Selecting a good broker.....

Anthony Lazarus

Anthony Lazarus

Trader
May 11, 2018
16
1
19
42
For those who are looking for offshore, finding a good broker is not at all an easy task. You will need to thoroughly research and test them with a small live account before you can conclude that you've found your broker. During my time, I mostly checked on reviews and forums to know about a broker. That was the started point and you might want to check the thread "Going offshore to escape CFTC – Broker Discussion" in babypips, really helpful to those looking for trusted offshore brokers. Personally, I'm trading with Coinexx and FXChoice. Both are doing fair so far. They offer both MT4 and MT5. Spreads and commissions are sharper on Coinexx if that helps. But always DYOR.
 
L

larry_009

Trader
Jul 9, 2019
30
1
17
39
beginnertrader2019 said:
interesting thread as Im a newbie and a bit worried about choosing a broker :( dont wanna get burnt
Click to expand...

To secure good returns out of trading, a trader must be really careful while selecting a broker for himself. This is the first step towards carrying out a profitable trade. One needs to screen a broker on the basis of various tests and traits to qualify him as a good broker.

  • The spread being offered by your broker should be lesser than the other bunch of available brokers in the market. This will reduce your cost as a trader.
  • A good broker should allow you to trade in any lot size of your choice. Never select a broker who limits you to trade on certain lot sizes only.
  • User friendly trading platforms are quintessential for a positive trade. Select a trader that provides you with a wide range of trading platforms, you think are suitable for you.
  • Next comes is their support service. Always select a broker who is quick on answering your queries over phone and email. Also make a note of their opening hours.
  • Withdrawal concerned services of the broker are also a major issue to see. Be sure that your broker is quick with withdrawals and also check if he is charging any extra amount for the same or not.
 
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Ethanfx

Newbie
May 29, 2019
5
0
2
33
Anthony Lazarus said:
Personally, I'm trading with Coinexx and FXChoice. Both are doing fair so far. They offer both MT4 and MT5. Spreads and commissions are sharper on Coinexx if that helps. But always DYOR.
Click to expand...
I trade with coinexx as well, not for bonus though but mainly because of the spreads they are offering, real tight. Good broker.
 
DT77

DT77

Active Trader
Feb 24, 2019
316
48
44
56
Another thing you could do that costs nothing is to check out their Live Support. If they take ages to answer or don't answer at all then I'd cross them off my list
 
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johnbrown_01

Newbie
Aug 7, 2019
26
4
4
54
Yes, when it comes to look for broker, it’s important to test their spreads, their withdrawal and also their customer support as well. These are really important factors to filter your picked brokers.
 
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Steveday

Trader
Sep 2, 2019
23
2
14
48
I would never touch broker bonuses. I would always advise new traders to open a demo account and learn that way.
 
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Jack Guill

Newbie
Sep 20, 2019
10
0
1
36
Selecting a good broker is a very daunting task to do. For a trader, it is a must-do job if a trader wants to trade currencies in the Forex market. There are two types of broker in this gigantic market one is ECN type and other is STP type. A trader can choose between them according to his or her need. But to do trading you just need to deposit some amount of money.
 
momo3HC

momo3HC

Active Trader
Feb 16, 2019
352
70
44
39
Realtrendfollower said:
These days there is lots of competition between brokers. Enticing newbies with all kinds of bonuses.
Do not be blinded by these kind of bonuses.
Some things to look at when selecting a good broker.
It is good if they are FCA regulated.
Enquire about their "negative balance policies" - last year we experienced a "black swan" event, some better brokers forgave the trader negative balances, others insisted on them being paid back (you agreed that losses may exceed your initial deposit) A few big names had to close up shop after the "swiss bank fiasco" last year and after that a whole lot mushroomed up again, only to be forced to close their doors again after the next black swan.
There are other things to take into consideration like spread and commission.
Do a bit of research first. forexpeacearmy dot com has reviews on almost all brokers.
Click to expand...
Agree to all this with two hands (even with legs for bonus brokers part) but except with the regulation. Much peoples can blame me but regulations don`t mean nothing to me.
 
H

Hannah

Newbie
May 15, 2020
4
0
2
29
Some of the factors to be taken into consideration while choosing a good broker are regulations, commissions & spreads, platforms, account minimums and fees etc.
 
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Torinnarat

Newbie
Jul 2, 2020
17
1
4
33
for me personally, an excellent broker option is Expertoption, very cool functionality, and the payouts are at the level!
 
A

Akwin

Trader
Oct 12, 2020
52
10
9
33
beginnertrader2019 said:
interesting thread as Im a newbie and a bit worried about choosing a broker :( dont wanna get burnt
Click to expand...
Hello, I am new to trading and worried to choose a broker too, but I was reading about the things that we should take into consideration when choosing a forex broker, I would like to share some points with you:
  1. Security. The first and foremost characteristic that a good broker must have is a high level of security. ...
  2. Transaction Costs. No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs. ...
  3. Deposit and Withdrawal. ...
  4. Trading Platform. ...
  5. Execution. ...
  6. Customer Service.
 
  • 👍
Reactions: Dora_WalletInvestor
Dora_WalletInvestor

Dora_WalletInvestor

Active Trader
Aug 17, 2020
300
46
44
Akwin said:
Hello, I am new to trading and worried to choose a broker too, but I was reading about the things that we should take into consideration when choosing a forex broker, I would like to share some points with you:
  1. Security. The first and foremost characteristic that a good broker must have is a high level of security. ...
  2. Transaction Costs. No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs. ...
  3. Deposit and Withdrawal. ...
  4. Trading Platform. ...
  5. Execution. ...
  6. Customer Service.
Click to expand...

I agree, this is a good checklist to follow. Also, make sure the broker you choose is regulated, and check out their policies, especially if you want to trade with leverage.
 
  • 👍
Reactions: iamsam and Akwin

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