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HOW TO CHOOSE A GOOD BROKER?

FxMasterGuru (FxMasterGuru)
Jan 31 2017 at 18:57
posts 1607
theHand posted:
My first thought actually is what's the tax implications of the brokers jurisdiction.


How different we are... It would be the last thing on my mind...

Trading through an International Business Corporation means 0% corporate taxes... Did I say something new...?

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
theHand
Feb 01 2017 at 03:11
posts 365
If you're going to do things legally and set up for the long term in places like Hong Kong and Singapore, the moment you do business there the income becomes taxable.

I've have assets there, so I know. Not making guesses mate and the benefits of a big business jurisdiction by far outweighs any tax dodges I can do in a tax haven, which are on their way out anyway.

Do you actually own a company ? It doesn't look like it.

hedgescalp
Feb 05 2017 at 07:35
posts 10
when I choose a broker, there are certain things I look for including spreads, execution speed, commission charges and if there is any persistent issues of slippage or off-quotes or not. I use their demo accounts first and if feel comfortable, I switch to live.

agnes35
Feb 05 2017 at 07:50
posts 1
marcial3 posted:
Noting the number of problems there ....

Can anyone give a basis for choosing a broker, and that no one is based solely on marketing?
I would love it, but I do not know either ... I watch a lot and investigate, just that. I see if it is regulated, and I look for opinions.

Greetings, thank you!


I choose my broker differently. First I check their regulations and trading platform (cross platforms like windows, mac, android, ios).

I prefer MT4 , so I contact live support and make sure they have a server nearest my location. And I prefer those broker has single account types rather than variety of accounts.
And then I focused on Spread and Swap rates for major and non-major pairs, Futures, and others.

I choose smaller firms because they care about me. Big firm like FxPro and Pepperstone has higher spread for cross pairs. FXCM doesn’t allow hedge.

I am trading with Hanseatic broker, I am overall happy though their live support can’t address all of my issues (mostly server related) and I had to email their support.

Rebecca Pettersson (kerstin71)
Feb 09 2017 at 08:02
posts 40
Well said. Spreads, Swap, slippage during high volatility events are important. And I do use ‘Hanseatic Broker’
Yes, sometimes their live support delay couple of minutes if I remain in a que, but trust me I had more bad experience with other big brokers!

mlawson71
Feb 17 2017 at 12:41
posts 1487
Find a broker the terms and conditions of which fit your trading style. If you scalp, find a broker that allows scalping. Look into leverage, customer service, money withdrawal process, slippage, execution speed, commissions, etc. Keep in mind that a lot of European brokers are lowering (or will lower) their leverage to 1:50 or even 1:25 and are removing trading bonuses due to new regulations by CySEC and the FCA (https://www.forexbrokerz.com/news/fca-capping-leverage-uk-forex-brokers) so you should probably take that into consideration as well.

vontogr (togr)
Feb 17 2017 at 13:45
posts 4862
mlawson71 posted:
Find a broker the terms and conditions of which fit your trading style. If you scalp, find a broker that allows scalping. Look into leverage, customer service, money withdrawal process, slippage, execution speed, commissions, etc. Keep in mind that a lot of European brokers are lowering (or will lower) their leverage to 1:50 or even 1:25 and are removing trading bonuses due to new regulations by CySEC and the FCA (https://www.forexbrokerz.com/news/fca-capping-leverage-uk-forex-brokers) so you should probably take that into consideration as well.


lets hope this leverage limit will remain just for new inexperienced traders

stevehu10
Feb 19 2017 at 07:43
posts 24
1. Make sure they are well regulated - FCA, ASIC best regulators.
2. Make sure execution is good (no delays in trade execution or too wide spreads in comparison to other brokers).
3. Check with forexpeacearmy.com or here for the reviews on the broker.
4. Check with the regulators or google search complaints to see if the company has faced any complaints or fines.
5. Don't trust ones with large deposit bonus' available, if you do happen to use them use them without their deposit bonus scheme.
6. Finally, check with a small amount of capital check their depositing and withdrawing times to make sure they are smooth in both their transactions, this will also allow you to check how their platform performs with real money.

mlawson71
Feb 20 2017 at 11:45
posts 1487
togr posted:
lets hope this leverage limit will remain just for new inexperienced traders


I agree. However, I am not sure what their definition is for an “inexperienced trader”. Less than one year of experience? More?
That said, it could be worse. Turkey also recently decided to crack down on Forex brokers and introduced new rules – 1:10 leverage for all traders and a shocking, if you ask me, $13,500 (TRY 50K) minimum deposit without which a trader can’t even open new positions. (https://smnweekly.com/2017/02/10/turkey-restricts-retail-leveraged-forex-trading-to-clients-with-50k-deposit-cuts-leverage-to-max-501/) Their they had mandated 100:1 leverage before that.

vontogr (togr)
Feb 20 2017 at 11:55
posts 4862
mlawson71 posted:
togr posted:
lets hope this leverage limit will remain just for new inexperienced traders


I agree. However, I am not sure what their definition is for an “inexperienced trader”. Less than one year of experience? More?
That said, it could be worse. Turkey also recently decided to crack down on Forex brokers and introduced new rules – 1:10 leverage for all traders and a shocking, if you ask me, $13,500 (TRY 50K) minimum deposit without which a trader can’t even open new positions. (https://smnweekly.com/2017/02/10/turkey-restricts-retail-leveraged-forex-trading-to-clients-with-50k-deposit-cuts-leverage-to-max-501/) Their leverage used to be 100:1 before that.


What about old good Australian brokers?

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