5 Ways to find a good broker.
- Thread starter Dexter
- Start date
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Your post is very simple, here is what i found from Internet.
How to choose the best Forex broker is the question that any new Forex trader asking. The following post summarize the parameters you need to check in order to choose the best Forex trading broker.
1 - Check That the Broker is authorized and regulated – reliable broker must be authorized and regulated by leading regulation bodies like: NFA, FSA and CFTC. choosing Authorized broker means that your money is protected.
2 - Easy to use trading platform – check that the broker suggesting easy to use forex trading platform. The platform should be simple and intuitive. The following tips will help you choosing Good Forex trading platform
3 - Support and Customer service – Support is highly important and key factor when choosing Forex broker. It’s important to check broker support before trading on real money. My advice is to open demo account and ask the support few questions in order to check their response time and their overall quality of support.
4 - Check the leverage options – the rule is simple - The higher the leverage is, the more profit you will make. For example: leverage 1:100 means that you can trade on $100,000 worth while maintaining only $1,000 in your account.
5 - Demo Account – leading brokers suggesting free demo account. It’s a must to open a demo account and trade on virtual money in order to check the broker platform and support. Most brokers limit the demo accounts for one month. Plus500 is Forex broker that suggesting unlimited demo account.
6 - First deposit Bonus – Forex brokers are struggling on each new customer (trader). Because of the huge competition they suggest high first deposit bonuses. For you as a new trader it’s great because you get extra money to trade with.
7- Withdrawals and Deposits – check the broker policies especially regarding to withdrawals. Pay attention to the fees for bank or wire transfers and if you need to wait long time to withdraw your funds. I personally like brokers that allowing PayPal (for deposits and withdrawals) I think it’s the most comfortable way.
But for US clients, i recommend to choose a good brokers which receive US clients. Because now many good brokers like FXCM, FOREX.COM they just provide US clients very low leverage 1:50, for forex traders, it is not high enough. For US clients, you can try PROFIFOREX, it is a good broker to receive us clients and to provide them high leverage.
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Joogle
How to choose the best Forex broker is the question that any new Forex trader asking. The following post summarize the parameters you need to check in order to choose the best Forex trading broker.
1 - Check That the Broker is authorized and regulated – reliable broker must be authorized and regulated by leading regulation bodies like: NFA, FSA and CFTC. choosing Authorized broker means that your money is protected.
2 - Easy to use trading platform – check that the broker suggesting easy to use forex trading platform. The platform should be simple and intuitive. The following tips will help you choosing Good Forex trading platform
3 - Support and Customer service – Support is highly important and key factor when choosing Forex broker. It’s important to check broker support before trading on real money. My advice is to open demo account and ask the support few questions in order to check their response time and their overall quality of support.
4 - Check the leverage options – the rule is simple - The higher the leverage is, the more profit you will make. For example: leverage 1:100 means that you can trade on $100,000 worth while maintaining only $1,000 in your account.
5 - Demo Account – leading brokers suggesting free demo account. It’s a must to open a demo account and trade on virtual money in order to check the broker platform and support. Most brokers limit the demo accounts for one month. Plus500 is Forex broker that suggesting unlimited demo account.
6 - First deposit Bonus – Forex brokers are struggling on each new customer (trader). Because of the huge competition they suggest high first deposit bonuses. For you as a new trader it’s great because you get extra money to trade with.
7- Withdrawals and Deposits – check the broker policies especially regarding to withdrawals. Pay attention to the fees for bank or wire transfers and if you need to wait long time to withdraw your funds. I personally like brokers that allowing PayPal (for deposits and withdrawals) I think it’s the most comfortable way.
But for US clients, i recommend to choose a good brokers which receive US clients. Because now many good brokers like FXCM, FOREX.COM they just provide US clients very low leverage 1:50, for forex traders, it is not high enough. For US clients, you can try PROFIFOREX, it is a good broker to receive us clients and to provide them high leverage.
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Joogle
wow..thanks for letting us know about these tips. For sure our forum friends especially those who were new in FX will find this information relevant.
Yes, that's a start and you may want to review these brokers and gather all the educational info, on trading.
Here's a tip: Most brokers do not offer detailed Fx courses and we all know why. So you may want to search online for the latest tip, guide and get the info you need.
Happy trading!
Here's a tip: Most brokers do not offer detailed Fx courses and we all know why. So you may want to search online for the latest tip, guide and get the info you need.
Happy trading!
.Ok, so this is just an advertisement for Profiforex))) By the way, have never heard about this broker. here are they based?
I agree completely with you JoogleGJ, but for the third point Support and Customer service, I think you cannot really tell by their website or phone conversation of how good the broker is with it's customers and to spend time to asking numerous questions with demo account it's very time consuming (at least for me). The friend recommendation metrics are still a vital part for me and probably the most important. When a certain broker is recommended for me for their customer care and patience for explaining my questions, then certainly I would take my time to consider it, at least as a option. That's off-course if all other factors are covered, good customer care is not enough.
