I’ve just started working at a new brokerage on the sales desk and am keen to get involved in the community here.
I won’t mention the name because I’m not here to advertise, but I would love to hear from you guys about what’s important from your perspective from your broker.
Why do you choose one particular broker over another?
You are warm welcome here on this community. You can ask whatever you want to know about the Forex market as you will find all the answers here. As a newbie, I would recommend you choose the best broker for your trades as the broker is the oxygen of the trader.
Leverage. Trade able Markets. UK Regulated. Good customer service. Easy to use platform.
My main considerations before choosing a broker. As for industry knowledge, there will be people at work better placed to develop your insights than on here.
Forex market is a historical market where currencies are being exchanged among the people. You can buy and sell a currency pair according to your predictions about the movement of the market. Here traders buy and sell the same currency pair at the same time, so you have to choose the right way to gain profit.
Just because I work at a broker, doesn’t make me a market expert. You’d be surprised how little people in the brokerage industry know about what happens at the coal face.
I’m keen to help build up our brokerage in a reputable and transparent way, so figured the best place to get feedback on what traders want is here.
advantages:
your clients are below any level stupid.
always lose
you gain on market making much more than with real brokerage
easy implementation by using preprogrammed “trading software” which you can customize in design so it looks like its your own software.
disadvantage:
clients are below leve stupid.
you will have more telephone staf answering stupid questions all the time than people working on brokerage. you are more of a call center than a broker
heavy capital needed for advertising to keep the stream of losers alive.
regulation issues, especially in the future to come.
hogh legal costs (lawyers)
or you can go real broker
advantages:
skilled clients. little to non customer inquiries.
scalable business if you can compete.
reputable.
clients with deep pockets and reffering you to other clients with big pockets. one proper client is worth more than 1000 retailers.
less advertisement ($) needed.
once the business is established it is a good and easy manageble cash cow.
disadvantage:
hard to implement.
hard to compete in rates.
hard to attract clients even if competitive in rates.