Choosing the Right Broker

Jan 13, 2016 at 11:26
9,826 Views
272 Replies
Member Since Feb 22, 2011   4862 posts
Mar 12, 2019 at 07:42
So couple of rules to chose the right broker
1. The trading conditions are good for your system - be it sllipage, spreads, pairs, swaps or leverage
2. There is NOT negative record on FPA
3. There IS proper regulation, avoid for example New Zealand.

Member Since Aug 11, 2017   886 posts
Mar 20, 2019 at 17:28
There are many important things we the traders have to focus when choosing a broker, from all I think spreads is an important financial tool which an investor should consider when choosing a broker, if we have lowest trading spreads we the traders can make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time.
Member Since Aug 27, 2017   994 posts
Mar 21, 2019 at 07:09
togr posted:
So couple of rules to chose the right broker
1. The trading conditions are good for your system - be it sllipage, spreads, pairs, swaps or leverage
2. There is NOT negative record on FPA
3. There IS proper regulation, avoid for example New Zealand.


Mate; is there any broker without negative review on FPA? I checked but didn’t get any 5***** Forex broker.
Member Since Feb 08, 2019   213 posts
Mar 25, 2019 at 07:14
Yeah, the FPA crowd a very quick to slate brokers
Member Since Apr 18, 2017   920 posts
Mar 25, 2019 at 10:58
Treeny posted:
Yeah, the FPA crowd a very quick to slate brokers

Till now, FPA is the number one broker review site! But I don’t think, only one review is enough to judge; on the other hand, new traders should use demo or micro type live account before their final investment.
Member Since Mar 12, 2019   8 posts
Mar 25, 2019 at 12:06
The people on FPA are way to negative and think that all brokers are out to scam them. Sure some brokers are scammers but many are legitimate brokers. Some people on FPA give 1 star review because they couldn't use MT4 or their withdrawal wasn't made in a couple of hours. I just focus on regulation and spreads. Those are what really matter
Member Since Aug 27, 2017   994 posts
Mar 25, 2019 at 15:26
AdebayoTheBest posted:
The people on FPA are way to negative and think that all brokers are out to scam them. Sure some brokers are scammers but many are legitimate brokers. Some people on FPA give 1 star review because they couldn't use MT4 or their withdrawal wasn't made in a couple of hours. I just focus on regulation and spreads. Those are what really matter

In addition, it’s very rare to get good broker based on the ratting status of FPA. Really strange.
Member Since Aug 11, 2017   886 posts
Apr 06, 2019 at 21:49
If you want to lead a healthy trading life with certainly you have to choose the broker which always ensures security of funds , lowest trading spreads for using any trading techniques , low transaction cost , easy withdrawal system without long time process, active customer services , free demo trading , and much more that are very supportive to lead a comfortable trading life with certainly.
Member Since Oct 11, 2018   7 posts
Apr 10, 2019 at 11:42
There are many criteria that choosing the right forex brokers. One of them is forex bonuses. For example no deposit bonus. This bonus is not allowed to be withdrawn but it allows you to trade with a larger account in addition to the original deposit. For more, you can check this article https://www.forexbrokerslab.com/forex-bonus-no-deposit-welcome/
Member Since Mar 11, 2019   10 posts
Apr 10, 2019 at 14:21
Bonus is probably the #1 worst way to choose a broker. Bonus should not even be considered. If there is one that that is a bonus! Regulation , spreads, reputation - those are the factors that are important not bonus
Member Since Aug 11, 2017   886 posts
Apr 11, 2019 at 05:47
The best broker is a broker which for all time makes sure security of funds at any deposits with a wide range of trading technologies. And any best broker does not restrict any kinds of trading techniques with scalping and hedging.
Member Since Feb 08, 2019   213 posts
Apr 14, 2019 at 06:34
Agree that bonus giving brokers should be avoided. They often lock in your real funds and make it impossible to withdraw any money from them
Member Since Apr 17, 2019   5 posts
Apr 17, 2019 at 11:16
Well bonus giving brokers often lock your funds until you activate their CPA, which means making a deposit and placing 1-3 trades... It's the same concept as casinos and Matched betting. Just need to make sure that the broker is regulated, or shows some sort of proof of legitimacy...
Member Since Jan 22, 2019   2 posts
Apr 22, 2019 at 05:12
Treeny posted:
Agree that bonus giving brokers should be avoided. They often lock in your real funds and make it impossible to withdraw any money from them

Yep, that is correct. The very simple reason is that brokers giving bonuses in 99% are market makers. Why market makers - because those bonus is fictive and even in case of lose, the broker will not loose any own money, but the trader will lose his account, which will be profit for the broker.
 
On the other side are the STP brokers. Those brokers will not offer you bonus over deposit, because all orders are sending to different LPs, out of the STP brokers ecosystem, which means that those bonus amounts will stay as a guarantee of open position and the broker will bear the risk of lose. That is the reason the real STP brokers acting on agency model to be the real intermediaries and they will not give bonus over deposit, but in fact the bonuses they are sharing to traders are: low spreads, much better execution, high protection and safety of traders funds, solid regulations and etc. :)
Member Since Aug 22, 2018   10 posts
Apr 23, 2019 at 12:37
JuanJoel posted:
Well bonus giving brokers often lock your funds until you activate their CPA, which means making a deposit and placing 1-3 trades... It's the same concept as casinos and Matched betting. Just need to make sure that the broker is regulated, or shows some sort of proof of legitimacy...
Whatever you said might be true but thank god i never faced such problem. my current broker was offering 100% deposit bonus, i used that successfully and made decent profit. Also every time i got my withdrawals on time without any nonsense.
Member Since Feb 22, 2011   4862 posts
Apr 23, 2019 at 13:34
So called bonus is dangerous thing.
It leads you to incresing your trade size as you believe so called bonus should work as collaterall for trading.
It does not. At the moment when you need it the most, so at the moment your own funds does not cover loss of open position, at this moment the bonus is removed and you are loosing the account.
Needless to say with proper money mgmt you should never get into such situation.
Member Since Feb 08, 2019   21 posts
Apr 25, 2019 at 05:23
YES YOU NEED TO DYOR
Member Since Apr 18, 2017   920 posts
Apr 25, 2019 at 08:29
togr posted:
So called bonus is dangerous thing.
It leads you to incresing your trade size as you believe so called bonus should work as collaterall for trading.
It does not. At the moment when you need it the most, so at the moment your own funds does not cover loss of open position, at this moment the bonus is removed and you are loosing the account.
Needless to say with proper money mgmt you should never get into such situation.

When a broker offering unrealistic bonus, then it’s easy to judge their real trading activities; traders should avoid this type of market maker.
Member Since Feb 22, 2011   4862 posts
Apr 25, 2019 at 08:39
CRPA9 posted:
YES YOU NEED TO DYOR

Always DYOR
Member Since Aug 27, 2017   994 posts
Apr 28, 2019 at 11:35
togr posted:
CRPA9 posted:
YES YOU NEED TO DYOR

Always DYOR

Hi mate, what is Dyor? Is this any company name or anything else?
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