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HOW TO CHOOSE A GOOD BROKER?
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korn6

Miembro desde Aug 07, 2016  10 mensajes korn6 Feb 21 2017 at 08:06
togr posted:
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!


@marcial3
Rule number 1 ! Always read reviews on FPA
Rule number 2 test the conditions and withdrawal with smaller accoount first


This advice I thought was great. Agree! Brokers with withdrawal problems generally do not help the merchant. Attentive with this!

kerstin71

Miembro desde Feb 04, 2017  40 mensajes Rebecca Pettersson (kerstin71) Feb 23 2017 at 18:26
stevehu10 posted:
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.


No doubt FCA and ASIC are good regulators but problem is they don’t cover outside of UK and Australia. CySEC is only way to deposit fund outside of a Bank transfer from Asia.
I checked the swap rates beside spread before go with Hanseatic, I did test their live trading environment by $100 first.
I found ForexPeaceArmy is less trusted due to they put very low and unregulated broker in their inquire list and it seems their inquire period never end. Any broker offer huge % bonus on deposit and huge leverage is not a good broker. Leverage should kept between 1:100-1:200.

Helping new traders
jhonix

Miembro desde Dec 06, 2016  37 mensajes jhonix Feb 26 2017 at 06:57
Make sure the broker offers you comfort and good distribution

This is the most important part of the choice, make sure that the broker adapts to your needs especially when it comes to withdrawing or entering money, ideally do it directly and avoid the intervention of third parties

Make sure that the currencies that the broker handles are tailored to your needs, it is also important to know the software you work with, and that you spend so much time investing in the news that may affect the investment.

fellipefx

Miembro desde Nov 03, 2016  20 mensajes phill (fellipefx) Feb 28 2017 at 07:58
Leverage can help you gain significant profits but can also cause huge losses. A broker is advised to provide it with leverage so that it can effectively operate in the foreign exchange market. Naturally, greater leverage means better opportunities for you.

mlawson71

Miembro desde Dec 11, 2015  1486 mensajes mlawson71 Mar 06 2017 at 12:58
After the Financial Conduct Authority capped leverage to 1;50 and banned trading bonuses in the UK, now the Irish financial watchdog follows suit. In order to protect the interests of retail clients, the Central Bank of Ireland (CBI) is considering two options in relation to the distribution of CFDs: To ban the sale of CFDs to retail clients altogether, or to introduce enhanced investor protection measures. (https://www.forexbrokerz.com/news/Ireland-follows-suit,-proposes-restrictive-measures-for-CFD-trading)
 
In the consultation paper issued by CBI on Monday, interested parties are invited to make a stand until 29 May 2017. Among the proposed enhanced investor protection measures are introducing a maximum leverage limit of 25:1 and banning bonuses.

bh61

Miembro desde Dec 27, 2016  14 mensajes bh61 Mar 23 2017 at 07:35
One of the most important Forex tips for beginners is to select a good broker. These suppliers are your window into the world of trading, so they must have all the features to suit your needs.

SophieB

Miembro desde Dec 22, 2016  15 mensajes SophieB Apr 13 2017 at 03:12
First you need to search a broker that caters thousands of countries, for example my broker which is itrader.com it has been available to several countries you can check it out. Second, you need to look for a book and do a research that can help you. Lastly, choosing a broker takes trust so I suggest ask a friend who have tried a forex broker hence you can base from her experience.

mlawson71

Miembro desde Dec 11, 2015  1486 mensajes mlawson71 Apr 14 2017 at 13:42 (editado a las Apr 14 2017 at 13:42 )
bh61 posted:
One of the most important Forex tips for beginners is to select a good broker. These suppliers are your window into the world of trading, so they must have all the features to suit your needs.


I agree. Always do your research before you sign a contract with a new broker and invest your money in an account with them. Make sure that the regulatory information they provide is correct. Check whether there have been any warnings against them. (https://smnweekly.com/warnings/)
 Check to see whether they’ve been fined about anything, when and why that happened. Once you’re satisfied that the broker you’re working with is honest, check whether their terms and conditions satisfy your needs as a trader.

GJscalper

Miembro desde Jul 25, 2016  237 mensajes GJscalper Apr 16 2017 at 07:02
Just not that Brokers can go broke by simply offering any amount of leverage. Monies aren't recovered to you unless they are recovered from the company. Brokers don't follow the same rules as Banks. You have many people who still have not received money from FXCM but the company is still operating! :(

@GJscalper for more information
mlawson71

Miembro desde Dec 11, 2015  1486 mensajes mlawson71 Apr 17 2017 at 11:44
Whether one would get their money back from a failing broker depends largely on where and by whom that broker’s regulated. For example, The U.K. Financial Services Compensation Scheme (FSCS) FSCS has paid a total of $ 51.3 million in compensation to 11,751 clients of the UK branch of Alpari, which was regulated by the FCA and went under a few years ago. (https://smnweekly.com/2016/08/18/fscs-distributed-51-3m-alpari-uk-clients-unsecured-ones-get-back-almost-80-cents-dollar/) Unfortunately, not all regulators offer such services and one really needs to consider this factor when picking a broker.

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