collapse

Author Topic: How to choose a broker?  (Read 9628 times)

Offline Jacob

  • Jr. Member
  • **
  • Posts: 13
Re: How to choose a broker?
« Reply #30 on: April 02, 2020, 12:43:01 PM »
In online forex trading, most trading activity happens through the brokers trading platform. This means that the trading platform of your broker must be user-friendly and stable.


Offline Eliza Abrams

  • Hero Member
  • *****
  • Posts: 1766
Re: How to choose a broker?
« Reply #31 on: April 17, 2020, 02:20:41 PM »
Be wary of clones, guys! The FCA recently warned about yet another one - Nuovo Prestige Ltd, which is also exposed for conducting investment scams. The scammers are coming out of the woodwork especially these days.

Offline Khan00

  • Jr. Member
  • **
  • Posts: 9
Re: How to choose a broker?
« Reply #32 on: April 24, 2020, 12:12:02 PM »
The foreign exchange market accounts for more than $4 trillion in average traded value every day, making it the world's largest financial market. Since there is no central marketplace for the forex market, traders must select a forex broker to help them conduct their trading activity.

A broker makes money through commissions and spreads. A broker that uses commissions may charge a specified percentage of the spread, the difference between the bid and ask price of the forex pair. However, many brokers advertise that they charge no commissions, and instead make their money with wider spreads.

Offline Eliza Abrams

  • Hero Member
  • *****
  • Posts: 1766
Re: How to choose a broker?
« Reply #33 on: April 24, 2020, 02:01:14 PM »
Which do you prefer - wider spreads or commissions?

Offline drunkfx

  • Sr. Member
  • ****
  • Posts: 965
Re: How to choose a broker?
« Reply #34 on: May 15, 2020, 05:07:51 AM »
Which do you prefer - wider spreads or commissions?

I prefer to have balance approach to this. That's why I use raw spread account from Hotforex, it combines near-zero spreads on majors and round-turn commission. Also I use best rebates so it gets even lower. Floating spread accounts, in my view, are too expensive.

Offline Nuadaris

  • Jr. Member
  • **
  • Posts: 22
Re: How to choose a broker?
« Reply #35 on: June 29, 2020, 05:18:45 PM »
Reputation and reliability are two main pillars to choose the brokerage, so traders should always review both.
I think people should read a lot of reviews on reliable websites for the recent half-a-yer/year, to understand the fresh opinion about brokerage.
Also it's okay to pay attention to regulations but the regulations shouldn't blur your eyes. It is important not only to have regulations, but also the overall reliability of the broker.

Offline Eliza Abrams

  • Hero Member
  • *****
  • Posts: 1766
Re: How to choose a broker?
« Reply #36 on: July 07, 2020, 03:02:13 PM »
The first place I'd go is the regulator's list of licensed brokers to make sure that mine is among those, if they claim so.

Offline drunkfx

  • Sr. Member
  • ****
  • Posts: 965
Re: How to choose a broker?
« Reply #37 on: July 08, 2020, 07:20:14 AM »
In online forex trading, most trading activity happens through the brokers trading platform. This means that the trading platform of your broker must be user-friendly and stable.

Agree I also use stable trading platform like MT4 from Hotforex I really don't like new platforms like MT5 because it's still raw product in my view.

Offline Eliza Abrams

  • Hero Member
  • *****
  • Posts: 1766
Re: How to choose a broker?
« Reply #38 on: August 06, 2020, 03:56:02 PM »
It seems even regulated brokers can't always be trusted. 24Option had a CySEC regulation and has been conducting scams all over the EU anyway. Regulators finally caught on, but the harm's done. :(

Offline drunkfx

  • Sr. Member
  • ****
  • Posts: 965
Re: How to choose a broker?
« Reply #39 on: August 11, 2020, 05:13:25 AM »
You have to choose a broker after you check its regulation live spreads swaps and other transactions, customer support level and of course speed of withdrawal. But unfortunately we can't carry out procedure with every broker at some reasonable speed to check all that's why to some extent we have to rely on reviews and testimonials, but only on websites which have proper moderation. I found my current broker Hotforex combining these two methods.

Offline Libson

  • Jr. Member
  • **
  • Posts: 11
Re: How to choose a broker?
« Reply #40 on: February 01, 2021, 02:17:10 PM »
I suggest choosing a broker based on your trading skill and experience if your a beginner choose a broker that offers lower leverage for initial live trading experience.

Since I'm a scalper, I trade with a suitable broker FP Markets because of lower spreads and commission.

Offline drunkfx

  • Sr. Member
  • ****
  • Posts: 965
Re: How to choose a broker?
« Reply #41 on: February 22, 2021, 06:58:06 AM »
I suggest choosing a broker based on your trading skill and experience if your a beginner choose a broker that offers lower leverage for initial live trading experience.

Since I'm a scalper, I trade with a suitable broker FP Markets because of lower spreads and commission.

I also switched from FP Markets to Hotforex because of awful spreads even during times of high liquidity. They have to do something with their liquidity providers.

Offline fxopen78

  • Full Member
  • ***
  • Posts: 315
Re: How to choose a broker?
« Reply #42 on: March 08, 2021, 11:52:48 PM »
It seems even regulated brokers can't always be trusted. 24Option had a CySEC regulation and has been conducting scams all over the EU anyway. Regulators finally caught on, but the harm's done. :(
The broker also as a company that wants to make money, if can't compete with another market player might get problem in finance, although regulated if internal problem probably will affect to the client, but regulated broker also become concerned because it gets legality

Offline drunkfx

  • Sr. Member
  • ****
  • Posts: 965
Re: How to choose a broker?
« Reply #43 on: March 10, 2021, 05:23:22 AM »
There are many important things. I would say that Forex Broker Regulation is one of the most important. It is important to open an account with a regulated broker.
Also choose a broker that offers a Forex trading platform that you are most comfortable with, and that fits your individual needs.

Offline fxopen78

  • Full Member
  • ***
  • Posts: 315
Re: How to choose a broker?
« Reply #44 on: April 02, 2021, 01:36:41 AM »
A regulated broker is more trustworthy, and I am included lucky because my broker regulated on three regulation
and the company barely celebrate for 15 years in industri

 

browse forum

* Recent Posts

Re: EUR/USD by fxopen78
[Yesterday at 10:54:15 PM]


Re: EURAUD by Carlos55
[Yesterday at 05:28:31 PM]


Re: How long does it take to learn Forex trading? by Carlos55
[Yesterday at 02:16:58 PM]


Re: EUR/USD by Eliza Abrams
[Yesterday at 12:03:36 PM]


Re: Bonus. Is it worth it? by fxopen78
[April 18, 2021, 11:02:54 PM]


Re: EUR/USD by Eliza Abrams
[April 18, 2021, 11:28:02 AM]


Re: Bonus. Is it worth it? by Carlos55
[April 17, 2021, 03:01:13 PM]


Re: Which broker best to trade news? by Carlos55
[April 17, 2021, 02:59:35 PM]


Re: DIY Frequent Trader by diyforexskills
[April 17, 2021, 02:03:04 AM]


Re: EUR/USD by Eliza Abrams
[April 16, 2021, 12:03:06 PM]