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Choosing the Right Broker

Ben Nathan (BenNathanFX)
Jan 13 2016 at 11:26
posts 137
With the multitude of scam brokers and bogus reviews out there finding a broker is mega hard, or at least mega confusing, so I created a video to go through the steps I take when looking at a new broker - these can be applied to any broker you look at so I hope this helps some people.

https://dailyforexschool.com/blog/blog/5-steps-to-choosing-the-right-broker

HOLY GRAIL: Fundamental Analysis to chose your pairs/direction, Technical Entry/SL/TP for consistent Management of those decisions
mlawson71
Jan 21 2016 at 11:08
posts 1487
I watched your video and I agree with everything you say. I wish there had been someone to explain all this to me back when I was a newbie, I would've avoided some very unpleasant mistakes. I would also add to that people should probably check whether their broker provides a negative balance protection, i.e. the broker wouldn't go after the a client if their account incurs a deficit claiming that they owe them money, like it happened with some people and brokers during the EUR/CHF drama last year. There's a bunch of such brokers listed here (https://www.forexbrokerz.com/page/forex-brokers-negative-balance-protection) and I am sure they're not the only ones.
dianajs
Feb 01 2016 at 07:22
posts 823
mlawson71 posted:
I watched your video and I agree with everything you say. I wish there had been someone to explain all this to me back when I was a newbie, I would've avoided some very unpleasant mistakes. I would also add to that people should probably check whether their broker provides a negative balance protection, i.e. the broker wouldn't go after the a client if their account incurs a deficit claiming that they owe them money, like it happened with some people and brokers during the EUR/CHF drama last year. There's a bunch of such brokers listed here (https://www.forexbrokerz.com/page/forex-brokers-negative-balance-protection) and I am sure they're not the only ones.

I've always thought that was something all brokers did automatically, it has never even occurred to me to even check about it. In retrospect must've lucked out with previous brokers.
dbdan
Feb 23 2016 at 07:29
posts 2
Thanks Ben for doing the research.
Wilson (WilsonWang)
Mar 14 2016 at 07:39
posts 11
Awesome tips, very useful! Thanks for sharing Ben.
Ganapati FX (rey_shooter)
May 13 2016 at 08:53
posts 17
Nice thread dude...it will be so usefully 😀
Candles always right
rob559
May 13 2016 at 16:41
posts 1916
i think that the best way i to ask experienced traders whom have been trading for a long period at certain brokers the name their favorites ones,that would be the most certain way to get a real picure
AlviTrevisani
Dec 10 2017 at 08:22
posts 4
What do you think about Exness? I have read is a good broker. But I want to be more informed about it
Irnest Goodman (Irnest)
Dec 12 2017 at 07:56
posts 33
BenNathanFX posted:
With the multitude of scam brokers and bogus reviews out there finding a broker is mega hard, or at least mega confusing, so I created a video to go through the steps I take when looking at a new broker - these can be applied to any broker you look at so I hope this helps some people.

https://dailyforexschool.com/blog/blog/5-steps-to-choosing-the-right-broker


I clicked on your link and did not find the video. Maybe the link does not work anymore?
Tiffany (TiffanyK)
Dec 13 2017 at 15:28
posts 427
The video is no longer available - maybe someone can upload it again?
Accept the loss as experience
ismo adam (ismo500)
Dec 18 2017 at 07:54
posts 6
very good advice, always good to know to choose a forex broker, with all these forex broker available online. me personally the first thing I do is always select a regulated broker and meet my trading needs. I spend some read the reviews on them on the online discussion forums.
VladoIvo
Dec 18 2017 at 14:45
posts 11
I like to test a broker out first by making a small deposit and trading for a bit to see what happens. Then make a withdrawal. if that's all fine then I make a larger deposit
Mohammadi
Jan 30 2018 at 10:50
posts 886
Each the trader has a choice of the broker to be used, should the trader can choose a broker that is more appropriate to the concept of trading that will be sued, if you love scalping , should choose the broker which allows trading concept such as this.
AmDiab
Jan 30 2018 at 16:17
posts 718
Mohammadi posted:
Each the trader has a choice of the broker to be used, should the trader can choose a broker that is more appropriate to the concept of trading that will be sued, if you love scalping , should choose the broker which allows trading concept such as this.

Yes, that’s the general procedure! But I see, till now there haven’t enough number of education friendly Forex broker.
mlawson71
Feb 02 2018 at 15:59
posts 1487
When it comes to picking a broker I always recommend choosing a well-regulated one, but sometimes even those mess up.
The FCA just announced that they’ve fined the UK branch of the US brokerage Interactive Brokers (IBUK) GBP 1,049,412. (https://www.forexbrokerz.com/news/FCA-slaps-GBP1-mln-fine-on-Interactive-Brokers-UK)
The reason for the punishment are failings in IBUK’s post-trade systems and controls for identifying and reporting suspicious transactions in the period February 2014 to February 2015.
CAYBELL
Feb 04 2018 at 06:43
posts 1
I can recommend Darwinex as well as IC Markets from my own experience.
Mohammadi
Feb 09 2018 at 15:07
posts 886
Even though so many traders always emphasis on acquiring good trading knowledge but I don’t. Because, according to me despite of having most powerful analyzing trade knowledge that’s not possible at all to lead a healthy trading life with certainly, as a result the broker can affects the result of our trading with certainly. So when choosing a broker we have to be more careful.
Imamul
Feb 09 2018 at 15:07
posts 716
Nowadays it’s very difficult to consider a broker as a best broker, because lots of trading brokers are available in retail market place and most of them are found to be scams.
OsloHoney
Feb 11 2018 at 08:01
posts 12
There are also plenty of good ones out there. It doesn't take long to check if a broker is legit
mlawson71
Feb 12 2018 at 15:41
posts 1487
iTrader also got fined but from CySEC this time. (https://www.forexbrokerz.com/news/CySEC-fines-EUR-30-000-owner-of-iTrader-forex-broker) The Cyprus Securities and Exchange Commission (CySEC) said it has fined EUR 30 000 the owner of theiTrader forex and CFD broker – Hoch Capital Ltd.
The reason for the fine are violations of the Investment Services and Activities and Regulated Markets Law of 2007 in its part regarding the professional competence of investment firms and their employees.
The CySEC board decision was in fact taken last November, but only announced now.
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