You should check about broker’s reputation, also whether the broker is a market maker or an ECN. The next thing one should look for is the trading conditions of the broker like what spreads they offer, what commission they charge, their leverage structure etc.
I think it depends on where you live as you might find regulators in your country overly oppressive on things like leverage. Personally I look for reputation via reviews, good spreads and reasonable commission.
1.) Available assets (forex pairs, crypto, stocks, etc.)
2.) All fees (commissions, spreads, withdrawal fees, or hidden fees like inactivity or account maintenance, usually listed under their terms & conditions)
3.) Available leverage
4.) Deposit and withdrawal methods and timeframes
5.) Availability of customer support (always check if the broker advertises LiveChat to see if it’s a real person, or if it’s just a robot)
6.) Consider bonuses (but never choose a broker solely based on this)
7.) Platforms available
I never worry about a broker being offshore or regulation because there can be issues with regulated brokers as well. Customer reviews over a variety of sites always makes me feel more confident, although you sometimes have to take those reviews with a grain of salt because some traders may be blaming the broker out of anger when they’ve simply blown their account.
Being a scalper, I wanted to change to a broker that offers high leverage, but also tight spreads and low commission. I was able to find one courtesy of this list - List Of Best High Leverage Brokers. Anyone who has a similar requirement to mine can take a look at the list, many good options available there.
I suggest looking for a broker based on your trading strategy and method. Since I’m a scalper, I prefer using FP Markets, a broker with lower spreads, commission cost, and faster execution speed.
- Trading cost
- Trading conditions
- Withdrawal processing speed
These are what got me picking turnkeyforex and trader’s way - good brokers with reliable customer support
Exactly, reason I keep saying regulation is never enough, we need to look beyond that. The factors you mentioned are a good way to go about looking for one, adding to that too we should make sure the broker has been in the market for long. This is also a good way to tell how credible they are, this aspect was very important for me in choosing forexchief, the fact that they have been in the market for over 8years now was at the fore front in making my decision.
Yes good points to consider
Here are some essential things that you must consider when looking for a forex broker:
1. Regulation: Ensure the broker is regulated by the Financial Conduct Authority (FCA) UK or the Commodity Futures Trading Commission (CFTC) US. It will ensure that the broker is held to high standards of conduct and that your funds are kept safe.
2. Spreads: Look for a broker with competitive spreads, as this will directly impact the cost of your trades.
3. Trading platforms: Choose a broker that offers a trading platform that is user-friendly and meets your specific needs.
4. Customer service: Good customer service is essential, as you may need to contact the broker with questions or concerns.
5. Fees: Be aware of any fees the broker charges, such as withdrawal or inactivity fees.
6. Reputation: Research the broker’s reputation in the industry and read online reviews to get a sense of what other traders have experienced while using the broker.
Yeah, now I just enjoy the peace of mind that comes from using their payment system, just so easy. No issues since I started.
I usually look for regulation and trading conditions of the broker which are really very important for me before I start trading. Apart from that their commission rates should be low …that’s a crucial aspect too. Any suggestions for forex broker which can match my requirements stated?
I mainly look for the following aspects in a forex broker - license, platforms, instruments, and funding.
I usually look out for spreads. I tend to trade more during the news hours, don’t know why I have developed this habit of losing like this:D but yes, so i always look for a broker who has stable spreads during peak time. Only a few i can count on till now, AAAFx and Avatrade, no one else close.
I specifically look into regulation and how long they have been active in the forex business. Finding a reliable broker these days is a task due to the number of new brokers entering the market. I use FP Markets mainly because it is ASIC-regulated and has been in the forex business for over a decade.
Since I’m a scalper I look for a broker with tight spreads preferably the ones with zero spread on majors. Most of the profitable forex trading strategies in my view are bets on short-term price movements within minutes or even seconds. For example strategies based on momentum anomaly.