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Choosing the Right Broker
Apr 30, 2019 at 11:18
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.
It’s true; I see good Forex brokers don’t offering any bonus; mainly market maker brokers are active this type of marketing based feature.
Member Since Aug 27, 2017
875 posts
Apr 30, 2019 at 13:22
EMA40 posted:Adribaasmet posted:togr posted:CRPA9 posted:
YES YOU NEED TO DYOR
Always DYOR
Hi mate, what is Dyor? Is this any company name or anything else?
"Do Your Own Research" - I guess.
Hi ema; hope you are here for searching! Best wishes!
keeping patience.......
May 02, 2019 at 07:34
pmichael posted: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.
I know! The thing is, if you look for regulated forex brokers, you can always file claims against them either with the FCA or CySec (or whichever entity regulated them).
This website has a good list of regulated forex brokers you can check https://insidebitcoins.com/forex-brokers
They even target by country, feature and list the pros/cons of each broker.
May 09, 2019 at 07:30
There are almost thousands broker in online retail market place and most of them are found to be scams. So it is very much difficult to find a right broker from all, we can choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers should choose the broker that allows trading concept such as this.
May 13, 2019 at 06:07
Commissions, account minimums and fees are just some of the factors you should consider when choosing an online broker.
To evaluate brokers, you should look at the following factors:
1. Commissions.
2. Account minimum.
3. Account fees.
4. Your trading style and tech needs.
5. Promotions.
To evaluate brokers, you should look at the following factors:
1. Commissions.
2. Account minimum.
3. Account fees.
4. Your trading style and tech needs.
5. Promotions.
May 19, 2019 at 06:05
Mohammadi posted:
There are almost thousands broker in online retail market place and most of them are found to be scams. So it is very much difficult to find a right broker from all, we can choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers should choose the broker that allows trading concept such as this.
I wouldn't say most online brokers were scams but agree that some (more than there should be) are. Scalpers should opt for a scalp friendly ECN broker IMO.
Jul 30, 2019 at 15:30
Imamul posted:
sometimes we try to confirm brokers real performance by using demo trading , but in practical lots of difference there is between demo and live on a broker.
And emotions as well; when you are trading in demo you know that; it’s all about the virtual money! But the live trading is completely different!
Member Since Jul 09, 2019
37 posts
Aug 06, 2019 at 09:51
When I have to search for a broker, I personally look for the one who charges lesser commissions and transfer fees. Obviously, nobody would like to pay extra amounts to these brokers for nothing. Also, the reliability factor is must to be fulfilled. Make it a point to screen the brokers against any scam or other such risks.
Aug 17, 2019 at 11:08
I have traded with probably about 10 different brokers over the past 8 years or so. I think it comes down to what you're looking for in a broker.
Generally speaking, one of the most important things for me has been spreads. In my early days, this wasn't as big of an issue because maybe the broker offered something else that I was willing to sacrifice paying a bit more in spread for. I have now realized that commissions can add up in a real way. Many times have had months were my performance was just mediocre and then I find out I've paid more in commission than I have made in profit. Obviously this is even worse in losing months.
There is other stuff that is really important. A broker should be regulated and offer some kind of an insurance scheme. It doesn't happen often, but I've seen brokers going broke and in this case insurance comes in really handy.
Another thing to keep in mind. Just because a broker shows a low spread or is known to offer good commission, that is not always the case across the board. I have an account with IB for example, which among the lowest, if not the lowest, cost for trading stocks. Seemed like a great idea to open an account with them. Well, I mostly trade currency and I'm getting killed on the commission for that (you have to trade really large size in FX to make it worthwhile). Futures is ok with them cost wise.
I also have an account with Darwinex. I'm happy with them overall. The cost is very competitive across the board. Their customer service is excellent. But most importantly, they are licensed to handle investments. So if down the road you want to have people invest in your account, they can handle that part. This is not the same as copy trading. I wrote a blog post about my experience with Darwinex. You can have a look here - https://www.thegoldanalyst.com/gold/featured/trading-experience-darwinex/398/
I think they are a good broker. But of course each broker has its positives and negatives that is inevitable. As I mentioned it all comes down to your objectives and what you're looking for in a broker. If you plan to trade on your phone for example, some brokers have a much better app than others. Some don't even have one. If you don't have a good charting platform, some are really good. I've traded with Dukascopy before and, in my opinion, their charting platform is amazing. Very much underrated if you ask me.
