Hi everyone. I have pretty much looked at everything in baby pips and want to start trading. Before I chose a company to go with I would like to know what you think really matters when selecting a broker? Any advice?
Get one thats regulated in your country, compare spreads (these can kill if too wide), stay clear of special offers/account bonuses (nothing in forex is free), read reviews on forex forums but not general “Googled” reviews as loads are fake or posted by poor traders looking for someone to blame their failings on.
More things to look out for could be withdrawal and deposit mechanism: A good broker should allow you to deposit and withdraw money from your account any time you want.
You can test any broker out in this regard by registering with the broker, trade little and withdraw all you money. How the broker responds to your withdrawal request will determine whether they have your best interest at heart or not.
You can read more here: How to Trade Forex: How To Choose A Reliable Forex Broker, to see other important things to consider before choosing a broker.
Hi Hamed, it really depends on what you find as important. For myself for instance it is having a broker that can service me when I need them. I am also interested in good and competitive spreads. Having a variety of products that are suited to me. Also it is important that you test their withdrawal system just like billywhyte said in his comment. I personally trade with ironfx and i’ve never had a problem with them. I suggest you look around first and speak with different brokers online to see how helpful they are to you and then make your decision.
[QUOTE=“Hamed3;686723”]Hi everyone. I have pretty much looked at everything in baby pips and want to start trading. Before I chose a company to go with I would like to know what you think really matters when selecting a broker? Any advice?[/QUOTE]
Hi Hamed, if you are in UAE I can recommend some local government-approved brokers.
Thank you everyone. Some useful information. eddie, thank you for the regulation warning. billywhyte thank you for that site. quite interesting. Jack thank you for letting me know about being able to speak to them online. I spoke with Ironfx and I was quite impressed. They gave me a free demo and gave me a link to their website where I can read information that their analysts produce daily. I also spoke with Hotforex and Acfx and they were good too. mkhaled I live in London but im originally from Egypt. Can I still use those brokers or do I have to be from the UAE?
[QUOTE=“Hamed3;686948”]Thank you everyone. Some useful information. eddie, thank you for the regulation warning. billywhyte thank you for that site. quite interesting. Jack thank you for letting me know about being able to speak to them online. I spoke with Ironfx and I was quite impressed. They gave me a free demo and gave me a link to their website where I can read information that their analysts produce daily. I also spoke with Hotforex and Acfx and they were good too. mkhaled I live in London but im originally from Egypt. Can I still use those brokers or do I have to be from the UAE?[/QUOTE]
Yes you can use them: go to google or youtube and type ADS Securities
You will find a great fundamental analysis on their channel by the Market Strategies gentleman who works for them using Bloomberg charts.
Selecting a broker and getting a good one is not that easy because there are lot of them . A good broker provides tight spread , good trading platform, a good withdrawal and deposit system and also should be reliable. Profiforex is one of those brokers that offer good trading condition and very much reliable.
HI Hamed
I am investing in Forex Trading for more than 5 years and I use fxpips.com to select a broker for trading. I also agree with Eddie and Billywhite. Just be careful while selecting a broker and hopefully you will become a pro soon. 
Hi everyone. Thanking you all for your comments. They have helped. I would like to say that I have been trading on the demo account with ironfx for the last week and they have been helpful to me. I have some good trades and I think I may be ready for the live thing. Whenever i need anything i go to their online chat and speak to them and they help me. they also told me that I may qualify for a swap free account which is important to me. when do you think it’s best to go live. I feel ready but when do you think from your experiances?
try the sirix platform of ironfx. it will help you learn from traders with experience. when i started trade their wer no such platforms. now you have a lot of choice. sirix and the demo mt4 of ironfx will help you learn fast.
Only time and profitable trading can uncover the true nature of your broker. Had such trial with Tickmill and seems they passed the test. Most frustrating is most newbies are trying to access brokers by demo and being a tricky pitfall (demo platforms are practically the same from broker to broker) they get no impartial information from it.
I’d advice to look for real trading experiences in trading journals or analysis threads, where real trades are placed.
Cheers
I started trading with ironfx even though i was a bit concern as I said before but now they have launched mirror account and no regrets at the moment. I will check how it will go. Anyone else who tried it at the moment and faced any issue?
hello i have the same worry - it is very difficult to pick a good and trustworthy broker when you are still learning the industry, and when all brokers seem to offer a similar service. i basically picked a name out of the hat and went with ironfx, also because i heard it has many regulations. i am not trading long with them - hugo i have not tried the mirror - but i like thier mt4.
The most important thing to look for in a broker is tight spread ,good trading platform,fast execution and if they are reliable. Most time you have to trade with them to be able to experience that. You can start by opening a demo account with the broker then practice for some tome before going into live account to gain more experience. I trade with profiforex they really help me in boost my trading experience.
Hugo, my accounts manager at ironfx tell me to try the mirror account. he said it has potential. what is your experience with it. I trade with ironfx and i am happy. i have tried many of ther platforma like serix, ea builder, mt4 advance and they are all good. does mirror account look good. do you suggest i try it?
Emanuel, I have been searching for this product and IronFX has offered it. Look I guess you have been trading for long time now so this product might give you advantages that you didn’t have before. For instance this account offer lower stop-out levels and instant internal transfers, the leverage is 1:200. I just started to using and it seems good and if i were you i would try it and since you are happy with them.
Hi everyone. A lot of people have answered on this thread that I started. Thanking you for all your advice. I have now open a live account with Ironfx and can say that I am very happy with them. My account manager explained me many things about the mt4 and expert advisors and this has helped me. He also showed me another platform that they have where I get a better view of what happens in the forex market. I opened some positions and have made profit. I am very excited with this. Thanking you all very much.
It is said that IronFx run up against serious operational issues, delay with withdrawals, so be careful with them.
BTW, here is the link on FPA review Iron Fx Scam Warning | Broker Reviews | Forex Peace Army
I’d rather suggest you to test waters and trade with safe brokers, like Hotforex or Global Prime. What for to add up broker risk to the risk of leverage trading?
Nice account product. I spok to my accounts manager and he explained this. I tried it and it looks interesting. He also told me about an expert advisor that I can use for this and it looks interesting. I will start using it and I will tell you all about it when i know more.