Thread: Forex Brokers: Choosing The Right One

Forex Brokers: Choosing The Right One

One of the most important first steps to being successful in Forex is choosing the right broker. The potential for profit in Forex is unprecedented but let's face it, Forex trading comes with a high level of risk as well. When investing your hard earned money in this market, it's essential to choose a broker which allows you to most effectively minimize your losses & maximize your profits.

However, many traders are not sure what to look for when choosing a broker. There's so many advertisements, promotions & bonuses being offered by various brokers, it's difficult to tell which brokers are really worth trading with. Here are some things to look for when making this important decision:

1.) First & foremost, check online reviews for this broker.

Independent reviews sites, Forex message boards, forums & rating sites can be excellent sources of information on brokers. Individual traders visit these sites and post their experiences with a specific broker, positive or negative.

2.) What does this broker offer that makes it unique?

You want to choose the best broker out there right? Have a look at what each broker is offering that makes it fit to your trading needs. Is it MT4? Do they offer managed accounts? Is it a commission or non-commission broker? Are there micro/mini accounts? etc.

Along with the different features, have a look at the promotions that broker is running. Deposit bonuses have become common so I would recommend choosing a broker that offers one.

3.) Does this broker have a forum?

Ok, this one is very important. A forum indicates that a broker has nothing to hide and is very open to traders questions & concerns. A forum is a place for traders to congregate & voice their opinions, only a legit broker would provide one because, let's face it, a low quality broker wouldn't want it's traders conversing about all of it's problems on it's own site.

4.) Try the demo account

All legit brokers offer a demo account so you can try their trading platform and see if the broker's specific style & feel fits your trading techniques. Use the demo account to test your trading strategies & methods.

5.) The essentials

Any Forex broker worth their salt provides:

* Live market news feeds
* 24/7 customer service
* Charts & graphs for your trading convenience
* Instant ****ution of Order(sounds obvious)
* ****ution of stop loss rate

Once you’ve chosen the right broker, the odds are in your favor & your chances of succeeding in Forex increase greatly.

There is a lot to be looked at when choosing broker, but 2 things that I was dead on wanted and those were regulated + ECN broker and quick payments, I am happy to say that with FXOpen, I have got that beyond my expectations. I started off with forex demo here since I am not the greatest trader around, but I realized, I don’t need to be great, it’s all thanks to their Autotrading option via Myfxbook and Zulutrade
- https://www.fxopen.com/en/autotrading-systems/ , it has changed my life in the way I least expected!

I completely agree with your point of view that selection of a broker must be from the mentioned path, I'm using FBS Markets as my Broker and very happy with them

yah I also agree, I was doing my trading together tickmill. Tickmill itself is equipped with an educational program that is easy to digest for his special traders novice traders. we can follow the demo account contest with prizes have been provided

The points mentioned are extremely fair and makes sense only. I have done a lot of these things before making investment with my current broker OctaFX, as they are very special. From allowing me to operate on with their ECN account with just 5 dollars, it also got demo contest like cTrader through which I can stand chance to win up to 400 dollars while the duration is pretty short and sweet of just weekly based which makes it ever so like able.

manage trading well and truly in my opinion easier to do manual trading with discipline in money management. Fund management in forex trading is a key element in maintaining our balance when facing a situation that is not good in the forex market. I was always trying to manage trading that I have shared Tickmill.

Originally Posted by Uncle Gober

manage trading well and truly in my opinion easier to do manual trading with discipline in money management. Fund management in forex trading is a key element in maintaining our balance when facing a situation that is not good in the forex market. I was always trying to manage trading that I have shared .

we can by using a demo account correctly, and understand pasilitasnya well, in order to make it easier and able to manage their trading so well that what we do can make us lucky

Originally Posted by cheet0z321

we can by using a demo account correctly, and understand pasilitasnya well, in order to make it easier and able to manage their trading so well that what we do can make us lucky

In a demo account is very important in running trading by learning how where managing risk well, and also learn the correct running of his trading. With that we as a trader who wants to be successful must continue to fight without the word surrender in the hope to be obtained

exactly once, I agree with that. In our demo account can get various advantages that exist on a demo account, that if we bsia utilize demo account as well as possible. therefore mean-behold, when trading using a demo account.

Originally Posted by Uncle Gober

exactly once, I agree with that. In our demo account can get various advantages that exist on a demo account, that if we bsia utilize demo account as well as possible. therefore mean-behold, when trading using a demo account.

Demo accounts it would further enhance the skill and knowledge, with a demo account it means matching the trader to do with learning, with that as a trader is able to master a demo account would be better if we were able to try the plunge in real accounts by using capital with a minimum deposit as small as $ 1 in your account satandar instaforex, to further hone skills and also knowledge and ability mental