Rating: Full Star Full Star Full Star Full Star Full Star
How to choose a regulated forex broker?
Previous 1 .. 7 8 9 10 11 Next
lucasser

Member Since May 28, 2020  5 posts lucasser Jun 30 at 10:53
Should i choose a broker based on experience or should i choose a broker based on rating and reviews ?

marco_mmbiz

Member Since Jul 20, 2019  203 posts marco_mmbiz Jun 30 at 12:01
lucasser posted:
Should i choose a broker based on experience or should i choose a broker based on rating and reviews ?


Only on your own experience and only after your own research:
marco_mmbiz posted:
Always have a look on the broker's regulation, and do your research first. If a broker has more than 2 reliable regulations then it might be a good one. But always do your research first; don't believe what is written on any broker's webpage. Do your research with their company names and license numbers first.

Good brokers have an ASIC (for Australia), CySec (for Europe), NFA (for USA), ICB (for Ireland), BaFin (for Germany), FinMa (for Switzerland), IFSC (for offshore), FCA (for UK) regulation. I'd not trust any other brokers/'regulations' out there (there might still be some other good local ones, but I don't need them, that's why I don't look after such brokers with other regulations, most of them are still suspicious).

I even don't care about spreads, commissions and stuff, as long as they are not too high, as long as my TP's are hit and as long as my deposits and withdrawals are all fine.


Reviews can be faked on pages, as well as statements on broker's own webpages. Always do your research first. And if you found a good one start with small amounts of money, do not risk all at once (or at only one broker).

patience is the key
evasmith

Member Since May 06, 2020  7 posts evasmith Jul 03 at 11:12 (edited Jul 03 at 11:12 )
sgtmarkets posted:
Best 7 Easy Peasy Online Trading Tips:

1. Pick a currency pair
 
Choose which currency pair you wish to trade. With more than 65 currency pairs to browse, picking a trading opportunity to believe it or not for you is essential.
 
We prescribe that you set aside your opportunity to comprehend the measure of price instability related to the currency pair to help deal with your risk.

2. Settle on the sort of FX trade
 
In spread wagering, you trade pounds per point development
 
In CFD trading you trade various CFDs in the unit of the construct (currency in light of the left). For instance, on the off chance that you trade GBP/USD your stake would be in Pounds, while in USD/JPY your stake would be in US Dollars
 
In Forex trading you purchase parts, in the unit of the construct (currency in light of the left)
 
For instance, on the off chance that you trade GBP/USD your stake would be in Pounds, while in USD/JPY your stake would be in US Dollars (the base stake size is 1000)

3. Choose to purchase or offer
 
When you have picked a market, you have to know the present price it is trading at, which you can do by raising a request ticket in the stage. All forex is cited as far as one currency versus another. Every currency pair has a 'base' currency and a 'quote' currency. The construct currency is the currency in light of the left of the currency pair and the statement currency is on the right. Put just, when trading foreign monetary standards, you would:
 
Purchase a currency pair in the event that you trusted that the base currency will fortify against the statement currency, or the statement currency will debilitate against the base currency.


4. Including orders
 
A request is a guidance to naturally trade at a point later on when prices achieve a particular level foreordained by you. You can use stop and confine requests to help guarantee that you secure any profits and limit your risk when your individual profit or loss risk targets are come to.
 
While not necessary, given the unpredictability in FX markets utilizing and understanding risk administration instruments, for example, stop-loss orders are basic.
 
A stop-loss arrange is a guidance to finish off a trade at a price more terrible than the present market level and, as the name recommends, is utilized to help limit losses. There are two kinds of stop-loss orders - standard and ensured.


5. Screen and close your trade
 
When open, your trade's profit and loss will now vary with each move in the market price.
 
You can track market prices, see your undiscovered profit/loss refresh progressively, join requests to open positions and include new trades or close existing trades from your PC or application on your cell phone and tablet.

6. Shutting your trade
 
When you are prepared to close your trade, you basically need to do the inverse to the opening trade. Assuming you purchased 3 CFDs to open, you would offer 3 CFDs to close. By shutting the trade, your net open profit and loss will be acknowledged and promptly reflected in your record money balance.
 
7. Forex trading precedents
 
Deliberately glance through the Forex trading precedents here to guarantee you see how Forex trading functions.


The best broker is the one who offers low spreads and ensure the security of funds

Gabriel99

Member Since Oct 07, 2019  32 posts Gabriel99 Jul 04 at 09:44
lucasser posted:
Should i choose a broker based on experience or should i choose a broker based on rating and reviews ?

Rather than relying on only one of the factors, better go with the combination. There are many reliable senior members on the forums like these, ask them their experience in this field and sort out reviews on that basis.
Out of my experience- Fxpro, XM, ICM and pepperstone have been solid since the inception and one other strong contender as of now is Fxview, testing demo with them now. I would advise you to do the same with any broker you decide to pick. Also,I would advise you to research before picking out any one of them.

ElliotCooke

Member Since Jul 20, 2020  87 posts ElliotCooke Aug 25 at 07:15
Thank you very much for this valuable article. I completely agree with you. I think this is going to be a big help for the new traders to find a regulated and reliable broker for them.

SofieAndreasen

Member Since Jul 23, 2020  67 posts SofieAndreasen Yesterday at 12:50
lucasser posted:
Should i choose a broker based on experience or should i choose a broker based on rating and reviews ?

Rating and reviews are helpful. However, I recommend test their trading service in demo account first.

gdssxau66

Member Since Sep 14, 2020  6 posts Gougon D (gdssxau66) 9 Hours ago
SofieAndreasen posted:
lucasser posted:
Should i choose a broker based on experience or should i choose a broker based on rating and reviews ?

Rating and reviews are helpful. However, I recommend test their trading service in demo account first.


NEVER test a broker using DEMO accounts. Demo account are made just for that, just for them to make you think they dont have slippage, plugins, higher execution time, lower spread. DEMO account are for you to turn your 10k into 1M and then deposit on real account 2k and lose everything in one day, believe me, DEMO's are the paradise compare to real accounts.

If you wan to test a broker, make sure they have regulation; check on WikiFx, FPA, forums online where you can see reviews. But dont believe in every. single review. Theres people who just go there and put a review because their internet arent working so is a broker fault =/ .
 Before deposit you should ask on their livechat or via email EVERYTHING you want to know about it ( take prints, save the transcription from live chat, always have 'proves'):
- deposit and withdrawal fees;
- regulation;
- methods of withdrawal PROFITS ( very important );
- if you have a account manager;

Also make sure you have a VPS where they have the server so that way your orders will have lower execution time.
Brokers are all trick and pice of sh*. They want you to lose money. So as more information you have from them more you will see and recognize their tricks.


Please login to comment.
Loading
Loading
EURUSD 1.1629 GBPUSD 1.27426
USDJPY 105.552 USDCAD 1.33866

Tools

Community

Reviews

Brokers

Platform

Support


Twitter |  Facebook |  Site Map  |  Terms  |   Privacy Policy
©2020 Myfxbook Ltd. All Rights Reserved.
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. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.