How to choose a regulated forex broker?

Treeny posted:
Not so sure about Pepperstone these days....

Why are you not so sure about pepperstone these days? I use to use them and thought that they were very good. Are they not so good anymore?

I use pepperstone and they are fine.

To be honest with you I don't use a broker I use a AI robot that trades for me and I average around 15 to 20% per month profit I've been training since January 16th and has not lost yet

Skowlessar posted:
To be honest with you I don't use a broker I use a AI robot that trades for me and I average around 15 to 20% per month profit I've been training since January 16th and has not lost yet

Where do you use your trading EA? I don’t think, it’s an available option to the retail traders (trading without FX brokers).

darisa posted:
Brokers from AU offer good conditions for trading and leverage 1:500😀

So you are comfortable with 1:500 trading leverage, isn’t? Then what’s your risk reward ratio?

Korich posted:

Treeny posted:
Not so sure about Pepperstone these days....

Why are you not so sure about pepperstone these days? I use to use them and thought that they were very good. Are they not so good anymore?

Lots of negative press on social media about disputed payments and platform freezes etc. Do a search on Facebook and Twitter and you'll see what I mean

Treeny posted:

Korich posted:

Treeny posted:
Not so sure about Pepperstone these days....

Why are you not so sure about pepperstone these days? I use to use them and thought that they were very good. Are they not so good anymore?

Lots of negative press on social media about disputed payments and platform freezes etc. Do a search on Facebook and Twitter and you'll see what I mean

Whatever; I think we should consider the popular review sites as much as possible; social media is not reliable.

I believe everyone will consider a security of deposit therefore FCA broker will suit for that reason. To avoid scam broker..that is my personal opinion

Specific examples of the latest and upcoming FCA regulations also include:

An ability to ban products for up to a year as it considers a lifetime ban
Implementing maximum leverage limits and ensuring appropriate risk warnings
Using the Financial Services Compensation Scheme to afford retail clients up to £30,000 if an FCA regulated forex broker goes bankrupt. Customers may also get 90% of the next £20,000. However, it cannot promise compensation on more than £50,000, which is still greater than EU bodies.

We the traders should choose the brokers in cool mind, we have to choose the broker which is more appropriate to the concept of trading of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.

While choosing a forex broker definitely a broker being regulated is the first criteria to look for. It may not be easy, but not impossible to find out whether a broker is regulated or not.

Usually a regulated broker provides its regulation details, license number etc on the website which someone can verify by further visiting the regulator's website.

But being regulated is not enough since now a days many forex brokers use very fine tuned and sophisticated techniques in the back end to not be noticed by the traders while manipulating price feed in individual accounts to make the trader loose money.

One of the guaranteed ways to notice these things is by live monitoring of automated trades while opening and closing of trades in your account and to check how the trades are getting opened and closed at what price and how much slippage, spread variation and execution delay you are getting etc.

Finally, of course the broker must allow to withdraw profits. But if you have chosen a correct regulated broker, then it should not be an issue.

Q_FxTrader posted:
While choosing a forex broker definitely a broker being regulated is the first criteria to look for. It may not be easy, but not impossible to find out whether a broker is regulated or not.

Usually a regulated broker provides its regulation details, license number etc on the website which someone can verify by further visiting the regulator's website.

But being regulated is not enough since now a days many forex brokers use very fine tuned and sophisticated techniques in the back end to not be noticed by the traders while manipulating price feed in individual accounts to make the trader loose money.

One of the guaranteed ways to notice these things is by live monitoring of automated trades while opening and closing of trades in your account and to check how the trades are getting opened and closed at what price and how much slippage, spread variation and execution delay you are getting etc.

Finally, of course the broker must allow to withdraw profits. But if you have chosen a correct regulated broker, then it should not be an issue.

Smart answer! I see, you have added few good points! Nice job mate; just keep it up.

There are a lot of factors to consider when choosing a broker but the top consideration is that it is regulated and regulated in a decent legal area like US or Australia

Molodicar posted:
There are a lot of factors to consider when choosing a broker but the top consideration is that it is regulated and regulated in a decent legal area like US or Australia

Absolutely; regulation is the main parameter and as you said; the source of regulation is very vital to consider.

6 Crucial Things to Consider When Choosing a Forex Broker
Security. The first and foremost characteristic that a good broker must have is a high level of security. ...
Transaction Costs. No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs. ...
Deposit and Withdrawal. ...
Trading Platform. ...
Execution. ...
Customer Service.

I don’t know why you elaborated only your 1st point? Why not others 5 points? Interested to know….

Not sure what you mean here, but by very usual ways here anyway. Some of them are already listed. But you also can visit some sites like Forex Factory and Forex Peace Army to see some reviews about them really and what do they think about that broker or other.

Before starting to trade with a forex broker, be sure to check with all the account details of the same. The amount of leverage and margin that they offer, the commission they charge, etc. Be very careful about the spread of the broker, because they often engage into widening the spreads to increase their own earnings. Your choice of broker can also depend upon your budget as every broker comes with an initial deposit requirement.

Also, screen the forex brokers on the basis of their currency pairs, trading platforms, ease of deposit and withdrawal, etc. Most important choose a broker that provides good customer service. A broker who does not handle the customer’s queries well is not worth trading with

lavis_book posted:
Before starting to trade with a forex broker, be sure to check with all the account details of the same. The amount of leverage and margin that they offer, the commission they charge, etc. Be very careful about the spread of the broker, because they often engage into widening the spreads to increase their own earnings. Your choice of broker can also depend upon your budget as every broker comes with an initial deposit requirement.

Also, screen the forex brokers on the basis of their currency pairs, trading platforms, ease of deposit and withdrawal, etc. Most important choose a broker that provides good customer service. A broker who does not handle the customer’s queries well is not worth trading with

Nice to see your efforts! You described very smartly! That’s the proper way of selecting a Forex broker!

My top 6 are:
Regulation
Regulation
Regulation
Regulation
Regulation
Spreads