How Can You Find a Reliable Forex Broker?

Beginner Questions
1

Perhaps the more stressful work before doing trading is finding a good broker. Your broker should be reliable and transparent of their rules. There are some basic tips that you can follow to find out your suitable traders.

  1. Find out what YOU want: Different traders need different types of brokers. For example, if you are a day trader, you might need an ECN broker. They have tight spread but you need to give them some commission. When you are trading as a day trader, your trades will have small moves. You need to think about your account size and whether the broker and lot size that matches your account.

  2. Research, research and research: In the market, you’ll find many brokers. Many of them claim different guarantees. But you should never believe what you have been shown. Google your preferable brokers, compare their benefits and policies. It’s very important to have a clear idea of the broker’s policies.

  3. Test with demo accounts: You can test your broker with a demo account. You can try with virtual money. While you are trading, you need to keep an eye on three things:

Whenever you are placing an order, it should be placed instantly.

Your spread should be as tight as possible.

Your trading platform is stable and not crashing all the time.

You should run the test for several weeks. After that, start trading with real money but with a small amount. For example, you want to trade with $10000. But to test the broker, you should not start with more than $1000. While this process, try to talk with their customer service to know whether they are real. After that, withdraw some funds to know their withdrawal policy. These might cost you some money, but it’s worth to know whether you can easily withdraw your funds.

  1. Avoid “BONUS”: Get one thing straight, nothing comes free. When a broker is saying “open $10000 and get $2000 free”, that’s actually a trap for you.

Some broker companies hide the bonus policy or create problems when you try to withdraw the funds.

So, whenever you are depositing funds, make sure you give them proper instruction that you don’t want to have any bonuses.

  1. Don’t believe online reviews every time: We often seek neutral reviews on different things online. But these reviews can be manipulated too. Find a website where you can see both positive and negative comments. These can help you to identify who are suitable brokers for you.
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Try the broker review section here and on FPA

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And check their trust pilot reviews too

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trustpilot is the biggest place with fake reviews on the internet!!!

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reliable broker is difficult to found right now , if found you are lucky , most of them are found to be scams even though lots of online broker this time available in online.

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Where money is a matter of reliability is shaky. You need to constantly check and study the information on transactions.

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its a very good topic but answer is much complicated, because brokers attitude is not positive most of the time.

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really, didn’t know

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Trust pilot don’t really work anymore. FPA is still the best place to look.

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yes , FPA is a place
from where traders can ensure which
is more appropriate for trading , its the best review site we have

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yes its good. especially their scam Broker list which is really supportive for beginners to avoid those kind of platforms.

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I appreciate the spread on all trading pairs. and icmarkets.com is the broker that I find the spread to be the lowest.
And forex4you.com has a cent account and allows copying with a cent account, octafx.com, it has the advantage of a free swap for those who want to order many days
I also have a few more detailed comments here In search of the Best Broker to start Forex trade

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So true. But there are some brokers in the market which are literally good. Can try them after verifying.

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Certainly it’s a great site for traders to ensure which are good and which are scam

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ok thanks there

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Till now FPA is the most popular Forex review site! Besides, broker section of this forum is also useful.

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for better review FPA is really better , before choosing any broker traders should go there to ensure real performance.

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yes its useful above all for newcomers who looking for a broker.

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i love the broker which always ensure security of funds with a wide range of trading of trading technology, and doesnt restrict any kinds of trading techniques with scalping and hedging. regulation is not a big deal to me.

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thanks Peter