How to Chose the best Broker ?

Discussion in 'Newbie Questions' started by Mohsin Rasheed, Nov 21, 2016.

  1. Mohsin Rasheed

    Mohsin Rasheed Trader

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    Hello Every one , I am new in Forex Market . Please Guide me about how to chose the best Broker for trading .
     
  2. Alexfx79

    Alexfx79 Active Trader

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    Hello! You can look through this page. I can guarantee that it's fair cause I work with one of these brokers for the long time already and I'm absolutely satisfied with the service.
    Here is Earnforex rating: https://www.earnforex.com/forex-brokers/?sort=2
     
  3. Enivid

    Enivid Administrator Staff Member

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    You need to choose a broker based on your requirements. What do you expect from your broker?
     
  4. Navigation FX

    Navigation FX Trader

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    Exactly what ENIVID said. What 'features' are you looking for from your broker?
     
    Sandy likes this.
  5. Gerrard Hank

    Gerrard Hank Trader

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    While this point is often neglected by some newbies, it is impossible to overemphasize the importance of the choice of broker we make. When it comes to picking the right broker, ask yourself, Does the trading software suit your expectations? How efficient is customer service? All these must be carefully scrutinized before choosing a broker.
     
    Andrew101 likes this.
  6. radaway

    radaway Trader

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    here's another school of thoughts : also a newbie does not know what to expect. afterall its a newbie.
    I mean, I am a newbie myself and was & am still struggling to get a 'good' broker.
    its like: I want to have a car
    and then people ask me : what do you expect from a car
    My answer could be (image 1) but it wont be

    a more likely answer from me would be: something thats cheap , reliable and robust ..for starters.

    Maybe the experts on the forum (with all & Full respect) want newbies to answer ilike image 1 , but the actual newbie is just wandering into this world and wants assistance . after getting drilled with the 1st car(a metaphor) , only then & the 2nd time around can the newbie decide what he/she really wants.(but by this time its no newbie anymore :)


    my 2 cents
     

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  7. Winjak

    Winjak Active Trader

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    How are you going to trade on Forex if you can't choose a broker for yourself. No other people will do the whole work for you.
    The example with a car is not very good one. You don't need to know what parts your car consists of, as mechanics have to know it. Just pay them money to repair the car for you.
    But no one will work for you on Forex if you can't get it. You'll need to learn sooner or later. The only exception is signals trading, but you can lose there too if you don't get how it works.

    Better learn the basics and try your best to choose the right company. I'm sure you can do it! Even if you are a newbie, you can!
    Try it!
     
    radaway likes this.
  8. Robian

    Robian Active Trader

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    I agree, it is better to choose a broker by yourself. I did so when I was starting trading. Don't know of my knowledge helped me or I just was lucky, but the croker of my choice appeared to be normal. Hope it will remain good further.
    I spent some time choosing the company and I don't regret :)
     
    radaway likes this.
  9. daniele roos

    daniele roos Newbie

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    Choosing a broker depends upon your trading requirements and trading conditions. One can choose a broker who has the lowest trading cost; other can choose a broker who is offering 100% bonus on his initial deposit. So choosing a broker is completely depends upon your trading requirements. In my opinion, while a choosing a broker, I'll look for that broker who charges lowest commission, offer Demo account facility to test trading environment, offering me ultra low spreads with fast order execution speed.
     
  10. Robian

    Robian Active Trader

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    Don't you find ultra low spreads suspicious? I think they are cause marketmakers often use such a strategy , and these too low spreads are just an advertising
     
  11. daniele roos

    daniele roos Newbie

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    Choosing a broker depends upon your trading requirements and trading conditions. One can choose a broker who has the lowest trading cost; other can choose a broker who is offering 100% bonus on his initial deposit. So choosing a broker is completely depends upon your trading requirements. In my opinion, while a choosing a broker, I'll look for that broker who charges lowest commission, offer Demo account facility to test trading environment, offering me ultra low spreads with fast order execution speed. In my view, a good forex broker is the one who does not trade against their clients. A pure ECN broker with good customer support. Look into their reviews, visit their website, and talk to their existing clients or use their demo. Or you can start with a small live account with the broker you shortlisted so at least you get a glimpse of the reality and if satisfied, you can go ahead with bigger funds with that very broker.
     
  12. Alexfx79

    Alexfx79 Active Trader

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    Well, you said that already, man :D Have you forgot it?
     
  13. Ally

    Ally Newbie

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    One day my friend from Bangladesh asked me if the broker I am trading is really beneficial in any way. I was really surprised to know that no the broker is only fooling me in many ways. Therefore, I planned to read and search more about the various brokers in the market. So that I can really make good profits with the small deposits that I can make. You know what I came to know when I completed reading about various brokers on various pages:

    1. Not all broker offer the direct liquidity, you need to research about the integrity of the broker before really investing your funds.

    2. The brokers providing high leverage are only frauds. They are only entering in your trading journey and ruining it completely by incurring huge losses.

    3. You need to know if your broker charges any hidden cost for deposit & withdrawals because it can be really deteriorating if you are being charged for making deposits.
     
  14. Alexfx79

    Alexfx79 Active Trader

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    I can't agree with the second point. Not all brokers with high leverage are scam. If such a leverage is on ECN account, you can be suspicious about the company.
     
  15. Andrew101

    Andrew101 Active Trader

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    Great point you have here Gerrard! I hope he puts them into consideration when choosing a reputable broker.
     
  16. Andrew Lockwood

    Andrew Lockwood Trader

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    My suggestion would be to go with a well known broker with a solid reputation in the industry to start with. Someone like an FXCM or IG Markets. Once you're familiar with the mechanics of trading then you can look to find a broker that better suits your needs.

    It sounds like you're pretty new, so just go with a broker that supports newbies and don't worry too much about spread or execution, that will come later.
     
  17. Mohdfx

    Mohdfx Active Trader

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    I heard a lot about FXCM, but didn't pay attention to your ig markets, and it has very poor ratings (2 stars of 5) in different lists.
    But I agree with another your thought: people have to try and become sure that a company really suits them
     
  18. Usman Khan

    Usman Khan Trader

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    Yes all depend on wat u want. make extra sure to look at reviews on site like forexpeacearmy.... also choose more than 1 broker to trade.
     
  19. AntjeWagner

    AntjeWagner Guest

    reviews on the internet and especially on big pages like FPA shall not be considered to be true all of them. there are many fake reviews entered by the broker itself. take care of that!

    it is important to know what you expect from the broker, what is your most important criteria? do you want to trade with very low spread, then you might have disadvantages in service or safety / regulation.
    if you want to have a well known broker then the service might not be the best because they have high number of clients and therefore they cannot work on every issue that quick.
    ...
     
  20. James Hallow

    James Hallow Newbie

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    Choose a broker which is reliable, trustworthy and have a good customer support team. Although, it might take some time to analyse and choose one. More than everything, keep in mind that pricing isn’t everything in forex industry because most reliable brokers usually have high spreads.
     

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