Hi everybody!
I’m starting in Forex trading, already learn something here in Babypips and I want to start practicing in some demo accounts, so I be so grateful if some of you can give me some advice based in your experience of which are the better brokers to start and maybe to stay trading with them.
Very good decision because of choosing Babypips school , don’t go without passing minimum time in here , and you can choose at any broker to ensure a demo account , doesn’t matter. Just keep calm and practice with great patience.
For practicing a demo account any kind of broker can be chosen, but you have to choose MT4 trading platform that can be supportive. And right now some of brokers are providing educational facilities for newcomers, you can choose that also. But please don’t trade demo at random. Just focused and practice properly. it could provide you a great knowledge and experience.
Hi @rmiramontes it depends on where you live, because you should consider brokers that are regulated in a major financial center appropriate for your region.
The advantage of trading with a well-regulated broker is that there are minimum standards both financial and trading, ongoing monitoring by the regulators to ensure compliance, a framework for handling complaints from customers, and the power to enforce actions against regulated brokers for violations.
Regulation is a big deal when choosing a broker , but my question is, they are always secure and trust-able ?
Hi @Chris_Lynn
Suzanne Massie, a writer in Russia, met with President Ronald Reagan many times between 1984 and 1987. She taught him the Russian proverb, “Доверяй, но проверяй” {Doveryai, no proveryai} (Trust, but verify).
A key advantage of trading with a well-regulated broker is that government authorities are monitoring their activities. If you ever have a grievance against this broker, you can appeal to the authorities with your claim, and the regulators have the power to enforce actions against the broker on your behalf.
With an unregulated broker, you don’t have the same advantages. For example, the CFTC and NFA set the requirements a broker must meet in order to offer forex trading to US residents. Though not an exhaustive list, this membership application will give you an idea of some of those requirements: Compliance Requirements for Retail Foreign Exchange Dealer (RFED) Applicants | NFA
This is a reasonable question my Friend. Out of all the advantages a broker could mention, regulation comes before hand. Why are regulated broker always putting regulation at the fore front of their advantages? This is because they are very well aware that unregulated brokers offer better trading conditions than they do.
While less regulated brokers boast about best trading conditions, highly regulated broker boast about being regulated. The government and private regulatory bodies benefits financially from regulation itself, so it is not only about the interest of the traders. Still, in the sense of the word, regulation is very good. But when you start trading with some regulated brokers, you will feel frustrated and then you begin to ask yourself what the benefit is then.
I do not advice you trade with an unregulated broker. From my experience, I have had better trading with a less regulated broker than with a highly regulated broker. When regulation tight-grips a broker, they transfer the frustration to the traders.
Bottom line is: Choose your Forex Broker, not by how highly regulated it is, but how satisfied their clients are. Forum is the best place to know how other traders feel. Don’t bother about review websites, too many fake reviews. Go for the best trading conditions such as: Low spreads,low commission fees, less slippage platform…
Lots of regulation we have in Forex trading. Only regulation platform always ensures secure environment I don’t believe this. it depends on their credibility
We always are looking for a secure environment for trading, that’s why regulation brokers are always advisable by the traders, especially the senior and experts. But which broker can guarantee their clients funds it depends on their credibility. Thank you petter for nice point.
According to me, the credible broker does not restrict any kinds of trading techniques with scalping and hedging. Right now it’s difficult to find because most of them are found to be scams.
I don’t know what you think about credible broker. Credible broker always reputed by the traders. But the problem is their trading environment is not suitable for the traders who are particularly have started forex trading with a little amount. Of course they have exclusive trading facilities but because of higher minimum deposit new fx trader can’t move in here. They should be comfortable for all kinds of traders.
I have no discord about your post and credibility. But generally we don’t find the credible one which has lowest minimum deposit and allows any kinds of trading techniques with comfortable trading spreads.
I have a question for all of especially the senior . from all trading techniques in Forex trading scalping is most profitable and usable , it brings profit very rapidly than others but why scalping don’t allows mostly trading brokers in their platform ?