How did you select your forex broker?

[Peter Brandley]

Hello everyone, What are the criteria you are looking for first when started going to trade? Let's discuss.

I am a new trader and need your advice guys......

Thanks

[Enivid]

How did I choose my first broker? They were giving out $5 bonus on account opening, so I decided to try them out .

[inggo]

this is how it worked for me, It might not be the best idea but it sure is effective,

so I got stuck with what broker to choose so what i did, and this was with three brokers,
i had an extra 100dollars you can use a smaller amount as long as its extra money or pocket change

-I opened a live account (to check how the deposit goes)
-i traded for a couple of days maybe a week (to check execution and connection) I did not trade for profit, I just ent crazy with small lots.
-I withdrew my money (to see their withdrawal)
-I contacted support for the smallest issue.inquiries just to see how they respond!

if you look at it you have checked the broker from top to bottom. of course it should be a known broker with good user feedback.

thats how i ended up trading with hotforex, the other two brokers that i tried were ok but on of them had a long withdrawal period and the other one took time to get response from support there you have it

[Fxpipper]

These days I mostly use Trader's Way and FXCM and kind of embarrassed to say that it was the bonus that did the trick and the ECN account packages on offer..
Yeah, I know..going for the bonus feature makes me sound like a newbie, but hey, it's still money, right?

[inversionesforex1]

There are many details you can add. In fact you should know first that a broker is not your friend but it is not your enemy, you must be clear that you have to know that he will benefit if you perform most operations but not necessarily want him hurt you.

[a89060]

Mainly the credibility and Their abilities

[SebastianBermudes]

Since you are a beginner in Forex trading, it is advisable that you start focusing on only one or two pairs of currency. Also another piece of useful advice is to watch all sorts of news events from all the possible countries.
As a newbie in the forex trading, you should ideally stick to those currencies that the other beginner forex traders are trading in.

[Alchemist]

I use a spread betting firm, and I chose them based on a personal recommendation. It should be noted that this recommendation came from someone I know and trust, not just someone I "met" on a forum.

[Fxpipper]

Here's another pointer, you need to check out brokers and make sure they are the perfect fit. For me, tried out demo accounts with 5 brokers, sorted through them and selected both Trader's Way and FXCM.
So yes, you will need to review these brokers carefully and make sure the account packages on offer is exactly what you are looking for..

[cjthelegend]

Research.

For me, I knew I was needing a web based platform which automatically removed any providers that only offered MT4.

From the list I generated, I researched to find which web based platforms were well regulated first and foremost - then looked at spreads, speed of execution and features such as charts/indicators etc.

The two that remain with me in demo (until I decide to trade live) are the FXCM web platform (well established) and the MahiFX platform. The latter of which was launched only a couple of months ago. I wanted to test something established against something new. MahiFX were initially lacking in the charts and indicators but took care of that yesterday with a bumper update to there platform.

I guess the point is, just to do your research, and find the one thats right for you, depending on your requirements and your skills/trading style.