You can find a reliable broker only by your own efforts. It's pretty difficult, I know, but it will gain you experience and it will let you know hat do you need from your broker. You will choose various brokers and you will understand what you like in this broker and what you dislike in this broker, There are no other ways actually. No doubts, that you can ask on forums like this one to advice you a ood broker, but you should understand that every trader is individual and every trader needs particular conditions, which are provided by certain brokers.
Finding a reliable broker is not difficult since there are numerous options and a lot of data available to know whether a broker is worth trying or not. You only need to research properly. Be patient and explore as many options as you can. I started looking for brokers when I was only learning and by the time I was ready to trade live, I had a very clear choice and opened an account with finprotrading.
Your reliable platform must meet certain global standards. It should have all the necessary analysis and trading tools and I think you know what I mean. - A lot of indicators; - a wide choice of timeframes; - many assets of all kinds; - user-friendly interface; - high level of protection; In addition, it is important to be able to open orders quickly to avoid slippage. We know there will be slippages, but we have to make them as small as possible. Also pay attention to the execution of orders. It is important that it would be NDD. It has to be an ECN broker. In this case you are really working on the open market!
If we are cautious, we won’t be entrapped by scam brokers. A broker should be certified by FOMC and before selecting a broker, we should seek suggestion from expert traders. Whenever select a broker, try to go for ECN brokers.
AkbarM posted: many trader worry too much about broker. Just pick one of the big ones that is regulated. spend the time you save worrying about how to actually trade!!!!!!
First of all, regulation doesn't = safety like people think and big regulated brokers have screwed people over in the past. Second, this isn't good advice. Just picking any old broker is reckless. I've read countless scam reports where people have lost thousands of dollars because of this mindset that they don't need to put effort into picking a broker and that any of them will do. Reputation and user reviews are important, but different brokers also have different prices and conditions that need to be compared to fit everyone's needs. It's kind of like shopping for car insurance, are you going to go with the very first option or try to get a better deal?
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Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
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