What to look for when choosing a Forex broker

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

  1. Branos


    These tips are really important and you did a great job in pointing out the criteria which everyone can bear in mind before choosing the most appropriate broker.
    As for me, apart from regulation, which is very important, I also look at the overall opinion of trading community. I believe that it is one of the best ways to know whether a broker is worth consideration, is to ask the traders who actually trade with this broker. More than that, if I were a scalper or an algotrader, I would also be curious about whether this broker allows scalpers to trade and whether it allows EAs or any other trading bots. There are many brokers who prohibit scalpers to open positions for less than a minute. This can have a dramatic effects on trading results.
    #71     Sep 21, 2021
  2. I have been choosing the broker now, one reason my broker is regulated in three jurisdictions, ASIC, FCA, and Cysec, included old company. I don't know the future, but so far still comfortable with them, execution trading speed is good, the spread included low, withdrawal funds are all processed accordingly, still don't think will move to another company.
    #72     Sep 22, 2021
  3. Esha.J


    Selection of the broker is very important and also very difficult to achieve success in the same.
    #73     Sep 23, 2021
  4. S.Luke


    When choosing a broker, look for the brokers' reliability and if it can be suitable for you based on the trading condition.

    For example, I trade with FP Markets because it is reliable for scalping since their trading conditions meet my expectation with low spreads and commission costs.
    #74     Sep 30, 2021
  5. Raheel Shaikh

    Raheel Shaikh Sponsor

    You can compare brokers that meet your trading requirements.
    like if,
    you are a scalper you will need tight spreads and you can get away with high commission
    or you are a swing trader you can work with large spreads and zero commission

    Compare and chose the best amongst the ones regulated.
    #75     Sep 30, 2021
  6. Chuckle


    Still important, I think, is a good job of managers and support.
    #76     Oct 4, 2021
  7. Regulation is important but it still doesn't guarantee that everything will be fine.
    Unfortunately, there is no one single factor which will clearly state that this or that broker is trustworthy, so, you need to pay attention to a bunch of things. Along with regulation, you should also look for the reputation of the broker in trading community. There are lots of different forums which are devoted to forex trading like this one where traders share their experience of working with this or that broker. The most interesting thing is that there are no brokers with crystal clear reputation. All the brokers have some negative feedbacks and it is okay because it is impossible to satisfy the needs of all the brokers. You should look for the weak points of the broker and make a decision of whether you are ready to put up with them or not. There is no perfection in our world.
    Apart from looking at spreads and commissions of the broker, you should also find the information whether this broker is alright for your style of trading. It is especially important for scalpers and algotraders because there are many brokers who don't support such styles. For example, I know a bunch of brokers which don't allow the traders to open the positions for less than 1 minute. As you might know, this is not suitable for scalpers.
    #77     Oct 4, 2021
  8. The first consideration when looking at the broker, in my opinion, is the company must regulate, it's mean they are serious in business, then providing good trading conditions, like as allow to scalping, robot trading, execution speed, low spread and has a good reputation in the community. but because I already choose the FXOpen broker and am comfortable with them for more than eight years, no intention of looking for a new one.
    #78     Oct 6, 2021
  9. After a month of demo trading with several brokers I decided to go with coinexx because of its lower spreads and commissions, suited well for scalping.
    #79     Oct 14, 2021
  10. It’s hard to find the right broker to trade with. You don’t get to know if they are worth trading with or not until you take a few risks with them. That’s why I prefer trading with brokers that have low minimum deposits. At least, I won’t make huge losses while merely testing the features of a broker.
    #80     Nov 23, 2021