To make the first experience as pleasant as possible, it is better for a novice trader to choose a broker with a minimum initial deposit, so that in case of an unsuccessful transaction, he does not lose much
Certainly, regulation is one of the prior things I look for, in a broker followed by good trading conditions. This is the reason I ended up with Fxview since they are Cysec regulated and quite good in terms of offerings such as good execution, tight spreads and quick withdrawals.
'Since there are many scammers out there the best way I prefer choosing a broker is by their experience in forex business, like I use FP Markets because it is one of the oldest broker active since 2005 that over a decade.
I would recommend choosing an older broker because they are much more reliable; it is better to check the broker's reviews and regulation before investing in it.'
Andronn posted: Trust in a broker who has been on the market for more than 5-7 years, of course, more because there is confidence that such experience is earned on good terms
That is correct. A broker who has been in the market from quite a long time has genuine history which is required to check the worthiness of the broker. A trader can know more via reviews, news, ranking etc. of that particular broker.
The first and most important thing we should check is the regulation of brokers. Also, before choosing any broker for making investment be knowledgeable about various fees charged to get the services offered by that particular broker.
'I agree with Elena Triston; an older broker is much more reliable than brokers that have just developed in forex. A more senior broker gives traders the confidence and security that they invested capital is safe and in good terms.
For example, I trade with FP Markets an ASIC regulated broker that has been active since 2005, I've been trading with them for close to a year and did not come across any major issues with withdrawals or during trading live.'
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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