Hello I’m new to this forum, being a beginner I have been trading purely on a demo account using mt4. I feel as though I’m nearer the stage where I should be thinking about brokers. Could anyone recommend specific brokers or explain what I should be looking for in a broker. Any advice will be much appreciated!
Real quick instead of actually naming some I’ll just say what you look for in them.
-Regulated | (CFTC, FCA, FSA, NFA, ASIC & etc) You want a broker that incase anything goes wrong you can easily file a complaint with your respective regulatory board or more importantly so a shady broker doesn’t disappear with your hard earned capital to some random island in Tahiti somewhere.
-Options | I don’t know maybe you want your broker to have s&p, futures, in their package. Maybe you want some cryptocurrencies & oil to really get your juices flowing. Well every broker have their highlights & strengths and carry certain assets you can trade with. Obviously not all of them are the same and you have to see which works best for you.
-Platform/Utilities | Maybe you like trading via technical indicators so you require a broker that has a modern & easy to use interface for trading. You might like getting news as soon as it’s released or an autochartist or whatever. Again each broker has their pros/cons in this area and you just need to find the one best suited for you.
If you need any more suggestions just let us know.
Thank you for this information
Happy pippin’ .
Not sure you’d want a broker regulated by the FSA?
I’m just having a laugh - the FSA was a regulatory body in the UK between 2001 and 2013; now no longer in business. We have the FCA now
Right you’re mate i forget sometimes lol.
You can find a lot of great and regulated forex brokers, but you can also find a lot of forex brokers who are not regulated and hos very low security or deposit guarantee.
Finding a proper broker may heavily depend on your country of residence and what you are looking for.
Forex is regulated in Japan by the Financial Services Authority (FSA). We’re sure that’s what you meant, @momoisnyc.
Where do you live, @Mjfjoinery? This earlier discussion highlights the importance of choosing a regulated broker appropriate for your region: Unregulated brokers illegal? Whats the Risk? Help Please!