When looking for a broker there are many things have to check as like, regulated, transaction cost, withdrawal system, spreads, margin requirement, Leverage , customer services ,free demo trading and much more real trading facilities that are very supportive to lead a flexible trading life with certainly.
the best way to find about a broker facts is find out are they popular or not.
a popular broker will have a lot review in some review sites like FPA, BrokerArena, Earnforex, myfxbook,etc
you need to search manually are your preferred broker has problems with their clients or not. and if they have problems, you must search too, is this problems because the broker are cheating, or are the clients did not obey brokers rules ( minimal time open positions, etc)
another way to find out about a broker is , are they have IB programs , because if they have IB programs, are their biggest IBs have a traders community or not.
do not forget to search at facebook groups. usually many useful reviews are spreads in the groups
vanillaman
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To be honest, the easiest way is to call them and have a chat. You can learn a lot from a conversation. Some are pretty big but keep a low profile or just don't do the same kind of PR as some of the more popular, no doubt the popular ones quickly get slated so reputation management is crucial. So they do a lot f positive press, reviews and so on, all can be manipulated to look good. So nothing beats a good conversation.
Most brokers will quote tight spreads but in truth they get the most out of the spread when you close the trade, for example, you open a trade you pay a spread, you close the trade they have algos that add another few pips when you close so your total spread could be easily 4 to 5 pips on EURUSD, all the brokers do this with exception of a few., especially the ones offering tight spreads. A broker charging a wider spread is getting well compensated so doesn't need to, so in effect it is better to have fixed spreads ,that way you know your cost. Some will disagree but it is reality.
So like I said it is worth having a conversation and seeing if the you like the broker. Remember that regulations and the other stuff are just USP's at the heart of it all is how much you pay to the broker and what do you get in return and in my experience nothing good is cheap.
Most brokers will quote tight spreads but in truth they get the most out of the spread when you close the trade, for example, you open a trade you pay a spread, you close the trade they have algos that add another few pips when you close so your total spread could be easily 4 to 5 pips on EURUSD, all the brokers do this with exception of a few., especially the ones offering tight spreads. A broker charging a wider spread is getting well compensated so doesn't need to, so in effect it is better to have fixed spreads ,that way you know your cost. Some will disagree but it is reality.
So like I said it is worth having a conversation and seeing if the you like the broker. Remember that regulations and the other stuff are just USP's at the heart of it all is how much you pay to the broker and what do you get in return and in my experience nothing good is cheap.
We can never tell if which broker is the bets, For newbies it is hard to choose a broker that you can trust, but i suggest better check their rules and regulation for you to know what they can offer you. And see if they are license to operate such business. So you can be sure that your money is safe with them. manage everything especially your funds , so you won't have difficulties when you start trading with forex.
Pat494
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Found this on Google to answer my own question.
An ECN broker is a forex financial expert who uses electronic communications networks (ECNs) to provide its clients direct access to other participants in the currency markets.
Yes well now we all know
An ECN broker is a forex financial expert who uses electronic communications networks (ECNs) to provide its clients direct access to other participants in the currency markets.
Yes well now we all know
I guess its good to short list few decent brokers, reviews sites can be helpful in evaluating forex brokers and test them by using their demo accounts. More or less these demo accounts are very similar to their live accounts and sooner you will be able to compare their processes. Once you get good hands on trading demo account, you can finalize your broker.
Pat494
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Iron FX doesn't look good. Peace Army says they have legal action claims against them and they were scamming.
Iron FX are not much famous in forex trading . I want to say some one should do trading with trusted and well known broker. Because their actual amount should be safe with broker. One should open account with any broker to see their reliability with less investment.
The causes that make the best broker among various other brokers are regulations, different type of account types according to commissions & spreads, minimum deposit requirement, easy deposits & withdrawals. The factors like instruments offered such as currencies, stocks, stock indices and commodities, trading platform and customer services help to consider a best Forex broker. Research about the top brokers in the market and open a demo trading account & ask questions. It will help you build a confidence with a broker as you test their services and offerings.
You are right.Especially the US and UK regulated brokers.
Unless you don't withdraw decent profit several times you won't know true colors of your broker. But for now you can start from trader reviews at least not to run across sheer scam.
