What do you look for in a forex broker?

Hello dear traders,

I am a newbie to Forex trading and was hoping to get advice from the slightly more experienced traders here as to what are the most important factors to be taking into account when searching for a good Forex broker?

Is it the trading commissions/spreads? Another type of trading conditions? Available trading platforms? Popularity? Regulation? Any other factors?

Thanks so much.

GnG

Regulation is mandatory.

Good platform(s)
Good spread/commission

Hi there :wink:
There are plenty of things that are important but you should also be aware of what you are looking for. My suggestions is to contact the brokers you are interested in and discuss some topics with them. In this thread, you might find some useful questions to ask.
Cheers

I believe that the broker`s reputation is very relevant. Of course, there are many advertisements while reading reviews about different brokers, but there are always truthful and unbiased comments of real users, which can be easily identified among advs. In addition, by the way, if the broker can offer a good popularization on websites it is not a bad sign!

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Avoid brokers who use gimmicks to attract clients.
A good broker doesnt need to offer bonuses and the like.
Also, check they are regulated in the country you live in. Cypriot, Belize, offshore regulation isnt worth the paper its written on

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Somewhat right. I believe we should very much look for quality broker and once we are good on that then just take whatever extra is there…

The only ting i care about is how fast they withdrawal and if anything changes with trading or withdrawal speed when i WD in profits. I find that all these brokers are they same, regulated or not, and you don’t notice a good broker from a bad until you actually start pulling out more money from the broker than you deposited.

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Do brokers give you trouble after a while if you withdraw more than you deposit from them?

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The regulation, broker type and the broker’s spreads and commissions are most important to consider.

Regulation, reviews and since when the broker has been on the market.

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@Thypi You won’t have this issue if you’re working with good reputable brokers. I’m currently working with Oanda, XTB, XM, and FXview and have no issues.
Here is what I mainly look for when selecting a broker:

  • Regulation
  • Trading product options
  • Transaction costs
  • Leverage
  • Withdrawal process
  • Customer Support

I have been using FXCM, IC Markets, and Coinexx, right from the start and all I can understand is a trader must be confident about his/her needs for trading. There are several things that you must do before becoming a successful trader, but one of the most important of all is finding a broker you can trust.

It’s been years that I have been trading with Coinexx and FXCM and their deposit and withdrawal are quite smooth. I can also make easy profits thanks to the low spreads and faster execution speed. The slippage is very minimal and I am happy using both of them. You can also look for these factors while searching for a broker. I hope this helps!

I think it is very important to look into regulated broker for the safety of your funds.
Usually, I would prefer to go for a regulated broker offering good amount of spreads and stable trading platform (Usually MT4/MT5)

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I think regulations, spreads, commissions and deposit/ withdrawal modes should be the first priority while choosing a broker

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