How to Chose the best Broker ?

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

  1. norlizan

    norlizan Trader

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    many people recommended exness to me I opened a little account (as i can afford), and a few days ago i hear that they go from Malaysia, it it true?
    why?? I don't know but people tell it in facebook
    and I need to think between other now, oh
     
  2. David Bosko

    David Bosko Active Trader

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    The broker needs to be chosen by your soul. When you visit site in the first time, get to know each other better, you realize this is the only one)
     
  3. Lesiro

    Lesiro Trader

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    First, avail of the trial facilities offered by the brokers. See, how comfortable you feel working with them. Don’t go for the ones who have high minimum deposit and who have lot of conditions for exiting. How about starting an agency doing the rating of all forex brokers?
     
  4. JohnyIve

    JohnyIve Trader

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    Well, it's simple
    1. Check Google or Bing for best brokers in your coutry
    2. Check the reviews (also don't forget about quantity and quality)
    3. Choose the best one

    This is how I learned about amarkets and still trade with it :)
     
  5. profitwithpips

    profitwithpips Trader

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    There is so much to consider when choosing a broker...I don't blame you for feeling overwhelmed. The best thing to do is to talk to fellow Forex traders (like us in a forum or in person) and listen to the different experiences of the broker, next determine based off your Forex knowledge what you are looking for your broker to provide. Customer support is also huge for me personally so I would suggest making sure the customer service is helpful and resourceful. Finally ensure the broker allows you to test the platform by way of demo account etc before investing your capital.

    How to know which Forex trading platform is right for you?
    Here are a few tips that can help you on your search for a good Forex trading platform:
    1. Determine your trading preference.
      • Are you the type of trader that needs to stay on top of your Forex trades and like to be right in front of the computer?
      • Or are you the type of trader that trust your knowledge in Forex enough to invest in a platform that enables you to trade using a more portable means such a cell phone or your Blackberry?
    2. It’s a good idea to make sure there is also a web based trading platforms available in case your computer goes down. That way you can still have the same access to your account by using a different computer.
    3. Also check to see if the platform offers you the ability to see current market news that keeps you in the Forex loop. This is an important tool because what’s being talked about in the market news often influences the way the market behaves. Also when there are sudden seemingly unexplainable moves in the market having access to a platform that incorporates Forex news is a huge benefit. A knowledgeable trader is a successful trader.
    4. The Forex trading platform you choose should allow you place an order quickly and easily without making you jump through hoops. Always look for a platform with ease of use.
    5. Check to see if the trading platform you’re interested in offers you technical analysis tools so you can make informed decisions, if you so choose to use them.
    6. A reliable platform should allow you to be able to see your profits and losses.
    7. Look for a Forex trading platform that will give you price alerts. This just means you’ll be notified via your cell phone or through some other method of communication about changes going on in the Forex world.
    8. Look for a platform that offers you speedy withdrawals
    9. Look for a platform with no or low commissions/fees to pay. Also you‘ll want a Forex trading system that has low spreads.
    10. Look for a Forex trading platform that will give you a twenty-four live customer service and not one that only offers only automated help.
    11. Make sure the Forex platform you are interested in allows traders to open a demo account. Traders need to take the Forex trading platform they’re interested in for a test drive. This way, you can try out a few different platforms under different market conditions and see which one works best with your trading style and knowledge. Get comfortable with the navigation, tools and platform layout. Understand the terminology of the software and how to do some basic troubleshooting of the platform.
    12. Don’t forget to check for reliability.
      • Have there been any problems in the past that other traders have experienced with that Forex platform?
      • How does this Forex platform perform as compared another platforms you have tested?
    13. Is there a cost to use this platform?
      • What is it as compared to another?
      • Does the one with all the bells and whistles has the exact same capabilities as the platform that costs less or is free? ( In this case you can take the most cost effective one that’ll get the work done. )
     
  6. myfxpt

    myfxpt Master Trader

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    Hello profitwithpips! These are all valid points, but you forgot to mention the word "Regulated" in your list. Checking a brokers' credentials is high priority. Is the broker licensed by a credible regulatory authority? Do they hold cleint funds in segregated trust accounts? If something goes wrong, is the local legal and regulatory system user-friendly and easy to navigate? You are not just seeking protection from the scammers, but also "rogue" players like those Swiss bankers that like to fix and float their currency at random moments in time, sending brokers and clients alike to the cleaners! Make sure your capital, and future profits, are safe first!
     
  7. myfxpt

    myfxpt Master Trader

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    And this sums it up very nicely. You can only complain if there is "someone" to complain to!
     
  8. Rayford Adam

    Rayford Adam Trader

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    Hi

    If you want to choose the best forex broker then check out these important tips
    • Transaction Costs
    • Deposit and Withdrawal
    • Trading Platform
    • Customer Service
    • Account Types
    • Trading Platforms
    • User Reviews
    • Bonuses and Promotions
    • Execution
    • Security
    And I hope these tips are helpful for newbie and experience traders
     
  9. PolinaPolly

    PolinaPolly Trader

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    Quite a complicated question, because the broker that suits one person may be unsuitable for the other one. So, actually, you should talk to yourself, first of all, and answer such questions:
    - what is my strategy (because if you’d like to scalp, you should find the broker that allows it)
    - how much money do I want to trade (there are brokers with no minimal deposits on some accounts, for example)
    - how trustworthy the broker is (read reviews from different sources; you may also read comments and ask people on forums about particular broker, but you should filter the info as people lie sometimes)
    - how quick, polite and helpful the broker’s support is (try online support)
    If everything is OK, then you may open Demo account and trade on it until you are sure, that it’s your broker!
     

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