What to look for when choosing a Forex broker

Discussion in 'Forex' started by FP Markets, Nov 13, 2019.

  1. Masil

    Masil

    Thank you for this. This is exactly the point. Unfortunately, many of the brokers with heavy regulation have shitty trading conditions and will even kill you with high slippage. Execution and Trading cost cannot be overemphasized. I had to settle with Forexchief broker in the end for lower spreads and fees and fast server.
     
    #31     Jul 3, 2020
  2. The first most important is regulation. Second is the integrity of management. Third is the size of your account and whether you can/ have to trade units or lots. If you can only trade lots, you need enough capital to evenly balance your account if diversifying. I.e. if you only have a $500 account and have to trade in 0.01 lots ($1,000usd) it makes it hard vs having $100,000 and able to use 0.01 lots to break down the balancing.
     
    #32     Jul 3, 2020
  3. For example, I chose the broker Amarket, with whom I have a certain experience in the market, a large number of customers, favorable trading conditions, and, of course, trouble-free withdrawal of funds.
     
    #33     Jul 4, 2020
  4. traderjo

    traderjo

    so
    regulatory oversight / Market maker or ECN model etc not important????
     
    #34     Jul 6, 2020
  5. Dwayne

    Dwayne

    It is important.
     
    #35     Jul 6, 2020
  6. VenusMann

    VenusMann

    Can check the regulation of this forex and make sure this broker can be trusted. This is the following regulation that is most famous:
    1.FCA
    2.NFC
    3.ASIC
    Always check their regulations status in regulation website to protect your money and investment.
     
    #36     Jul 7, 2020
  7. Before you give a broker any money, review its funding and withdrawal procedures. Some require long waiting periods until you can trade when you fund through checks or wire transfers, while others will charge hefty fees when you withdraw funds or close the account.
     
    #37     Jul 7, 2020
  8. Zalak

    Zalak

    At a minimum, a broker must be in the market for at least 10 years.
     
    #38     Jul 12, 2020
  9. kroxobor

    kroxobor

    For some industries company services tend to deteriorate as the company matures. This happens with "reliable" companies which obtain solid client base and has little incentive to compete (i.e. strive to outperform). This is the issue with old brokers too and of course it is another edge of the sword.
     
    #39     Jul 13, 2020
  10. Mainly tight spreads and low commissions. Service of the broker matters as well. Customer service is also one of the crucial factor one should look into.
     
    #40     Jul 13, 2020