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Author Topic: How else to choose a broker?  (Read 18805 times)

Offline alextrader79

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Re: How else to choose a broker?
« Reply #15 on: April 03, 2017, 09:25:59 AM »
I'd just started to read this interesting story about the performance of different brokers, when noticed the DATE
it's 2009 year , guys!!
 >:(
What's the point??

Offline drunkfx

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Re: How else to choose a broker?
« Reply #16 on: April 17, 2017, 07:28:24 PM »
Well, old brokers are considered more reliable so their discussion there may help newbies to make right broker decision.

Offline alextrader79

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Re: How else to choose a broker?
« Reply #17 on: April 18, 2017, 09:58:41 AM »
Oh, at least a half of that list is dead now. Maybe it is useful, really. What concerns the age... 'Old' is not always 'Reliable', but there may be a chance.
Some market makers are on the market for a very long time and there are always people who give them money. I've read a similar story not so long ago, about some cyprus based company. yesfx as far as I remember and I can even post a link to the discussion on the Trade2win forum about them. THis scam is getting money from newbies since 2006 and it hasn't been closed yet. More than 10 years, can you just imagine??
It's just one example of what happens sometimes.
I'm surprised that people continue investing money in it while many traders who had been scammed by them write reviews, post on forums, alert newbies from making mistakes... but... but....!

Offline drunkfx

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Re: How else to choose a broker?
« Reply #18 on: April 24, 2017, 05:50:00 PM »
Unfortunately we have no proofs those scam alerts or complaints was actually a rip off from a broker. Trading is so hard and challenging that 95% of newbie traders will end in losses sooner or later. But successful operation history provides us with more information about a broker so the chance of making right decision is higher. For example I've 4 years of experience trading with Hotforex and gathered enough information to know their advantages and weak spots. Thus my advice to rookie trader may be more valuable than recommendation from a trader with 1-2 month trading history with a broker (no matter is it positive or frustrating)
« Last Edit: April 24, 2017, 05:51:52 PM by drunkfx »

Offline Mitchell Marsh

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Re: How else to choose a broker?
« Reply #19 on: June 10, 2017, 01:29:32 PM »
Oh, at least a half of that list is dead now. Maybe it is useful, really. What concerns the age... 'Old' is not always 'Reliable', but there may be a chance.
Some market makers are on the market for a very long time and there are always people who give them money. I've read a similar story not so long ago, about some cyprus based company. yesfx as far as I remember and I can even post a link to the discussion on the Trade2win forum about them. THis scam is getting money from newbies since 2006 and it hasn't been closed yet. More than 10 years, can you just imagine??
It's just one example of what happens sometimes.
I'm surprised that people continue investing money in it while many traders who had been scammed by them write reviews, post on forums, alert newbies from making mistakes... but... but....!
Yes some old broker are reputed and trusted by the traders ,  I depend on them who are regulated by the UK US or Australian , because they are real regulated and always guarantee their clients funds.   

Offline forexbaby

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Re: How else to choose a broker?
« Reply #20 on: June 11, 2017, 10:39:36 AM »
Think UK regulated brokers do protect fund up till $50k.
 ;D


Offline forextraderr

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Re: How else to choose a broker?
« Reply #21 on: August 03, 2017, 07:29:25 AM »
These are the things one needs to consider in choosing a broker:

- ability to offer a tight spread
- funding options because sometimes it is tedious to just do bank transfers
- withdrawal process and options of receiving funds
- online support

We should also research and read reviews about them so we won't be scammed. Some brokers manipulate orders so that traders will lose money. We should beware of these companies and deal with only the true STP/ECN.

Offline JohnyIve

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Re: How else to choose a broker?
« Reply #22 on: April 05, 2018, 05:50:13 AM »
It's pretty simple. I still don't understand why a lot of newbies choose scam brokers..
1. First of all you have to check list of best brokers in your country.
2. Then check conditions and reputations of brokers who you prefer;
3. After that check information about regulations. It's really necessary because if something happend you'll lost your deposit irretrievably.
4. You emmited 2-3 brokers, yep? Now read attentively comments about these brokers. Forums, youtube etc. Just spend 2-3 hours for better understanding.
5. Compare 2 winners and choose the best one :) And even after that trade with chosen broker only in demo-account. If you'll see it's YOURS than you can boldly invest money and trade. But do it smart!

I choose an Amarkets with these simple steps and still trade with them. It's really nice scheme.

Offline Paul.Trafford

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Re: How else to choose a broker?
« Reply #23 on: April 05, 2018, 10:29:17 AM »
It's pretty simple. I still don't understand why a lot of newbies choose scam brokers..
1. First of all you have to check list of best brokers in your country.
2. Then check conditions and reputations of brokers who you prefer;
3. After that check information about regulations. It's really necessary because if something happend you'll lost your deposit irretrievably.
4. You emmited 2-3 brokers, yep? Now read attentively comments about these brokers. Forums, youtube etc. Just spend 2-3 hours for better understanding.
5. Compare 2 winners and choose the best one :) And even after that trade with chosen broker only in demo-account. If you'll see it's YOURS than you can boldly invest money and trade. But do it smart!

