What do you look for in a broker?

[TheLastBear]

Hey guys,

I wanted to ask what you look for in a broker? What determines if you open an account with a broker or not?

Thanks for your thoughts on this.

 

[Fxpipper]

That's quite relative, it depends on each individual trader. For some, they would prefer the broker to be regulated, others prefer non-US based brokerages to get over the Dodd limit and then, like me, there are those who prefer brokers with high leverages and competitive prices. It all boils down to what the individual trader wants..

 

[TheLastBear]

Yes, I agree that different traders have different preferences when it comes to brokers. I look at leverage, customer service and how deposits/withdrawals are handled.

Who do you use as your prime broker?

 

[Fxpipper]

Currently using Trader's Way, FXCM and Alpari..did try Etoro for a while but the spreads were way too large so moved on .

 

[TheLastBear]

I tried etoro but honestly I hated them. They may be good for newbies, but any somewhat serious trader will not like it at least in my opinion. I stopped using them as quick as I started.

I am with PaxForex now and they have been great for me.

 

[Fxpipper]

Believe me, Etoro contrary to all the ads they put out, are not the ones you want to use..for obvious reasons. Sure, there are a few traders who swear that Etoro is the best but personally, do not think much of their platform or their spreads. Etoro is definitely in the past ..

 

[TheLastBear]

I agree.

 

[nalu]

There are so many brokers available with different features and advantage that’s why it is not an easy task. And before thinking of choosing a broker you should be able to understand what you really want as a trader and that will help you to know the one that suits you.

 

[toretton]

when i was starting to trade i was looking for a fair broker with innovative services, with good conditions for mini accounts...

 

[Fxpipper]

Exactly, when looking at new brokers, you would need to check out what's on offer, and remember to read the small print. One of the reasons I opted for my three, from tradersway to alpari was on account of the competitive trading conditions and yeah, the spread I got was just the icing.

That said, each trader needs to do the research, work out which broker suits them..

 

[chief]

first of alll broker type, their regulation, spread, leverage, rules regarding trading style scalp news or else. and then the execution are also matters. minimum deposit, and payment process are simply enough and has to be fast deliver one.

 

[alexflemj]

Do not forget fees on deposits in particular, my Broker for example removed all commissions on deposits, me likey

 

[chief]

finding brokerage company it's a task of security, good broker will provide benefits to the trader. i'll do research on their regulation, and how the platform enviroment works, my current brokers Armada Markets Regulated by Ministry of Economic Affairs in Estonia. It means that it is not offshore islands regulated broker with weak regulation and high scam risk. I also demand a trading condition where my scaping strategy could perfectly works, and this reason why i open my account with armda which offer low market spreads (0.3 on EURUSD), no requotes, almost no slippage, fast execution. even able to catch spike upon important news released.

 

[Fxpipper]

Do not forget fees on deposits in particular, my Broker for example removed all commissions on deposits, me likey

Yeah, I know exactly what you mean, and frankly one of the reasons I am still staying put with my brokers, from tradersway to alpari is on account of client friendly policies..which is more than I can say when I think of brokerages like etoro or forex.com..