Choosing the Right Broker

Snorre posted:
Good criteria are below....

Low spreads

Low deposit / with drawl fees

Regulated

Broad range of markets

Trading platform (e.g. MT4)

In addition, no hidden fee & quick withdrawal service! Agree?

For leading a secure and profitable trading life with certainly we the traders have to choose in regulated trading broker which guarantee their clients funds. Only regulated trading broker make sure security of funds at any deposits with a wide range of trading technologies.

Mohammadi posted:
For leading a secure and profitable trading life with certainly we the traders have to choose in regulated trading broker which guarantee their clients funds. Only regulated trading broker make sure security of funds at any deposits with a wide range of trading technologies.

Security is a great issue; basically only regulated brokers are able to ensure traders capital/profit security.

Look at commissions on the investments you'll use most. Online brokers generally offer a similar menu of investment options: individual stocks, options, mutual funds, exchange-traded funds, and bonds. Some will also offer access to futures trading and forex (currency) trading.

thinkpad954 posted:
Look at commissions on the investments you'll use most. Online brokers generally offer a similar menu of investment options: individual stocks, options, mutual funds, exchange-traded funds, and bonds. Some will also offer access to futures trading and forex (currency) trading.

As well as crypto; I see nowadays brokers are really interested on crypto instruments.

Not only regulated brokers, you need larger brokers with lots of clients or capital as regulator start imposing more and more compliance paperwork. Since brokers work with thin margin find it hard to keep up with paperwork that regulator requires.

Why do brokers have thin margins? Surely they makes loads of profit. If broker is a bucket shop then they will all the money that I lose. Surely they have huge margins. What are their costs, marketing, tech and some back office staff

pipstornado posted:
Not only regulated brokers, you need larger brokers with lots of clients or capital as regulator start imposing more and more compliance paperwork. Since brokers work with thin margin find it hard to keep up with paperwork that regulator requires.

Yes, it is! And, this is why we need to avoid extremity new Forex brokers. Because, most of the new brokers can’t keep continue.

A little thing a friend showed me is to check with CySEC website before you trade. Don't trust the broker- check there for yourself- like this https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37704/ - brokers like mine naga markets is regulated there but some claim to be when they are not. Then you can see closed ones like Banc De Binary https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37701/- sorry if you already knew this. it was interesting for me

I'm interested in FX Choice which is located in Belize. They accept US traders. I've had trouble getting my account funded however. The interim bank declined my wire transfer due to 'internal policy'. Is that a red flag I should be concerned about before I look at other funding options?

ForexScreamer posted:
I'm interested in FX Choice which is located in Belize. They accept US traders. I've had trouble getting my account funded however. The interim bank declined my wire transfer due to 'internal policy'. Is that a red flag I should be concerned about before I look at other funding options?

it is said somewhere in the wire deposit section,you need to find another mode of payment ,just open a bitcoin acc at bitcoin.com (very easy) and they will load your $$ from your bank acc then deposit via bitcoin option on fx choice and problem solved

When opening an account with a new broker, make sure the broker request for your id and proof of address.
Brokers that don''t ask for any info and just allow you to find and start trading is a scam,
When comes time to withdraw, they will request proof of identity - need to be certified, notarised and sent by courier to some island country.

MOst legit brokers need to have KYC policy (Know your customer) in place before you start trading.
The only time you need to document is when comes to withdrawal- to proof that the destination bank account belongs to you. YOu do not need to certify etc. You should be able to upload the scan bank statement in the client portal.

Traders are attracted to unknown brokers registered in some far island nation is because you don't need any paperwork to start trading and you have deposit bonus on top of that. Traders have $100 but want to grow that to $1 mil in a hurry. So any bonus etc together with 1:2000 leverage seems attractive.

So brokers with bonus is a no-no for me.

ForexScreamer posted:
I'm interested in FX Choice which is located in Belize. They accept US traders. I've had trouble getting my account funded however. The interim bank declined my wire transfer due to 'internal policy'. Is that a red flag I should be concerned about before I look at other funding options?

Hello mate; you from? What’s tour main recommended feature on trading? please, don’t go with any new FX broker.

AmDiab posted:

ForexScreamer posted:
I'm interested in FX Choice which is located in Belize. They accept US traders. I've had trouble getting my account funded however. The interim bank declined my wire transfer due to 'internal policy'. Is that a red flag I should be concerned about before I look at other funding options?

Hello mate; you from? What’s tour main recommended feature on trading? please, don’t go with any new FX broker.

I'm from the U.S. The main problems I have with the regulations are low leverage and no hedging. Hedging is the biggest problem. I have a legitimate use for it and without it my profitability is compromised.

It is very odd that you cannot hedge in the US. I do not understand why they have that rule. As a US citizen can you use a broker regulated in another country?

I wish I knew. I think it's that 'we know better than you so we need to protect you from yourself' attitude.

There are a few that accept US traders. FX Choice is one which is why I'm interested in them.

ForexScreamer posted:
There are a few that accept US traders. FX Choice is one which is why I'm interested in them.

regulated on Belize...

togr posted:

ForexScreamer posted:
There are a few that accept US traders. FX Choice is one which is why I'm interested in them.

regulated on Belize...

Is that good or bad?