I choose an Amarkets with these simple steps and still trade with them. It's really nice scheme.
I don't really agree with point 1. Why does it necessarily needs to be a broker from "your" country. You can simply choose a broker, who is just accepting residence from your country. Because if you are from Hungary or Czech republic, options for brokers might be limited. Doesn't mean you can find a brokerage company that will accept you as a client and it is not based in Hungary or Czech republic.

Offline JohnyIve

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Re: How else to choose a broker?
« Reply #24 on: April 06, 2018, 05:09:03 AM »
Yep, correct. I just thought that only brokers from your country can give your good conditions but i forget about flexible brokers who can adapt conditions for every country

Offline Paul.Trafford

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Re: How else to choose a broker?
« Reply #25 on: April 12, 2018, 03:47:51 PM »
Yep, correct. I just thought that only brokers from your country can give your good conditions but i forget about flexible brokers who can adapt conditions for every country
I don't like to sound like I am trying to pick with you, but why do you think that only brokers from your country will give you good conditions ? I personally find no sense in this. As for me brokers are either offering good conditions in general for all their clients, or they are not offering good conditions for their clients. I don't think a broker is selecting some countries and saying - Okay for Germany great conditions, but for UK f*uck them, the worst possible conditions ... (chuckle) I hope you get my point. Cheers

Offline IldikoFX

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Re: How else to choose a broker?
« Reply #26 on: April 13, 2018, 01:52:55 PM »
It's pretty simple. I still don't understand why a lot of newbies choose scam brokers..
1. First of all you have to check list of best brokers in your country.
2. Then check conditions and reputations of brokers who you prefer;
3. After that check information about regulations. It's really necessary because if something happend you'll lost your deposit irretrievably.
4. You emmited 2-3 brokers, yep? Now read attentively comments about these brokers. Forums, youtube etc. Just spend 2-3 hours for better understanding.
5. Compare 2 winners and choose the best one :) And even after that trade with chosen broker only in demo-account. If you'll see it's YOURS than you can boldly invest money and trade. But do it smart!

I choose an Amarkets with these simple steps and still trade with them. It's really nice scheme.

Hi , I am sorry but I do not agree with point 1 , partially 2, 4 . The rest is great :D

As to why I do not agree is : 1 already mentioned before me, so need  for me to repeat
                                          2 ( partially ) -  check reputations of broker - unfortunately this is not an accurate way anymore to get reliable information about a broker, not much independent reviews can be found online from trusted sources, what I am trying to say is, reputation can be bought ( paid PR articles for example )
                                          4 "Now read attentively comments about these brokers" - a big NO. You will come across many newby traders that were looking for the holy grail , wanting to make quick profits, not using risk control, had their account managed by fund managers that have no clue what they are doing etc etc. These clients down to lack of knowledge ( common sense ) will many times blame the broker ( and the brokers conditions ) for their losses. It is easier always to blame the broker, then take responsibility for their own mistakes.

The best way to test a broker is to try yourself. Do not listen to comments , you might have different trading strategies and looking for different environment then other traders. On the other hand you should always look for :
- STP / ECN model
- attentive support
- Market execution ( I am shocked how many traders still do not know the difference between Market and Instant execution)
- No Retention department
- Regulatory environment
- Demo - can give you a basic feel of the environment but with many brokers, it does not mirrors the real account environment, or mirrors their best condition account, which you cannot open with less then 10/20k deposit. Accuracy of harvesting info about a Broker using their Demo is not high, however you will get the feeling how quick is their execution.

This is all I could think of now, if anything else, will be adding latter.

If anyone has questions , feel free to PM me.

P.S I work in the Financial Industry, and am open and transparent about what I learned so far about Brokers, Traders, Fund managers etc etc

Offline JohnyIve

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Re: How else to choose a broker?
« Reply #27 on: April 23, 2018, 06:27:23 AM »
Yep, correct. I just thought that only brokers from your country can give your good conditions but i forget about flexible brokers who can adapt conditions for every country
I don't like to sound like I am trying to pick with you, but why do you think that only brokers from your country will give you good conditions ? I personally find no sense in this. As for me brokers are either offering good conditions in general for all their clients, or they are not offering good conditions for their clients. I don't think a broker is selecting some countries and saying - Okay for Germany great conditions, but for UK f*uck them, the worst possible conditions ... (chuckle) I hope you get my point. Cheers
Dude just think about it.. 500$ depo is small investments for German traders and it's unreal for Ukrainian or russian because of difference in economy. That's why I said exactly about brokers from your country. But of course I know a lot of good companies who provides best conditions for traders such as from Germany, Russia or Zimbabwe because they adaptate it for everyone.

Offline Trunk

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Re: How else to choose a broker?
« Reply #28 on: April 24, 2018, 08:18:03 PM »
Fitting platform for Russian traders? You mean lowering min deposit requirement and increasing leverage for better potential profits? Making casino from trading haha

Offline JohnyIve

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Re: How else to choose a broker?
« Reply #29 on: April 27, 2018, 06:25:00 AM »
Well, you might think so :)

 

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