How to Choose a Forex Broker?

[daniuwei]

There's a similar question on another thread. So I just cut and paste my reply here:

 

1. How does your broker protect your funds?

2. Is their information security (IS) certified? Like for example, do they have ISO 27001 certification in IS?

3. Is the broker fully audited?

4. Is the broker a fully established company?

5. Have the broker receives any recognition or awards for their performance?

6. Is the brokerage platform that you are using is created by traders for traders?

7. Does the broker offer FREE professional coaching and traders tool?

8. Do they offer at least 60-day use of the Practice Account?

9. Fast application approval? Say like 24 hours?

10. Is it easy to fund your account? Do they offer many withdrawal options?

11. What is the minimum amount to open an account? As low as USD100?

12. Do they offer micro, mini and standard lot in a single account for your convenient sake?

13. Do they offer a lot of products, more than just Forex? Do they have metals, oils, commodities CFDs, major indexes and global equities?

14. Make sure they are not dealing desk so that they do not trade against you. If they are a Straight Through Processing (STP) broker, then that's the right one.

15. How is the execution like? You want a broker with absolutely no requotes and no slippage with tight spreads.

16. Do they offer high leverage?

17. Do they allow any kind of trading style including hedging?

18. Do they offer mobile platforms? Can you trade from your web browser?

20. Do they offer 24-hour customer support? Best with live chat.

21. Is your broker licensed and regulated by the Financial Services Commission (FSC)?

 

 

Nice post sir, I have evaluate my broker from all of that's question. From all the things that I know about my broker Exness, it have a good answer from all the question. But, if you don't believe me, just try it yourself with a demo account first to feel all the advantages that Exness give for the traders.

 

 

Hi firmanta. Thanks. I'm already with FXPRIMUS who provided the checklist above to help their clients to access a broker before trading under their platform. So far I'm not changing to any other brokers although I've done that in the past.

[Gaban]

Whatever the broker that we use, the most important is the broker is not a scam broker and consistent profit we can get with our account.

[diablo88]

I always check feedbacks in review sites, forex forums about one broker before investing. One good broker would put positive feedbacks for trader and trader would spread their feeling to others.

 

Tight spread, fast payment, regulated => all exactly with my broker.

[Gaban]

I think the traders here have found the right choice, which is trading with a broker that provides a convenient service, so am I in InstaForex. Hopefully, we can achieve a profit consistent with our broker.

[killbill1234]

intermarket broker should have spread on EUR/USD in range form -0.2 pips to 0.2 pips in most time, excluding news times when liquidity is low - of course they charge proper commision for trading with that kind of spread :) ( nothing in life is for free)

cheers !

[Gaban]

I think these are some considerations for choosing a broker

 

1.) Customer Service

Most importantly, a broker's customer service must be excellent! 24/7 customer service reps available is an absolute must & you can't do without it. A quality customer service team is the first step to finding the best broker for you.

2.) Platform

Analyze the brokers trading platform. Are you comfortable with it? Does it have all the necessary information you need to trade? Is there a market news feed somewhere in the corner or somewhere else on the site?

3.) Mini/Micro Accounts

If you are a beginner, try looking for a broker which offers Mini & even micro accounts. For just a few hundred bucks you can test your trading skills, hone your market savy & learn the tricks of trading forex.

4.) Instant Execution of Your Orders

This is an absolute must! If execution isn't instant, as soon as you place your order, find a new broker.

5.) Do Your Research

Look online & check out forums for reviews of the broker you're thinking of trading with. Make sure that they have been around for a long time & that traders have had good experiences.

[supertrader]

i think they need to be reliable, trustworthy, fast withdrawal

[Gaban]

i think they need to be reliable, trustworthy, fast withdrawal

 

Also have fast server so we can trade without any requote.

[saso0555]

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[

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Trading Forex is one of the most lucrative online income opportunities today. There are thousands of people making great money trading foreign currency. And the best part is, just about anyone can do it. All you really need is a high-speed Internet connection and a trading account. Some discount brokers, like FXCM Micro, will let you open up a Forex trading account for as little as $25 USD.

 

This low cost of entry is hugely beneficial to those of you that are new to Forex trading or trade Forex part time, as it allows you to get your feet wet, without risking too much money up front. However, as many Forex traders soon discover, without the proper training and foundation in Forex, your trading account can tumble like a house of cards.

 

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For those of you that prefer to read,

 

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Finally, for those of you that are like me, and enjoy "on the job" training, a Forex demo account might be the best form of learning. Most of the major brokers will let you set up a demo account and make trades without risking any money. Two of my favorite Forex robot expert advisor systems, FAP Turbo and Forex Killer, run on the Metatrader 4 platform which can be downloaded and configured in just minutes. Once you play around with "virtual" money and get some good real world trading experience, you can move onto a live account and start making real money.

