What safety measure I need to take before choosing any forex broker?

Never had the nerve to trade after hours. Do all brokers allow it, I don’t think mine does.

Look for regulation, trading conditions and other services that you would want to make use of. Also, the broker should be reputed and trustworthy. You can check reviews online as well.

Try using regulated brokers that are good with their services. Make sure you make all the inquiries and see if the trading conditions are upto the mark. Don’t settle for less than what you need as a trader.

Jakemark posted:
Try using regulated brokers that are good with their services. Make sure you make all the inquiries and see if the trading conditions are upto the mark. Don’t settle for less than what you need as a trader.

I agree. I'm currently using Fxview and the trading conditions are acceptable. The spreads are low and the commissions are also reasonable.

Gingerrogers posted:
Regulations are just a mirage, a ploy for brokers to dupe traders into making them believe they are legit. Beware!

I agree. A lot of traders use offshore brokers too and that works fine for them so there isn’t a big deal about this.

1 Regulation
2 Trading conditions
3 Online reviews
I look for all these things while choosing a broker.

IvanMelnik posted:
1 Regulation
2 Trading conditions
3 Online reviews
I look for all these things while choosing a broker.

Agreed. Here are things I look for when selecting a broker:
Check if the broker is regulated
Get all the account details and check the leverage and margin
Pay close attention to commissions and spreads
Review the initial deposit amount
Check if withdrawals and payments are timely or fast
Trading platforms available
Customer support
Number and types of currency pairs offered

I just check if the spreads are tight and the platforms run smoothly. I just use MT4 so this is pretty much the only criteria I look for. Can check reputable brokers like Etoro or IG.

Pointingmark posted:
Different funding and withdrawal methods should also be taken into consideration. For instance not all brokers accept crypto, or credit cards.

Yeah this seems to be a problem with many brokers. They don’t accept crypto and that’s a bummer really. If anyone happens to know one that does, please share. Thanks.

Adamgylicrist posted:

Pointingmark posted:
Different funding and withdrawal methods should also be taken into consideration. For instance not all brokers accept crypto, or credit cards.

Yeah this seems to be a problem with many brokers. They don’t accept crypto and that’s a bummer really. If anyone happens to know one that does, please share. Thanks.

For different payments options I go with Fxview and CMC. The payment options are varied with them. Check them out.

I don’t pay attention to the regulation or whatever. I just trade and make money. Simple as that.

Mikehussey posted:

IvanMelnik posted:
1 Regulation
2 Trading conditions
3 Online reviews
I look for all these things while choosing a broker.

Agreed. Here are things I look for when selecting a broker:
Check if the broker is regulated
Get all the account details and check the leverage and margin
Pay close attention to commissions and spreads
Review the initial deposit amount
Check if withdrawals and payments are timely or fast
Trading platforms available
Customer support
Number and types of currency pairs offered

That’s very precise but I get the idea. Thanks everyone.

If you’re so worried about it, why not ask the experts. I trade with Pepperstone and Fxview for better spreads and smoother transactions. Withdrawals and payments are fast too.

A broker is the most important element for trading in the forex market. You can choose a reliable and regulated broker by researching the market properly. You can visit those websites that provide broker reviews on their sites.

jamesmaxwell52 posted:
I don’t pay attention to the regulation or whatever. I just trade and make money. Simple as that.

Is it? Aren't you scared about the scams?

EbonyJones posted:
A broker is the most important element for trading in the forex market. You can choose a reliable and regulated broker by researching the market properly. You can visit those websites that provide broker reviews on their sites.

I am wondering how genuine such reviews are, I heard from somewhere that they are actually paid for. Is it true?

The list of what all to consider when finalising on a broker are endless. But my top 3 things to look into are: deposits and withdrawals, leverage and order execution.

In initial days when you are starting in the field of trade then you can start with the regulated brokers to save yourself from fraud. These regulations are not guarantees which will give you profits but you will at least know whom to approach in case of fraud.

I consider slippage to be a very important factor. I know that some sort of slippage is bound to happen, but many fractions of a second of slippage is only acceptable. The trading environment that I get with the brokers I am using right now is fine till now. I have noticed that big slippage occurs on any platform when an important announcement is made. I avoid news trading.