Just google some of the Fx broker sites, start a chat conversation or call them up [skype]. If they respond in time, then yes, you can cross "communication issues" from the list. And on broker ratings, I used forex-ratings but there's quite a few, where brokers are rated, details posted, etc.
JoogleGJ, thanks for your detailed and informative post. I keep in mind your "Demo Account" and "First deposit Bonus" suggestion while searching for Forex trading broker.
You are welcome! The experiance should be shared with other traders. I am also growing with the others' help.
As a new trader, i suggest you again to find a forex broker which provide the "First deposit Bonus", it will help you a lot in the beginning.
Joogle
Do you think it is best to use a broker ? Is there a standard spread they should get ?
Or is it better to utilize FXCM and some of their signaling software?
Or is it better to utilize FXCM and some of their signaling software?
The best signaling sofwear will always be our brains. Learning to trade takes time and as much as we want to we can't speed that up, relying on others to pick positions for you will only hold you back in the long run. Outside trade pick and recomondations will most likely only hurt the traders growth experience and capital.
I think, if you are new then should use broker. It will be more useful than using software at initial stage of forex trading.
Your post is very simple, here is what i found from Internet.
How to choose the best Forex broker is the question that any new Forex trader asking. The following post summarize the parameters you need to check in order to choose the best Forex trading broker.
1 - Check That the Broker is authorized and regulated – reliable broker must be authorized and regulated by leading regulation bodies like: NFA, FSA and CFTC. choosing Authorized broker means that your money is protected.
2 - Easy to use trading platform – check that the broker suggesting easy to use forex trading platform. The platform should be simple and intuitive. The following tips will help you choosing Good Forex trading platform
3 - Support and Customer service – Support is highly important and key factor when choosing Forex broker. It’s important to check broker support before trading on real money. My advice is to open demo account and ask the support few questions in order to check their response time and their overall quality of support.
very helpful
4 - Check the leverage options – the rule is simple - The higher the leverage is, the more profit you will make. For example: leverage 1:100 means that you can trade on $100,000 worth while maintaining only $1,000 in your account.
5 - Demo Account – leading brokers suggesting free demo account. It’s a must to open a demo account and trade on virtual money in order to check the broker platform and support. Most brokers limit the demo accounts for one month. Plus500 is Forex broker that suggesting unlimited demo account.
6 - First deposit Bonus – Forex brokers are struggling on each new customer (trader). Because of the huge competition they suggest high first deposit bonuses. For you as a new trader it’s great because you get extra money to trade with.
7- Withdrawals and Deposits – check the broker policies especially regarding to withdrawals. Pay attention to the fees for bank or wire transfers and if you need to wait long time to withdraw your funds. I personally like brokers that allowing PayPal (for deposits and withdrawals) I think it’s the most comfortable way.
But for US clients, i recommend to choose a good brokers which receive US clients. Because now many good brokers like FXCM, FOREX.COM they just provide US clients very low leverage 1:50, for forex traders, it is not high enough. For US clients, you can try PROFIFOREX, it is a good broker to receive us clients and to provide them high leverage.
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Joogle
i also accept this
You should find a reliable broker when you deal forex.
yes, there are many aspects you should care.
I suggest more focus to be put on the good reputation, fast and useful customer support, quick and convenient deposit/withdrawl, reasonable low spreads.
visit more forum and review sites, i think earnforex is a good one as an example, you can read from the lines and make your own choice.
please notice one thing, different brokers may provide diffrent services to customers in different areas, you'd better listen to traders from your same area.
I found my broker through this way.
yes, there are many aspects you should care.
I suggest more focus to be put on the good reputation, fast and useful customer support, quick and convenient deposit/withdrawl, reasonable low spreads.
visit more forum and review sites, i think earnforex is a good one as an example, you can read from the lines and make your own choice.
please notice one thing, different brokers may provide diffrent services to customers in different areas, you'd better listen to traders from your same area.
I found my broker through this way.
Start with some edu online info on Fx, find out what the market's about, what's being traded, etc. On using software, it might be a good idea to do the research and work the demo. Once you're sure about trading strategies, you can move to signals and live accounts.
Hi Fxpipper,
About the education materials, you can visit Dailyfx, Babypips, Profiforex, Investopedia, etc. sites to learn more about forex. About the demo trading account, there are many forex brokers provide this. You can find one to test their trading servers. One advice about demo account, I think you should find a broker in which the condition of demo account is the same with the condition of real account, this including the speed of execution and no requotes. Beside this, I think the micro account is better than demo account for forex beginners. Because the experience on micro account is real trading experience when comparing with trading on demo account.