 

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Edited March 20, 2013 by saso0555

[Guest FloridaTrader]

Also have fast server so we can trade without any requote.

 

Here we go again... you are posting away on this forum and you have absolutely no idea what you're talking about gaban.

 

When you are trading Forex, you are going to come across the term “requote” sooner or later. While it isn’t all that common, it can happen and you should be aware of what it means and how to avoid them.

 

What is a requote?

A requote in the forex world means that the broker you are dealing with is not able or willing to give you a trade based upon the price you entered. Generally this happens in a fast-moving market, usually around the time of a big news announcement or some kind of shock to the system. In essence, you decide to buy or sell a currency pair at a particular price and press the button to do so. By the time your broker gets the order, the market will have moved too fast to execute at the price advertised. The requote announcement comes up on your platform letting you know price has moved, and gives you the opportunity to decide whether or not you are willing to accept that price. It is almost always a price that is worse than the one you ordered. This is why reputable brokers ask you first, before executing the trade.

 

What causes Forex requotes?

As mentioned above, the markets are normally moving very quickly, but they can move even more quickly suddenly, when news is announced. This makes it very difficult for the broker to place the order at the price you request. The broker you are dealing with has their own brokers that they deal with. The liquidity pool, or broker’s brokers, can pull orders, raise the prices, or even simply refuse to acknowledge anything if they want to. Your broker finds that the available price isn’t the one you asked for – and it warns you that you are going to get a worse fill than you wanted.

 

How to protect yourself from a requote

With a solid Forex broker, it’s easy to protect yourself from a requote. By placing a limit order, you are telling your broker that you are only willing to place an order at a specific price or better. By doing this, you are telling them ahead of time that you are not willing to pay more for the trade than this specific price, and that you are willing to sit out on the trade if it can’t be done in these parameters.

 

Requotes are common in particular markets, and are a part of any Forex trading career. However, if you find your Forex broker requotes frequently (especially during quiet markets) your broker may be suffering from a lack of liquidity. If that is the case, you may want to find a new Forex broker.

[Gaban]

Here we go again... you are posting away on this forum and you have absolutely no idea what you're talking about gaban.

 

When you are trading Forex, you are going to come across the term “requote” sooner or later. While it isn’t all that common, it can happen and you should be aware of what it means and how to avoid them.

 

What is a requote?

A requote in the forex world means that the broker you are dealing with is not able or willing to give you a trade based upon the price you entered. Generally this happens in a fast-moving market, usually around the time of a big news announcement or some kind of shock to the system. In essence, you decide to buy or sell a currency pair at a particular price and press the button to do so. By the time your broker gets the order, the market will have moved too fast to execute at the price advertised. The requote announcement comes up on your platform letting you know price has moved, and gives you the opportunity to decide whether or not you are willing to accept that price. It is almost always a price that is worse than the one you ordered. This is why reputable brokers ask you first, before executing the trade.

 

What causes Forex requotes?

As mentioned above, the markets are normally moving very quickly, but they can move even more quickly suddenly, when news is announced. This makes it very difficult for the broker to place the order at the price you request. The broker you are dealing with has their own brokers that they deal with. The liquidity pool, or broker’s brokers, can pull orders, raise the prices, or even simply refuse to acknowledge anything if they want to. Your broker finds that the available price isn’t the one you asked for – and it warns you that you are going to get a worse fill than you wanted.

 

How to protect yourself from a requote

With a solid Forex broker, it’s easy to protect yourself from a requote. By placing a limit order, you are telling your broker that you are only willing to place an order at a specific price or better. By doing this, you are telling them ahead of time that you are not willing to pay more for the trade than this specific price, and that you are willing to sit out on the trade if it can’t be done in these parameters.

 

Requotes are common in particular markets, and are a part of any Forex trading career. However, if you find your Forex broker requotes frequently (especially during quiet markets) your broker may be suffering from a lack of liquidity. If that is the case, you may want to find a new Forex broker.

 

Thanks for your explanation. I just want to complement what has been mentioned by a previous member. And i think not only myself who looking for broker that has fast server. ^^

[Guest FloridaTrader]

You only quote people that you want to respond to. In your case, you have a bad habit of quoting people, but then post something not related to the quote. learn to post correctly.

[Gaban]

You only quote people that you want to respond to. In your case, you have a bad habit of quoting people, but then post something not related to the quote. learn to post correctly.

 

Thanks. But I think the admin should ban me if my post is a junk. Or why do not you ask a moderator / admin on this forum to ban me? ^^

Well, it is a thread to share about how to choose broker so I do not want to make this thread to be a mess because of this.

