions.

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#13

My simple suggestion would be to try one of the “trusted” brokers from this thread on babypips

#14

Always demo test the conditions first and then test the broker with a small amount of money bet 10 to 100$. And the litmus test, request a withdrawal. If they give you problems withdrawing $10 - $100, imagine what they would do if you tried to withdraw a bigger sum

#15

Partner for what? to become IB? I think you have to gain experience in trading first, then you will be able to give relevant info as an affiliate and get down to this type of business. Nothing comes without experience, same is for forex trading.

#16

@FOREX.com

Can a :point_right:t5:South African:point_left:t5: use an :point_right:t5:
American Broker:point_left:t5: like yourselves​:thinking:?

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#17

Hi Duncan,

While FOREX.com does not have an office in South Africa, you are welcome trade through one of our registered entities which are regulated in major financial centers around the world by the following bodies:

  • United States (Commodity Futures Trading Commission and National Futures Association)
  • United Kingdom (Financial Conduct Authority)
  • Japan (Financial Services Agency)
  • Australian Securities and Investment Commission
  • Cayman Islands Monetary Authority
  • Investment Industry Regulatory Organisation of Canada
  • Monetary Authority of Singapore

Based on your location, FOREX.com UK could be the best fit. Trading with an FCA-regulated entity would mean your funds are segregated in accordance with UK client money rules and protected for up to 50,000 GBP by the Financial Services Compensation Scheme.

Furthermore, FOREX.com UK can provide you with access to trade commodities (Oil), indices (S&P 500), shares (Apple) and cryptocurrencies (Bitcoin) in addition to the currencies (Euro) and metals (Gold) you can trade through FOREX.com US*.

*Spot bitcoin trading is not available to FOREX.com US clients at this time, but US residents now have access to Bitcoin futures trading.

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Practice account
#18

@FOREX.com Thank you kindly…:thinking: Can I use MT5?

#19

FOREX.com plans to roll out MT5 in 2019, but right now you can use MT4, NinjaTrader and TradingView along with our own Advanced Trading Platform. Is there any specific feature of MT5 you wanted to use?

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#20

@FOREX.com Not really…just thought :thought_balloon: new is :ok_hand:t5:

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#21

In that case, consider testing free demo accounts on the trading platforms we currently offer, and if there is a particular function you cannot find, please let us know.

#22

Glad to see that brokers are moving to MT5 platform, which is nice, clean and richer in functionality. Hotforex already made transition but I still occasionally use their MT4 because of its specific features.

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#23

My sentiments exactly…plus I opened a Demo account with @FOREX.com but now they tell me I must open a Live Account😢