How to choose good broker

Beginner Questions
1

is templerfx a trustworth broker?

2

Sometimes a biased view, but worth a shot.

Search for them here

https://www.forexpeacearmy.com/

3

okay thanks!

4

Yes, till now FPA is the top review site on Forex brokers; besides I see nowadays few review sites are doing well. So, we should count others top review sites as well.

5

Besides, broker discussion section on all of popular Forex forums like BabyPips is also useful.

6

Instead asking if your broker is good, please provide details as how did you know that broker? Why do you want to trade there? THese information could help you a lot because new trader normally come to a broker for bonus or vague benefits.

7

Always check review and compare in 2-3 different websites

8

One challenge on the internet is that no one verifies whether the people posting broker reviews are real clients. What’s to stop some obscure broker from trying to fake a reputation by having its employees post positive reviews for itself and negative reviews against its better known competitors?

That might explain why some little known brokers seem to get great reviews online while more established brokers with clients around the world get poor reviews. Unfortunately, there are many examples of traders who were fooled by online brokers reviews as this discussion shows: I think I'm being scammed by my broker

While there is no perfect solution, a better option, as we point out in that discussion, is to focus on forex brokers that are regulated by government bodies in major financial centers around the world.

9

best broker always first of all ensures security of funds with a wide range of facilities.

10

best broker doesn’t restrict any kinds of trading strategy with scalping and hedging. its according to me

11

First, I would like to advise you to review the Broker Discussion section here. There you could find a lot of information regarding many brokers.
Once I am choosing a broker, I always try its Demo environment. And for me it is very important that it should be the same as the live one (excepting the slippage). I prefer the STP/DMA Brokers, without Dealing desk. It is very important to be fully regulated. I will list you below the other criteria on which I am reviewing a broker:

  • Its website – to be easy to find a necessary information, not too much marketing details in it. I prefer that the site looks more professional, than advertising.
  • Inter-core bank spreads – not fixed as with the Market makers
  • Data and funds security
  • Negative Balance protection and needed risk policies
  • No bonuses and markups
  • Trading platforms
  • Good customer service
  • Commission based broker
  • Free Add-ons package (it is working on demo as well)
  • 1 type of account for all its clients
  • 100% anonymity (our LPs never see your stops, limits and entry orders)
  • Member of ICF (Investor Compensation Fund) as I am European resident
12

I don’t know the broker in question. Not a bad recommendation, I use that site too in my quest for a broker and it turned out helpful. Just remember to do more digging before you choose! I have been using Forexchief for a while now and it is among the brokers I can easily recommend without doubts.

13

Well judgment. Really only one review site is not enough, although FPA is dominating too keenly in trading sector.

14

Copy and pasted directly from their website:

We do not provide services for US, UK, EU, Canada, Turkey, Israel, and Japan residents and entities of any kind.

Given that they don’t operate in countries or regions with the strictest regulations, I would consider that a big red flag.

It’s all about choice. If you have the choice to go with a broker who is regulated, with all things being equal, why go with an unregulated one?

1 Like
15

I always check the reviews on these websites:
https://www.myfxbook.com/reviews/brokers/9,1
https://www.100forexbrokers.com/reviews-ratings
https://forexprotect.com/forex-brokers-reviews.html
https://www.forexpeacearmy.com/forex-reviews/forex-brokers

16

thanks for your link , all are important but from all FPA review site is more appropriate to ensure real reviews by traders.

17

Yes I agree with TS. because I also am looking for a true broker.

18

I always compared reviews on these 4 websites and not only with one.

19

Thanks for this overview about choosing good broker. I agree on it and I would like to add more to it so everyone who is seeking broker can use this list to review broker by it.

I know when I was starting looking for a broker it helped me others review and testing by itself. But a checklist which characteristic I need to follow would be great at that time :).

Here it is:

  1. Forex broker regulation
  2. Broker Accepted Clients
  3. Trading Pair Spread
  4. Forex Broker Commissions and Fees
  5. Currency Trading Pair
  6. Forex Broker Deposit Conditions
  7. Leverage Option
  8. Margin Requirements
  9. Trading Platform
  10. Trader Support
  11. Educational and Informational Resources
  12. Forex broker type
  13. Protect yourself from scam Forex broker
20

Excellent answer there :slight_smile: