Questions to Ask Your Broker

daveM

Master Trader
How Well Do You Know Your Broker?


As we go about our trading business from day to day, we probably do not pay much attention to the qualities of the broker we use.

We have little or no idea as to where their office is, where their bank is, or how safe our funds are.

We do know that the broker has a fancy website that promises all sorts of good things, and we have no idea if any of it is true.



Here Are 10 Questions To Give You Some Ideas:


What promotions does your firm run and how often do those appear?

What commissions and fees do you charge?

What minimum account balance do you require?

What other fees and charges do you have?

What educational and research tools are provided?

What potential conflicts of interest do you have?

Are you paying referral fees on my account?

How much interest do I get paid on my account balance?

Does your firm offer a better spread than I am now paying?

How long has your firm been in business?



What do we do with these?


These are the basis for a preliminary interview to allow you to conduct an investigation.

Before you entrust your funds to a broker, it is best that you understand what is going to happen.

You can ask these and similar questions of a few brokers to allow you to get an idea as yto what to expect



To Do


Now that you have some idea as to what you can ask to get the broker to disclose to you…… you can get started.

And once you have asked three or four brokers some questions, you will have a better idea as to which broker you prefer to deal with and why.

In a future post I will add more questions.

If you have some ideas as to suitabe questions, please add them to the thread.



Good Trading!
 

12Rounds

Newbie
Feb 9, 2016
7
1
2
38
I think any good broker should display those answers transparently on their site, if not start asking questions!
 

Steve Lock

Master Trader
Feb 28, 2015
202
1
52
What a nice check list! I can answer all these questions about the broker FreshForex that I use now. The main promo it has now is a forex contest, which is a new kind of promotion for me, but it is quite exciting to take part in it.
 

jellyeb

Active Trader
Jun 10, 2015
248
11
29
How Well Do You Know Your Broker?


As we go about our trading business from day to day, we probably do not pay much attention to the qualities of the broker we use.

We have little or no idea as to where their office is, where their bank is, or how safe our funds are.

We do know that the broker has a fancy website that promises all sorts of good things, and we have no idea if any of it is true.



Here Are 10 Questions To Give You Some Ideas:


What promotions does your firm run and how often do those appear?

What commissions and fees do you charge?

What minimum account balance do you require?

What other fees and charges do you have?

What educational and research tools are provided?

What potential conflicts of interest do you have?

Are you paying referral fees on my account?

How much interest do I get paid on my account balance?

Does your firm offer a better spread than I am now paying?

How long has your firm been in business?



What do we do with these?


These are the basis for a preliminary interview to allow you to conduct an investigation.

Before you entrust your funds to a broker, it is best that you understand what is going to happen.

You can ask these and similar questions of a few brokers to allow you to get an idea as yto what to expect



To Do


Now that you have some idea as to what you can ask to get the broker to disclose to you…… you can get started.

And once you have asked three or four brokers some questions, you will have a better idea as to which broker you prefer to deal with and why.

In a future post I will add more questions.

If you have some ideas as to suitabe questions, please add them to the thread.



Good Trading!


Any broker suggestions? I'm now with Hotforex but need additional broker to compare feeds and try some arbitrage techniques I found on ff forum.. Your feedback is much appreciated