Things to analyze before choosing a forex broker

Discussion in 'Forex Brokers' started by Exness Support, Apr 27, 2014.

  1. Exness Support

    Exness Support Active Trader

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    What are the things you will analyze before you deposit your hard earned money with any forex broker?

    In My good opinion i will analyze these conditions


    01. Regulation by financial authority
    02. Fast Deposit and Withdrawals (better if local)
    03. Tight Spreads
    04. Enough Leverage
    05. Multiple Trading Platforms
    06. 24*7 Support in Preferred Language


    Please submit your conditions too
     
  2. Aby123

    Aby123 Active Trader

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    Regulation doesn't much matter to me..
     
  3. Bill Korneus

    Bill Korneus Trader

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    Execution speed?
     
  4. kaito kid

    kaito kid Banned

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    brokers who give great rebate to Introduce broker and provide insurance is one option for traders
     
  5. Aby123

    Aby123 Active Trader

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    almost the conditions can be used as bases when choosing your broker, but regulation doesn't really matter to me as long as reviews are great.
     
  6. globalfx

    globalfx Trader

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    Me too. I think it is bullshit. Regulation did not stop my former broker from cheating me of my money. I will rather choose an offshore broker that has very good trading condition and reliable platform.
     
  7. vicknic

    vicknic Confirmed ProfiForex Representative

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    All legitimate forex brokers are open for business. Varying services are offered to attract different clients. The conditions for choosing a broker lies beneath each trader's need. What do you need from forex? How do you want to trade forex and How much do you have to begin? Does this broker offer what you need? Then you have you answer.
     
  8. Exness Support

    Exness Support Active Trader

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    Thanks all for your valuable feedback. Your feedback is most important for us. One shall always be conscious before making an investment with a broker and check their track record before he decides to invest his hard earned money with a broker. We appreciate your feedback.
     
  9. triplet

    triplet Active Trader

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    A broker being regulated is important but am also concern about a brokers reputation and transparency. Even being regulated some brokers can still cheat .
     
  10. chief

    chief Confirmed Tickmill Representative

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    regulation aren't the first thing I concern about. i've been trade for years, been cheat and trolled by regulated brokers, retail brokers, discount brokers.
    as for regulated one, when you only has 2k account with them, means you're too small to put any bad review about them, even right after they giving a bad price gap on your chart, burn out your head with constant requotes, and even when you manage made profit espeically a huge % one, they will eventuall cancel it as violation to the trading rule, accuse us as fraudlent activity.
    any trading condition such spread swap leverage etc, are only applied for traders with proper system. naturally they will seek brokers match their needs. non aggresive system never required a tight spread, it only applied for scalping system.
    as leverage, most new trader would lurk to a higher one 1:1000, or even 1:2000, they been brainwashed by promotional material said the higher leverage the higher profit potential. as expert trader avoid such brokers company :D.
    a fast payment method most people really do love this one, and become important requirement especially when the brokerss need to penetrate Asian markets traders (no offense i;m Asian too), but fact is fast payment process not always the secure one!
    i've been nearly broker when my most investment gone in a single night when the e-Gold are closed, and it's happen again with LR case which flush away my trading profit I store with my LR account. a local bank feature is a must at some country, but for now i try as possible to avoid such 3rd party epayment with no solid regulation, this where i keep using skrill with my armada market account, even they also offer local based e-payment.
    if you concern about regulation, better put more attention with your payment method regulation. is anyone here who suffer from egold and lr case, if you had experience both, it means you're had long experience in this field and capable enough to understand what i'm talking about.
     
  11. InstantKarma

    InstantKarma Trader

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    I agree with you, the regulations don't prevent brokers from fraud. However, for me it's still an important factor, it's easy to check. I always wonder if the regulations don't stop cheaters, why unregulated brokers, don't try to get the regulation, what prevents them?
    The most important for me are reviews and experiences of other traders.
     
  12. chief

    chief Confirmed Tickmill Representative

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    I never said to put away regulation matter. it's does matter.
    people always afraid of what the didnt know. if you concern about how regulation brokers, then you have research on it, that's what I do in the past, just seeking an answer of my unresolved thougt.
    don't try to get the regulation, what prevents them?
    Another regulation. common example is offshore brokerage company. i dont want to mention any, but you'll find many of them swarming around the net.
    but I'm not crazy enough to put large deposit amount with offshore company.
    some country are have a crossed regulation, for example US based regulation (NFA) only allow leverage 1:50, no hedging, FIFO rule. so why this offshore company not willing to regulated by NFA ? , because their current business are with non-US based clients, and to offer a low leverage max 1:50 without hedging capability, and also FIFO rule, would you still trade with them, as the regulated by US goverment?
     

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