Generally speaking, one of the most important things for me has been spreads. In my early days, this wasn't as big of an issue because maybe the broker offered something else that I was willing to sacrifice paying a bit more in spread for. I have now realized that commissions can add up in a real way. Many times have had months were my performance was just mediocre and then I find out I've paid more in commission than I have made in profit. Obviously this is even worse in losing months.
There is other stuff that is really important. A broker should be regulated and offer some kind of an insurance scheme. It doesn't happen often, but I've seen brokers going broke and in this case insurance comes in really handy.
Another thing to keep in mind. Just because a broker shows a low spread or is known to offer good commission, that is not always the case across the board. I have an account with IB for example, which among the lowest, if not the lowest, cost for trading stocks. Seemed like a great idea to open an account with them. Well, I mostly trade currency and I'm getting killed on the commission for that (you have to trade really large size in FX to make it worthwhile). Futures is ok with them cost wise.
I also have an account with Darwinex. I'm happy with them overall. The cost is very competitive across the board. Their customer service is excellent. But most importantly, they are licensed to handle investments. So if down the road you want to have people invest in your account, they can handle that part. This is not the same as copy trading. I wrote a blog post about my experience with Darwinex. You can have a look here - https://www.thegoldanalyst.com/gold/featured/trading-experience-darwinex/398/
I think they are a good broker. But of course each broker has its positives and negatives that is inevitable. As I mentioned it all comes down to your objectives and what you're looking for in a broker. If you plan to trade on your phone for example, some brokers have a much better app than others. Some don't even have one. If you don't have a good charting platform, some are really good. I've traded with Dukascopy before and, in my opinion, their charting platform is amazing. Very much underrated if you ask me.
If you don't stay humble, the market will make you humble
forex_trader_565984
Member Since Oct 08, 2018
141 posts
Aug 19, 2019 at 11:00
(edited Aug 19, 2019 at 11:01)
Mohammadi posted:
sometimes we try to confirm brokers real performance by using demo trading , but in practical lots of difference there is between demo and live on a broker.
Correct..
In my experience, all most all forex brokers maintain A-Book and B-Book type of back end systems for live accounts to manipulate the clients based on trade history of that client. Many of them promote themselves as true ECN brokers or NDD etc, but they apply all sorts of techniques to make the client loose money..
The usual methods is by delaying the trade executions sometimes up to few minutes and not allowing the trader to notice these things by not leaving any trace in journals tab or experts tab of the mt4. Some brokers go even much deeper and apply much more sophisticated methods.
So carefully choosing few selective brokers and allocating funds and switching between them are very important things if anyone is trading big amounts in live accounts.
Member Since Aug 19, 2019
7 posts
Aug 19, 2019 at 11:30
(edited Aug 19, 2019 at 11:30)
How much I have understood about the role of a broker is that the broker can help in giving Stock Recommendations, Trading Tips, Provides Liquidity etc. But I guess these things can be done by the individual itself having experience in trading in stock markets. What I feel is that Stock Brokers are required by the new traders or investors jumping into the stock market. I would suggest them to study the market thoroughly following various stock market news and stock market discussion forums along with getting free reports on various stocks they have invested in. I guess this will be much less costly than hiring a broker. If a newbie needs to help one can read here "Understanding the Role of Stock Broker": https://kalkinemedia.com/2019/02/23/understanding-the-role-of-a-stock-broker/
Aug 20, 2019 at 18:46
The broker can affects the result of our trading with certainly, so choosing a broker should be in cool mind , please don’t choose a broker in an emotional state, it would be great if we choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.
Aug 21, 2019 at 06:22
In Forex trading lowest spreads is a big deal when choosing a broker. From all trading elements in this market place spreads is mainly considered as an important financial tool which an investor should consider when choosing a broker. Lowest trading spreads is very much supportive to 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
875 posts
Aug 21, 2019 at 14:33
Idowu posted:
It is also important to factor in commission costs. Many ECN broker offer very low spreads but the commission can build up to a lot. Larger than if used a broker with larger spreads
If you are comfortable with a STP broker; no prb at all; but the point is; you need to trade with a transparent FX broker!
keeping patience.......
Aug 22, 2019 at 07:26
It would be better , if we get real trading facilities from our brokers as like superior execution , security of funds at any kinds of investments , low transaction cost , easy withdrawal system without long time process, free demo trading , active customer services , exclusive educational facilities , lowest trading spreads , usable bonus offer and much more that are very supportive to lead a comfortable trading life with certainly.
