Whats a good broker

Beginner Questions
1

hi,

i am a beginner , can anyone suggest me a good broker or what to look into a broker.

Moreover what is the opinion on Broker : IC Markets.

pls help me with the broker decision and good suggestions.

2

Check the broker section of this forum; there have so many good threads on this point.

3

Please don’t mind; I see you are a newbie but mostly concentrating on signal/EA and broker instead of learning the funda of trading. Are you practicing demo?

4

Hi Sajjadaxe,

there is a lot of threads on the BabyPips about this topic so you should take a look with search button. You will also find valuable information from members that are using brokers and the give their opinion about them.

While I was looking for broker I had a list what I need to check before accept him as a broker.
Here it is:

  1. Forex broker regulation
  2. Broker Accepted Clients
  3. Trading Pair Spread
  4. Forex Broker Commissions and Fees
  5. Currency Trading Pair
  6. Forex Broker Deposit Conditions
  7. Leverage Option
  8. Margin Requirements
  9. Trading Platform
  10. Trader Support
  11. Educational and Informational Resources
  12. Forex broker type
  13. Protect yourself from scam Forex broker

I can direct you to this informative post which contains more information what to look when searching for broker: https://getknowtrading.com/forex-broker-find-the-best-one/

1 Like
5

First thing to pay attention is broker license. Try to avoid brokers which operate offshore because weak regulation prompts them to treat clients unfairly to their own benefit. They can B-Book your orders which can be considered as worst experience ever. Brokers which have FCA or US license are most preferable. Second criteria is the live spreads. This can be tested after you accumulated enough trading history during different trading times so you can make comparisons. Third criteria is withdrawal speed if it fast enough even when you withdraw big amounts then its also a signal for trust. Read reviews about brokers on baby pips to make informed decisions.

6

yeah using demo account for some time now.

7

Please read the full school of pipsology.

Here is an article within that has the information you need.

1 Like
8

Metatrader 4 or 5 with a broker compatible with MQL5.com signal providers. Oanda.com is a favorite around here. Not every broker is regulatory compliant for every countries citizens.

9

Yeah. :smiley: I was about to share this too, and then I realized it’s already here. :sweat_smile: Haha. At least this section will give you an idea about the things you should take note of when choosing a broker for you. :smiley: It’s a very important decision so I think it’s okay to really survey and take your time. :smiley:

10

Okay; then try to use multiples demo according to the broker section suggestions of this forum; don’t use only one trading account initially (I am talking about demo).

11

Getting a good broker is something worth looking into. As a newbie, I suggest you concentrate first on getting as much information as possible on forex trading. You can then choose a regulated broker with fair transaction costs and terms of trading. It’s all up to you, but ensure you perfect your demo trading first before going live

12

Sometimes it’s difficult to compare brokers by information that is provided on their websites. You have to make at least 100 trades to have decent data which you can analyze and make conclusions. Reading reviews should work as a shortcut because mistakes or facts from other traders sometimes can be useful in evaluating broker performance.

13

oanda does not allow simultaneous long and short to be taken on the same asset
the most ambiguous and restrictive regulation i ever heard
talk about the land of the free