Forex Brokers: Choosing The Right One

FXexpert

Master Trader
Dec 13, 2008
503
3
47
Forex Brokers: Choosing The Right One

One of the most important first steps to being successful in Forex is choosing the right broker. The potential for profit in Forex is unprecedented but let's face it, Forex trading comes with a high level of risk as well. When investing your hard earned money in this market, it's essential to choose a broker which allows you to most effectively minimize your losses & maximize your profits.

However, many traders are not sure what to look for when choosing a broker. There's so many advertisements, promotions & bonuses being offered by various brokers, it's difficult to tell which brokers are really worth trading with. Here are some things to look for when making this important decision:

1.) First & foremost, check online reviews for this broker.

Independent reviews sites, Forex message boards, forums & rating sites can be excellent sources of information on brokers. Individual traders visit these sites and post their experiences with a specific broker, positive or negative.

2.) What does this broker offer that makes it unique?

You want to choose the best broker out there right? Have a look at what each broker is offering that makes it fit to your trading needs. Is it MT4? Do they offer managed accounts? Is it a commission or non-commission broker? Are there micro/mini accounts? etc.

Along with the different features, have a look at the promotions that broker is running. Deposit bonuses have become common so I would recommend choosing a broker that offers one.

3.) Does this broker have a forum?

Ok, this one is very important. A forum indicates that a broker has nothing to hide and is very open to traders questions & concerns. A forum is a place for traders to congregate & voice their opinions, only a legit broker would provide one because, let's face it, a low quality broker wouldn't want it's traders conversing about all of it's problems on it's own site.

4.) Try the demo account

All legit brokers offer a demo account so you can try their trading platform and see if the broker's specific style & feel fits your trading techniques. Use the demo account to test your trading strategies & methods.

5.) The essentials

Any Forex broker worth their salt provides:

* Live market news feeds
* 24/7 customer service
* Charts & graphs for your trading convenience
* Instant Execution of Order(sounds obvious)
* Execution of stop loss rate

Once you’ve chosen the right broker, the odds are in your favor & your chances of succeeding in Forex increase greatly.
 

rixxxx

Active Trader
Mar 17, 2009
3
0
32
fx-roadbook

Absolutely right ! or my part I have found my broker within the help of the fx-roadbook.info team...serious and nice guys because I was lost in broker's choice with an MT4 pltform that complies at the best price with my whole new EA software.

Yous should try !!

ENJOY...

rixxxx
 

dan90

Active Trader
Mar 20, 2009
5
0
32
How really the minimum deposit matters? Can I trust better in a broker with 10k min than one with only $100 min deposit?
 

Enivid

Administrator
Staff member
Nov 30, 2008
18,535
1,355
144
Odesa
www.earnforex.com
How really the minimum deposit matters? Can I trust better in a broker with 10k min than one with only $100 min deposit?
There is some logic in trusting more the brokers with higher minimum deposit. But, of course, the deposit amount alone can't be the only reason for choosing some broker.
 

Pinalli

Master Trader
Jan 31, 2009
334
4
54
The specific parameters that one should look on before choosing a broker is:
1. Reputation in the financial market.
2. Certification and regulation.
3. Spread charged
4. Facilities provided like daily updates, recommendations, mobile trading, pone trading etc.
5. Customer care support
6. hidden cost if involved
7. User friendly platform etc.

And thankfully my broker Finexo.com fulfills every norms and has quite satisfactory returns.
 

amish

Active Trader
Mar 18, 2009
5
0
32
Choosing the Right One

Before choosing a right Forex Broker, one should look for an international company that specializes in Foreign Exchange,
A customer focused financial services.
Trading tools and state-of-the art trading software which should be user-friendly.
and virtually every other financial instrument like:-
Market Watch
Market News
Market Commentry
Mobile Trading and a free Demo are the points of attraction
and if they have a Live Help, then it eases every thing

I was very much excited but thank GOD I found WSD Global Markets as my logical choice.
 

andy003

Master Trader
Jan 7, 2009
252
1
47
Most new traders have no idea on where to start - and that's okay! These are the simple steps process to help you find a broker that you think will best suit your desires. The important factors are:

  • Broker should be registered with any regulating authorities
  • The broker offer fixed or non-fixed Spread
  • Safety of funds
  • Fractional trading
  • How much or how little leverage will a broker give you
  • Open demo accounts and ask questions
 

andy003

Master Trader
Jan 7, 2009
252
1
47
I selected some points which you must keep in mind while selecting a good broker
Comparing FX trading brokers
Average 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 allows me to scalp...
 

Pinalli

Master Trader
Jan 31, 2009
334
4
54
I selected some points which you must keep in mind while selecting a good broker
Comparing FX trading brokers
Average 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 allows me to scalp...


Good Point andy but you missed reputation of broker which is also one of the biggest aspect of choosing a good broker.

Happy trading
 

pde10d

Master Trader
Feb 27, 2009
52
0
47
KLCC MAS
Good Point andy but you missed reputation of broker which is also one of the biggest aspect of choosing a good broker.

Happy trading

yup this is right.Reputation of broker is very important aspect...but you must carefully .some information from website is not true..so you must search the right information..
 

JEAN

Active Trader
May 6, 2009
62
0
37
The best thing to know if a broker is fits you is down loading a practice account, then you’ll see if their phone service is helpful, if they have any slippage, if the platform freezes or if it is easy to use.
That is going to be your every trade tool.