Thread: Forex Brokers - Finding The Right Broker

Forex Brokers - Finding The Right Broker

Forex brokers are a diverse group. There's commission and non-commission brokers, Meta 4 brokers, various types of trading platforms, special managed accounts offer, the list can go on and on. With all the hype and advertising, it's hard to make an educated decision when choosing a choosing your Forex broker. Trading with the right broker is very important and a broker's specific features can mean the difference between huge trading profits and losing your initial investment.

There's three main factors the experts use when making the decision, if you go by these three, you can choose the broker that's right for you, without having to navigate all the useless hype.

1.) Find a broker you're comfortable with.

This one sounds generic and almost cliche, but in reality it's a very important factor in your trading success, or lack of it. In order to trade successfully you have to be comfortable with your broker, open a demo account, check out the trading platform, the news feeds, the buy/sell button, charts and graphs and customer service. Do they have 24/7 live chat? Is the broker regulated in your country? Being comfortable with all of these factors is key. Once you've chosen your broker, spend a day or two just navigating the platform so, by the time you are ready to trade, you can do it with your eyes closed.

2.) Read Reviews

There are a wealth of free, unbiased reviews of brokers all over the internet, especially on forums. The truth is that some brokers are scams and some brokers aren't very user friendly or profitable. Be sure to read as many reviews as you possibly can regarding the broker you're planning to trade with.

3.) Make a List of Pros & Cons

Making a list of pros & cons for each broker you're considering really helps, especially when you simply can't decide between two of them. Factors like trading deposit bonuses, customer service quality, comfortability, independent reviews, market feed quality, the ability to freeze your rate should all come into play.

The problem for most new traders is they choose a broker too quickly, based on an advertisement or single promotion, without realizing the full features, or lack of features, that the broker offers. Once you have your list of pros & cons, you'll know which Forex broker offers the features you need, and which ones aren't up to your standards.

Hi,

Quite interesting and helpful tips. Even i like to contribute my tips of judging the best forex broker. Here are some simple tips to help you avoid fraud:

1. Reviews – Try searching online for reviews on the particular firm you plan to use. If the broker you’re interested in claims to be a professional, chances are other people will give good feedback about them.
2. Customer Support – If something goes wrong for some reason and getting support is crucial, you don’t want to wait to long because that could mean the difference between a profit or a loss. You should always be able to reach support whenever you need it. This is especially true in the forex market.
3. Testimonial & Feedback – Search for feedback and find out what other traders are saying about this broker. If possible, try contacting some of the individuals that’s given testimonies to verify that these are real testimonials. Anyone can put fake feedback on a website about how wonderful their service is.
4. Security – Your privacy and the security of personal data should be their first priority, because most of your trading will be done online. To prevent your private data from being stolen, always make sure the website has at least an SSL certificate.
5. Company Background – You should always check the broker company background to make sure they’re easy to contact, but more importantly that they are a legitimate company. In the Daily FX market, communication by email only is just not good enough.
6. Forex Trading Account – Most brokers offer a free trading account that you can try out until you’re ready to do live trading. I suggest you do this initially to learn the system. This is an important step to take until you are sure you know what you’re doing. When you’re ready to go live, make sure that their minimum deposit is within your budget. Double check the firm to make sure it’s genuine and legitimate.
7. Software Functionality – Make sure you invest in the best trading software possible. No one wants a slow forex trading system that freezes when you’re taking certain actions. Make sure the platform is reliable and user friendly.
8. Commission & Spread – Since most forex brokers usually make their profits through speads, they normally will not charge a commission. It is your duty to calculate the rates they charge and always ask to make sure whether they will be based on variable or fixed rates.
9. Safe Handling Funds – Make sure that your broker is regulated or registered and offers protection against fraud. Ask about their protection policy and what would happen if the broker’s company went bankrupt or suddenly disappeared.
10. ****ution Of Trades – Familiarize yourself with their trading platform to find out if it offers the features you want. Confirm with your broker the speed of the ****ution, whether the trades are off set and find out if it will be a manual or automatic process.

Buying and selling in the foreign exchange market is a game of speed. Having a good broker could mean the difference between profit or loss. By taking the time to learn and checking the security measures involved, you will minimize your risk. Making money in the forex market can be fun and profitable. Save yourself a lot of time and frustration by utilizing some of tips presented here.

Wow great tips yourself, anyone reading this thread will have a much easier time choosing the right Forex broker.

yea exactly.... I think everyone should read this thread so that all their broker's conceptions and doubts can be cleared immediately and they can very easily become their own judge. :)

There are 3 types of popular Forex trading systems which help traders make the most money trading currencies, EAs, Daily Live Trade Broadcasts & Forex Signal Services. Since each has it's own advantages & disadvantages, knowing the characteristics of each one can mean the difference between dropping $149 for something that doesn't work and making a small investment in order to earn a lot more money from your Forex account.

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Fat Loss 4 *****s Review
Mulan II

Some for the forex brokers allows a minimum capital of $ 25 also......

I selected some points which you must keep in mind while selecting a good broker
Comparing FX trading brokers
everage offered
minimum deposit required
amount/type of commissions charged
spreads for major currencies
availability of mini forex accounts
availability and quality of demo currency trading account
number of currency pairs offered
try demo accounts
see the demarits of the broker as well...

Well All you need to select a broker which suits your trading style
For an example I always look for scalping and not all the brokers
allow to use scalping strategies so I chose a broker which allow me to scalp..

Happy Trading

I selected some points which you must keep in mind while selecting a good broker
Comparing FX trading brokers
everage offered
minimum deposit required
amount/type of commissions charged
spreads for major currencies
availability of mini forex accounts
availability and quality of demo currency trading account
number of currency pairs offered
try demo accounts
see the demerits of the broker as well...

Well All you need to select a broker which suits your trading style
For an example I always look for scalping and not all the brokers
allow to use scalping strategies so I chose a broker which allow me to scalp..

Happy Trading

Welcome Reealjrd!! Nice to have you here. Contribute the best of your knowledge here and do remember to post carefully as there is no second chance here. I mean no edits allowed.

See ya

Originally Posted by cozy

Welcome Reealjrd!! Nice to have you here. Contribute the best of your knowledge here and do remember to post carefully as there is no second chance here. I mean no edits allowed.

See ya