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How to Choose a Forex Broker?

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  • The best ECN broker I used is Australian GlobalPrime.com.au. I used it for several years and no problem so far. It has very good rating in forexpeacearmy.com

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    • Originally posted by taipan View Post
      The best ECN broker I used is Australian GlobalPrime.com.au. I used it for several years and no problem so far. It has very good rating in forexpeacearmy.com

      I heard about this broker a lot but honestly Australian brokers are not so good as UK brokers like Tickmill or Hotforex, because UK is more developed country than Australia so they have less incentive to cheat.

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      • The first and foremost characteristic that a good broker must have is a high level of security. After all, you’re not going to hand over thousands of dollars to a person who simply claims he’s legit, right? Checking the credibility of a Forex broker isn’t very hard. There are regulatory agencies all over the world that separate the trustworthy from the fraudulent.

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        • Firstly, watch that Broker is fully regulated and then test their commisions and stability....

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          • Any Indian fx traders who need affordable rates for Skrill can contact us
            https://t.me/skrillexchangeindia

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            • not an easy thing, even FXCM went on downhill, so you should carefully choose. I used OANDA, seems decent one.

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              • Originally posted by TobbyConers
                Is that so, I did my research and from what reviews i read i see that there is no such thing as UK being or having the best broker, there is no best broker just good broker.

                Hotforex and Tickmill are good broker same as other good brokers out there, this is a trading exchange knowledge forum not promotion of brokers.

                Yes we share experiences here, and I think stories about satisfactory/unsatisfactory experiences from using some brokers can save time and money who just begins the journey and avoid silly mistakes as well.

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                • Is anyone using Nordfx broker? if so how is it? Once I used it and experienced that server doesnt work for some time(around 10 minutes). it got stucked. Also it wasnt a problem of mine coz my other MT4 platforms worked.

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                  • Actually choosing Forex Broker is not very straight forward. It depends on what kind of trader you are. For scalper, you need a broker that allows scalping, of course. The trading cost must be low because as a scalper, you will open a lot of transactions. For long term trader or position trader, you need to observe the swap or overnight rate. It is best if you can get a swap-free broker. These are just some simple examples of what you need to know when choosing a forex broker that is catered to your trading need.

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                    • There are many things that we have to check when looking for a broker . according to my trading experience I think from all trading elements spreads is mainly considered as an important financial tool which an investor should consider when choosing a broker.

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                      • IMO if you are depositing any reasonable amount of money with a broker, first and foremost only chose a broker that is situated in a reputable country and is regulated by an appropriate governing body. Second, and this is my opinion, stay away from brokers offering insane deposit offers, crazy leverage and weird ways to deposit money. Those are usually a scam. Not sure where you are but I'd look into IC Markets, Pepperstone, Oanda etc. well known.

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                        • My 2 cents - Don't choose a broker for its 1:400 Leverage. Choose a broker for its customer care and reputation. I had a good experience with icmarkets.com and with LMAX.com for scalping. Also used alpari.com and OANDA in the past.
                          Try to withdraw before you deposit a larger amount of money and work with a live account to get a real feel of the broker. Demos are not the same.
                          Also - use more than one account in case you run into some connection troubles or other issues during the trading session.

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