How To Choose Best Broker ?

Fahad Fx

Newbie
1 1
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.
 

ijak

Junior member
27 0
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

Member
67 6
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.
 

jojo9361

Newbie
4 0
I think one of the most important questions, is how are you looking to trade, for instance if you will be using a autotrader to trade a certain strategy then you may want to find a broker that supports MT4 for instance.

Best Regards,
John.
 

Cheriff

Junior member
11 0
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

Legendary member
13,491 1,332
What is ECN exactly ?
Some MT4 programmes won't work with any other than an ECN broker, some saying the spreads are too wide too.
 

Pat494

Legendary member
13,491 1,332
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
 

progix

Active member
215 3
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

Legendary member
13,491 1,332
Write asking questions, like what is your minimum stake. If they can't be bothered to reply - bin them ! If they do reply and make outrageous offers - bin them as likely scammers.
 

trump

Newbie
9 0
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.
 

Mack05

Newbie
4 0
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.
 

Pat494

Legendary member
13,491 1,332
Someone has posted that Tickmill has now opened in London. Now subject to some proper rules and regulations.
Worth a look.