I don't want to choose the wrong broker!

Hey guys. I am almost done with preschool and I’m looking into brokers. All I want in a broker right now is honesty and trust. I can’t afford to put out money and lose it because I chose the wrong broker. Please help me!? I’m from the Caribbean, Trinidad and Tobago.

Were your studies accompanied with a demo account training or was it simply a read-over of the course here? If no, then open a risk-free demo account with some broker (quality and features are same everywhere) and spend for practice 3-4 months, understanding platform interface, order execution, spreads and other things which constitute technical side of the process. Based on my experience, Tickmill, Hotforex and IC Markets would perfectly fit both newbies and professional needs in terms of safety and performance so you can go with them to see the real world of trading.

Thank you! I have been playing around with demos a couple of weeks now. I started reading the course but i was going through way to fast so I started writing down everything I thought was important (which is a lot). It’s slow but I can absorb the information better. Thanks for the reply

Normally common broker names are more trustful than other names.

And what would a common broker name be? One with ‘broker’ or ‘fx’ in it, because I’m sure the scammers wouldn’t have thought of using those!

get on your local financial authority page and find who is regulated and where

I think, the best variant is just to find old brokers, that are on market for at least 5 years and have license. It means, that they are reliable. But its better to read peoples reviews about them. If everything is ok, and the brokers you`ve chosen have quite good reputation, just pick a broker with the most proper trading terms for you.

See, the logic is SIMPLE. I won’t complicate this. You need to have broker which is regulated properly. When the term used properly comes, it means that the regulation the broker will be under should have protection to CLIENTS that is the thing when it comes to regulation. If the regulation is from offshore company then it obviously means nothing in terms of your security but more of fake setting in sake of regulation! If I for one suggest any broker then my word will go with FP Markets. They are licensed by ASIC (which I am huge fan of) while they are also an Australian based company servicing since over a decade (12 years). With that, I believe enough said but the conditions too are pretty impressive if you actually check them out.

I am sure no one on purpose is ever going to choose wrong broker, so often it is just greed or wrong mindset that people go with wrong broker. If our mindset is correct and if we avoid greediness then we will mostly be able to select right broker. We need to skip stuff like bonuses and all that, it is not the sort of thing that will benefit us at all instead will lead us as dinner or lunch for scamming brokers.

Right broker is certainly very crucial to our chances. I am with FreshForex and I rate them VERY highly. I believe having such broker is always great and gives us extra room and comfort. But we need to be very selective and make sure to join one that we can really trust upon.

Kindly check the charterprime , this broker have the business partner (AirAsia,GMG)

Hi. You will find some trustworthy brokers that offer some quality services. I prefer trading with regulated brokers only and it creates a sense of safety for me when I trade. When you look for a broker, make sure you check their commission rates and regulations. The spreads should be low and the withdrawals and payments should be fast. I generally use Ig and Fxview for trading CFDs on their ECN accounts. They are efficient and cost effective which is great for me. You can start using demo accounts with any broker first and then move on to a live account.

Regulated brokers offer regulation
Offshore brokers offer better trading conditions, arguably better customer service, higher leverage.

It is always wise to research about forex broker before opening an account with them. I always made sure to look into whether they are regulated or not, and if they claimed that they are, I checked onto the regulatory body websites to further confirming whether they are regulated or not.
You can always open an account with them and add the lowest funds as possible, and try out their demo trading if you think their trading conditions are good or not.
It is never easy to find the perfect broker, but it is never wrong to fall into wrong broker if you research properly.

But are these factors above safety of your funds? I doubt :thinking:

I would suggest to try Hotforex or Tickmill both are FCA regulated and offer flexible account types. I conducted many tests at their platforms both manually and using algo and except some minor issues, results are quite satisfactory.

How are your funds safer in a regulated broker? Please enlighten me.
If the broker goes bust or disappears then it makes no difference if they were regulated or not.

Yeah obviously regulated ones are much safer since they are monitored by regulatory authorities. In case of any default by a regulated broker, one can be financially compensated since the broker is bound to comply to all rules and regulations as stated by the regulatory authority, which is too hard with any offshore/unregulated broker.
For instance, Ic markets provides an investor compensation fund scheme for its clients in order to protect their funds in case the brokers fails to meet its obligations.
So i believe it pretty much sums up that with regulated brokers, our money is quite safer as opposed to the unregulated ones.

Do you know any cases of this actually happening though?
ALso IC Markets won’t be regulated for a lot of people in a few months with the changes.

You can get all these with regulated brokers also.