How To Find A Good Broker?
- Thread starter azeeem65
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Check out the regulation - see if its regulated in your country or the top few regulations are ASIC and FCA, if its regulated you can be sure your money is in the safe place
Brokers are intermediaries between a trader and market. Unfortunately, you cannot start forex trading without them. Therefore, try to choose a reliable and honest company. How to do it? Look for independent ratings of Forex companies, read reviews on forums. Be careful – reviews and ratings are often made-to-order. Moreover, both positive (bought by broker) and negative (paid by competitor). Do not trust only one source. Reputation, License Trading terms, Software, Support, Security these are some factor one should keep in mind while selecting broker. I would personally suggest to check out LMFX broker, Hot Forex or London Capital Group (LCG).
Agree with advices above. Solid regulations, reliable reviews and sometimes low spreads, commission, executions are key conditions to look at since these heavily affect scalping practice. I traded various accounts including icm, fxpro, fxview, their conditions are quite suitable and stable for scalpers. Though I have short experience with fxpro and fxview but a good start.
Decent brokers can be discovered only by the process of trials and errors and of course comparisons between brokers. Good broker is a relative concept since you can't always get perfect trading conditions and even good brokers can sometimes let you down because they have no control over LP and ability to influence on them .
Look on forums for traders' testimonials, lurk of rating websites. But don't rely solely on this info because sometimes it can be rigged so you can make inadvertent mistake. Do your own diligence, compare different brokers and make your unique conclusions about their difference and similarities, try to find some unobvious points about industry, services. The most useful info is always hidden from the public.
Do you trade with local broker or use services of international online brokerage? I heard that you can't avoid paying taxes if you trade with local broker because they can't hide gains of their clients from tax agency.
Apart from the aspect mentioned before, you might also want to look at what extra tools brokers provide such as newsfeed, charting tools, MetaTrader, etc. (Of course, security and fees come before this)
Sometime simply asking for good broker doesn't help you to find what you're looking for. It's no different than asking which is good movie when we do not know what kind of movie you're interested in, action, romantic, animation or true based story. 🙂
My personal opinion: If you're based in EU, Fxview and Tickmill are well regulated in most of the european countries. IC Markets, Pepperstone are well known brokers in Australia. These four brokers have strong trading conditions on hand.
I'd suggest you to take a paper and note down the list of brokers which fits your requirements, strike out the brokers which do not accept your country or not fit for your deposit/withdrawal methods or higher fees/wide spreads comparatively, or whichever parameters relevant to you. That will help narrow down to good broker of your choice.
My personal opinion: If you're based in EU, Fxview and Tickmill are well regulated in most of the european countries. IC Markets, Pepperstone are well known brokers in Australia. These four brokers have strong trading conditions on hand.
I'd suggest you to take a paper and note down the list of brokers which fits your requirements, strike out the brokers which do not accept your country or not fit for your deposit/withdrawal methods or higher fees/wide spreads comparatively, or whichever parameters relevant to you. That will help narrow down to good broker of your choice.
Easy to say. Live spreads give you a half picture of transaction costs, frequent slow execution can make up to 90% of what you pay market maker and broker to open and close trades.
Regulations and good trading conditions are one of the easiest way to tell you whether the broker is good and suitable for you or not.
Once you found something a broker that you think is good, you can always try their demo account and see if that is a good one for you or not.
Once you found something a broker that you think is good, you can always try their demo account and see if that is a good one for you or not.
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