How do you choose a broker?

Broker Discussion Forex Brokers
1

So I’ve been cruising around the threads for a while, I’m looking to open a £200GBP (approximately $329.29USD) account with a broker and preferably based in the UK or Europe (not Greece!).

I’ve noticed a few popular recommendations including HotForex, FXCM, Oanda and L-Max, BUT being a noob/ broker virgin I was wondering whether anyone can advise me what to look for when researching a broker online. What details should i keep an eye out for and what counts as a bonus/turn-off when it comes to choosing a broker?

:)Thanks in advance guys, and while Broker names are great i think it would be helpful for us virgins to know why they’re so great. :slight_smile:

2

Mocaz not the actual broker Multilevel marketing because there are elements that the broker is working with triplelinefx run by a friend how to program traders and brokers is MOCAZ Triplelinefx???

3

First of all-try their forex contests or welcome bonuses - it is for free, it is the real possibility to check their services!

4

First confirm If the broker is regulated under the regulatory authority, the country it’s registered in and also observe if their trading conditions and services are good to you. Then, you can consider if you will be with them or not. I took a deep research when choosing the right broker but finally, I decided to stick to regulated one that offers me with suitable services. I love their execution speed without freezing.

5

I’m not so sure… here in North America the regulations are ridiculous and sticking with a regulated broker seems to mean giving up any kind of decent leverage, no hedging strategies, etc.

And if you look up the Forex Peace Army’s brokerage scams, you’ll see that regulation doth not an honest broker make.

Oanda has a long diatribe on their site about how high leverage is dangerous, but in fact if you set your lot size as a function of your stop loss and the amount you’re willing to risk it doesn’t make any difference.

I am with an offshore broker that is in their words “painstakingly unregulated”.Their customer service is excellent, their spreads have never interfered with my trades, their execution time in MT4 is very fast and they keep your funds segregated. Their demo accounts are free and do not expire. Hedging strategies are allowed and leverage is 400:1. They have a free service that you can set up to alert you by email if your balance reaches a level that you set. Overall I’m thrilled with them.

Sure there’s some risk but in Forex trading the biggest risk is that youll trade away your money anyhow.

Bottom line, do your research, try their demo’s - for goodness’ sake don’t trade real money unless you can profit in demo for 2 months running - and then read their reviews on the FPA

6

Here’s what i do in choosing brokers.

I do a personal research.
-I check the broker if they are registered with the National Futures Association or Commodity Futures Trading Commission (CFTC) if they’re based in the US.

Compare brokers.
-Here a good link in comparing brokers. Here

Opening a demo account and ask relevant questions
-Most demo trading platforms are veirry similar to the live counterparts, but not exactly the same.
-Try to learn as much as you can.
-and see if this particular broker will suit your trading needs.

7

Whatever recommendation you get, it is important to test the broker, especially how the platform works. Some broker will kill you with slippages and requotes and may not honor your stoploss and pending orders when needed the most. I will advice you to stay away from such brokers. Brokers with this habits are mostly the regulated ones. So, you should always deposit a small amount to see how things are with the broker before investing what you have in mind.

9

When you buy anything first you must know the facts about that thing then contact to Broker is most safe process to work with broker

11

You are damn right. There is no need for this regulation because we traders aren’t benefiting in any way. Regulation has removed some enjoyable features of forex, which is now available with unregulated and offshore brokers. This is why I will always look up to trustworthy offshore brokers for better trading conditions.

12

Many thanks guys, but in response to the regulatory bodies comment that is definitely a must in my personal criteria against scammers and frauds.

Are there any regulated brokers you would recommend either in Europe or UK?

14

Regulation is good as it gives us a sense of security, but that doesn’t mean unregulated brokers can’t be used. But something I have really come to appreciate in the broker I use now is their speed which is something you are mentioning now, it addresses many things in forex, like the platform stuff. By the way am with Profiforex and I must truthfully say that they have very good execution speed! Am still new though, so please continue to give your ideas!