[dudeE]

Choose a reputable broker, there are plenty of brokers out there, most of them will show their certifications on their site. Check out what other people say about them too. Remember a broker will be your middleman for each a every trade, that's why it's important to pick the right broker for you. Next, find out if what your broker offers helps your trading methods. For example, I am a hardcore scalper, so I'll look for brokers with tight spreads (because of the frequency of my trades) also, ill look for a broker that will allow scalping (obviously lol), ill look for a broker that will allow me to enter and exit a position almost instantly (i trade in a very short time frame.) Incidentally, my current broker, profiforex offers the things i want. So yeah, long story short, find a broker that suits you.

[kaito kid]

choosing a broker is a must for a trader, to undergo forex business. one of the requirements is reliable broker, is the broker can guarantee our money with segregated accounts

[Gaban]

choosing a broker is a must for a trader, to undergo forex business. one of the requirements is reliable broker, is the broker can guarantee our money with segregated accounts

 

Yeah, my broker also provide segregated account. It provides protection of the client’s capital from risks of any force majeure circumstances related to the company’s activity. In accepted sense of the term "the segregated account" means storage of clients’ funds separately from funds of the company. And each broker has each terms and conditions for segregated account.

[Guest FloridaTrader]

Thanks. But I think the admin should ban me if my post is a junk. Or why do not you ask a moderator / admin on this forum to ban me? ^^

Well, it is a thread to share about how to choose broker so I do not want to make this thread to be a mess because of this.

 

You have a bad habit of posting the same thing over and over. One thread, you replied 5-6 times saying the same thing. You need to cease.

[usok]

How to Choose a good Forex Broker? Any tips for a newbie like me? thanks in advance :)

 

check wellknown review sites like forexpeace army and go for good brokers, they have a forum too to check with issues that broker have :) best of luck

[tonnymak]

Hello, it is possible to choose a decent dealer simply by attempting some which might be well scored and examined simply by merchants everywhere over the online you can find lots on the market but only handful of may suit a person! a person gotta try their own test accounts to see when they are very good, in addition question persons with your entourage!

for me and next procedure carried out since 24 months I've discovered that will hotforex is the greatest dealer to me!

[tonnymak]

I would suggest this link it will help you http://www.babypips.com/tools/forex-brokers-guide/

[Guest FloridaTrader]

Hello, it is possible to choose a decent dealer simply by attempting some which might be well scored and examined simply by merchants everywhere over the online you can find lots on the market but only handful of may suit a person! a person gotta try their own test accounts to see when they are very good, in addition question persons with your entourage!

for me and next procedure carried out since 24 months I've discovered that will hotforex is the greatest dealer to me!

 

I would like to wish you well during your forex journey my friend and welcome to the forum! :)

[diablo88]

Hello, it is possible to choose a decent dealer simply by attempting some which might be well scored and examined simply by merchants everywhere over the online you can find lots on the market but only handful of may suit a person! a person gotta try their own test accounts to see when they are very good, in addition question persons with your entourage!

for me and next procedure carried out since 24 months I've discovered that will hotforex is the greatest dealer to me!

 

Well said! I totally agree with your point.

[Gaban]

You can test your brokers by opening a demo account. Although demo account is not with real money it however gives you access to real trading conditions and allows you among other things to see the spreads of the broker, the speed of order execution, reliability of trading platform, etc.

[Guest FloridaTrader]

You can test your brokers by opening a demo account. Although demo account is not with real money it however gives you access to real trading conditions and allows you among other things to see the spreads of the broker, the speed of order execution, reliability of trading platform, etc.

 

gaban, you made an earlier posting similar on this forum and I pointed out the many ways were were incorrect. You were asked to cease making posting that make you sound like a complete ***** and you refuse.

 

Once again gaban...stress occurs during demo and live trading which effects a trader's emotional intelligence, decreases the trader's ability to maintain concentration and attention, and even dampers the traders awareness of the market environment but more so with live trading. Trading live accounts does bring out more stress than demo account which refutes your comment where it begins effecting only during live trading.

 

Demo trading differs from live trading for several reasons. Prices feeds can be different, features may be different, execution time may be different, requotes are not an issue and always accepted, no slippage, no waiting messages, no hesitations during news releases, and the list goes on and on.

 

False Forex Posting Addiction Disorder which is the state where new people can't stop posting false information on a topic they have no knowledge of while they disregard the advice from others to cease sounding crazy.

Edited April 27, 2013 by FloridaTrader

[Cataclyst]

Also depends on what country you're in. Frank Dodd in the US has made it pretty hard to find good forex brokers.