How do i know genuine Brokers???
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What broker did you choose?
Not all brokers that are listed on my site are regulated, and not all that regulated are regulated thoroughly, and not all those that are regulated thoroughly won't trick with you
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Regulation is a nice option, but it shouldn't be the main factor for choosing a broker. It's reputation, execution quality and good support should be.
Not all brokers that are listed on my site are regulated, and not all that regulated are regulated thoroughly, and not all those that are regulated thoroughly won't trick with you
.Regulation is a nice option, but it shouldn't be the main factor for choosing a broker. It's reputation, execution quality and good support should be.
I agree with Enivid! Choosing a regualted broker and ensuring that your fund will be held in client segregated accounts would be the best way to go about looking for a genuine broker. And fortunately, my broker - WSD is regulated by NZX and holds clients funds in the segregated accounts.
There are many factors to consider when choosing a broker, besides regulation. Most of them don't fit in a one-size-fits-all comparison, because many brokers offer some advantages and some disadvantages to individual traders, based on their trading style and level of capitalization. For example, some brokers will offer you very low spreads if you deposit $50,000, which is great, unless you only have $10,000 to play with. Some brokers will offer you rebates and bonuses and free stuff if your trading volume is above a certain level, which is great unless you are a long-term trader that executes only a few low volume trades per year. Some brokers offer phone dealing, which is great if you don't have a stable internet connection Etc, etc, etc.
So think about how much money you are going to invest, think about your trading style and your expected trading volume per month, then go and seek out a broker that best matches those criteria - the broker that will take the least amount of money from you in transactions costs (spreads/commissions), the broker that will actually send you your money when you request a withdrawal, the broker that will let you trade fractional lots so you can apply effective money management techniques, the broker that will be there on the phone with you to comfort you when you're having a losing streak ( ) etc etc etc... You get the idea.
So think about how much money you are going to invest, think about your trading style and your expected trading volume per month, then go and seek out a broker that best matches those criteria - the broker that will take the least amount of money from you in transactions costs (spreads/commissions), the broker that will actually send you your money when you request a withdrawal, the broker that will let you trade fractional lots so you can apply effective money management techniques, the broker that will be there on the phone with you to comfort you when you're having a losing streak (
) etc etc etc... You get the idea.The brokers featured here on earnforex are not really bad, it was from on here I found Profiforex after a friend recommended them. I researched and my search led me here, and I have no regrets that I did come. Because am comfortable with the broker today! So, I believe that broker doesn't suit you.
Yeah, the forex is one of the most hospitable markets in the world.But this hospitality could turn poisonous if you make decisions too lightly as you also could be lightly thrown from the market. Thus the choice of a broker could be as heavy as the choice of who to settle down with in the real world. Finding genuine brokers could be really be draining but this is worthy else you get your purse quickly drained too. In the short of it, I advise you borrow enough eyes and look into the market for that Cinderella broker whose legs fit the shoe. However the most popular things to look out for is transparency, low spreads, withdrawal ease etc. But the larger lot remains deeply personal (as not all traders usually kick the BUCKET in BUCKETshops). All in all look carefully before you LEAP into a broker, because LEAPS of faith in the forex could turn out very dangerous.
What broker did you choose?
Not all brokers that are listed on my site are regulated, and not all that regulated are regulated thoroughly, and not all those that are regulated thoroughly won't trick with you
Regulation is a nice option, but it shouldn't be the main factor for choosing a broker. It's reputation, execution quality and good support should be.
I would have agreed with the reputation thing but for a friend's recent escapades in this jungle forex. Most large brokerage firms claim to be FX VELVETs- boasting high TRANSPARENCY. But some can barely also boast of proofs. I suggest every newbie indulges in FX archaeology to discover gem brokers. Who would believe FXCM, such FX chiefs with a HANDSOME reputation could engage in an UGLY double-dealing of customers. The best is to be financially sober in the FX and get very vigilant. Solomon could be talking of the FX when he said a little sleep a little slumber... As such working with a broker of HIGH reputation doesn't necessarily implore he wouldn't stoop LOW to defraud you when you get careless.
Though regulation is not everything I think it's pretty important, of course is not the same to be regulated by US SEC or the well respected FINMA than to be with FFMS or by an offshore law, however, don't let this fool you, as I've said in other threads I had bad experiences with SEC brokers and no problems with brokers with no regulations. So I'd rather check the reviews on forums like this one, or check the review sections of earnforex, you can complete your research with websites like 100forexbrokers or forexpeacearmy.
There are alot of factors. If you you keep them in mind than you can choose a best broker. I am giving you some points to find out the best broker.
Check from where they are regulated,
Accounts offered,
Minimum deposit,
Leverage offered,
Spreads,
Trading Platform,
Deposit/Withdrawal methods,
Support System
Keep these things in mind you will definitely find out a decent broker.
Check from where they are regulated,
Accounts offered,
Minimum deposit,
Leverage offered,
Spreads,
Trading Platform,
Deposit/Withdrawal methods,
Support System
Keep these things in mind you will definitely find out a decent broker.
Keeping an eye on the forums where traders exchange experiences and views can also help here to find out about the Forex broker.
In order to observe or know a good broker, you would first of all confirm where the broker is registered in and also confirm thoroughly if the broker is regulated under the regulatory authority. This is the exact step I took when choosing my broker that I'm sticking with now.
you are right, reaneyts. Thorough research would really help upcoming traders to get to a nice broker that can offer suitable. I did my research deeply till i was able to find the broker of my choice. instant deposit and quick and save withdrawal is not a problem there.
Yes, forums can be of help to those looking for a good broker to use, good research can also help us find out a suitable broker you know.
You are right, friend. This are the major things we should confirm first when trying to know a reliable broker. low spreads, low transaction cost, minimum margin requirement and client terminal are one those things a good broker should offer you know. my broker profiforex have no problem offering all this mention above. Their low spread start from 2pips and you pay exactly 0.3 pips commission to them for the whole deal and no hidden charges are involve.
It can be tough to find a genuine, trustworthy Forex broker, I recommend reading reviews & trying demos
Many broker might not play tricks on you or run away with your money, but their trading condition might not just be what you need. I don't think demo is a good way to test a broker. If the broker allows micro account, then make a small deposit and see things for yourself. I did this when I was searching for a broker where I won't experience slippages, at least not all times. This was how I found out that the broker I am currently using have a very nice platform where I rarely experience slippages.
