6 things to ask your Forex Broker

[lee.belisar]

All valid points, especially the part about spreads. And on withdrawal, if a broker takes more than one business day to process it, they are just not worth it.

I became unease when I read this post. So I went to the Web site of my broker to check the withdrawal info. It says, "Our officers will verify your bank details and the request will be processed within 1-3 business days." It made me comfy now.

 

[mumuy]

Withdrawal is the most important thing to know before investing in a forex broker.

 

[rrayne20009]

Withdrawal is the most important thing to know before investing in a forex broker.

noted and thank you for opening such thread topic.

 

[lee.belisar]

Withdrawal is the most important thing to know before investing in a forex broker.

Noted with big thanks. I did review and check the policy of my broker about the withdrawal. Perhaps its just OK as the processing would only take within 1 to 3 business days.

 

[Fxpipper]

Yep, it is necessary to read the small print on your brokers website - you never know..
As long as it is within three business days, its perfectly fine..any longer, not worth the heartburn..

 

[lee.belisar]

Yep, it is necessary to read the small print on your brokers website - you never know..
As long as it is within three business days, its perfectly fine..any longer, not worth the heartburn..

Noted with big thanks.

 

[Fxpipper]

No prb, glad to help and heck, I had lousy experience right when I started trading way back, so glad to help anyone stuck with a similar problem..

 

[mumuy]

I posted another thread that will consider you to choose a broker, its server speed which is vital in your re-quotes.

 

[lee.belisar]

No prb, glad to help and heck, I had lousy experience right when I started trading way back, so glad to help anyone stuck with a similar problem..

I think it was just normal. Almost all new traders would experience that during the very first phase of their trading careers. And I am not exempted. Thanks for sharing.

 

[lee.belisar]

I posted another thread that will consider you to choose a broker, its server speed which is vital in your re-quotes.

In my case, trading server is one of my major considerations when I selected my broker. Per its Web site, it has a state of the art trading server.

 

[Emibluz]

If I may ask, why is that things like re-quote are very common with the big and regulated brokers?

 

[lee.belisar]

If I may ask, why is that things like re-quote are very common with the big and regulated brokers?

In my broker, there is no re-quotes. There should be no conflict of interest between the broker and the client.

 

[Rambo35]

If I may ask, why is that things like re-quote are very common with the big and regulated brokers?

Just shows you that big and regulated does not equal good. The so called big brokers you mention are often big in the retail space due to bigger advertising campaigns.

 

[gerski]

If I may ask, why is that things like re-quote are very common with the big and regulated brokers?

I am happy that with my broker there is no such thing as re-quote,but they regulated broker.

 

[rrayne20009]

I posted another thread that will consider you to choose a broker, its server speed which is vital in your re-quotes.

Great!I choose my broker because it provides high-end servers and gigabytes network transfer to ensure us to face minimal or no re-quotes.

 

[Rambo35]

Great!I choose my broker because it provides high-end servers and gigabytes network transfer to ensure us to face minimal or no re-quotes.

You do understand that re-quotes result from lack of liquidity by your broker and the inability to fill the order at the price quoted in your trading platform.

 

[mumuy]

Yeah, I agree Rambo35 re-quotes is really a bumper when trading.

 

[milornld]

Here are the few more queries to ask forex broker

- How Stable Is Your Company? - Company Background, Financial Strength

- Where Do You Get Your Pricing? Who Executes The Order? - Dealing Desk Execution, No Dealing Desk Execution

- Are There Any Trading Restrictions? - Anti-Hedging Restriction,Leverage Restrictions,Additional Restrictions

- What Are Your Trading Costs? Are There Commissions Or Markups? - Spreads,Markups,Commissions,Additional Fees

 

[Ary Barroso]

Since there are hundreds of Forex brokers out there, one should be aware and vigilant in choosing one. However, there are certain criteria’s one should consider before one should choose a Forex broker. One vital thing is the spread, one should choose a broker that has a tight spreads; another is liquidity, since a broker who less liquidity will struggle in filling your orders thus, re-quotes will arise that will have a negative impact on your trading; another is filling of orders, this a very important criteria in a broker since most successful traders used pending orders and rarely fills an order at market prices, thus your broker should answer whether your pending orders filled at the price you entered? If not, then you’re in dire straits.

In addition, other key component that are vital in a broker should be address, like segregated accounts, you should ask your broker what bank they use and try to verify if their accounts are truly segregated or not. Furthermore, one should ask if they have a tradable asset, since a broker that has more assets to trade the wider the choices they have in order to diversify more currency pairs. And lastly, withdrawals, how fast are their withdrawal system.

Mate I found only 3 points out of 6! Where the other points are? I’m really interested.