From my experience with brokers, I consider FP Markets as a good broker because of their spreads like EURUSD starting from 0.0pips and EURGBP 0.2 pips. They are regulated by ASIC and have around €20,000 investor protection under CySEC.
This varies from trader to trader. As a beginner, you would prefer a broker with the lowest deposit, right? The point is beware of what you seek in a broker. Check out their websites. You will find about their account types, deposit & withdrawal process, spreads & commissions, leverage, etc. Choose the one that suits your requirements.
While selecting a broker, be aware about the things a good trader should possess - low spreads & commissions, low deposits and fast withdrawals. And compare the brokers comprehensively before choose it.
jiangq posted: While selecting a broker, be aware about the things a good trader should possess - low spreads & commissions, low deposits and fast withdrawals. And compare the brokers comprehensively before choose it.
Agree with this. Along with withdrawal fees or hidden fees, I think cost and accessibility for withdrawals are super important. You also want to have easy to reach customer support in case you ever have a problem. The I move on to look at things like leverage or to make sure they offer everything I'm looking to trade.
Eurotrader, an ECN broker, provides a trading platform with more than 200 technical tools and their platform is free of technical glitches. They offer all types of accounts to traders. The broker uses up-to-date trading technology.
Scam brokers are never a safe option for you because they can snatch your capital in a number of ways. A regulated broker allows traders with numerous trading advantages that ultimately increase traders’ return.
Choosing the correct broker is one of the most important thing to consider if you are trading in a LIVE account and especially, if you are using automated or semi-automated type of trading systems. For DEMO account, most brokers work the same.
But for trading REAL money, a trader need to be really careful in choosing the broker based on amount of capital he wants to invest, the trading strategy used, regulation, spread, slippage and leverage as well. For a day trader, any regulated broker with average spread is okay. But for a trader using a scalping strategy or high frequency trading etc, having very low spread is very important.
Also, it is important to note that even many regulated brokers run fishy back end techniques to make the trader loose more and more until he blows his entire account balance which are almost impossible to figure out by a regular trader from MT4 terminal. Usually brokers switch between A-Book and B-Book type of every MT4 trading account in the backend based on profits and losses generated in the account at the beginning of the trading.
So deposit a small amount and live monitor all trades while trading and based on your observation, make any further deposits, otherwise, switch to any other regulated broker. That's all I can based on my experience so far.
There are so many traders maybe still looking for the best brokers based on their preferences, but I already choose FXOpen as my best broker because the company included old company and regulated by top ties regulation agencies, provided many instrument trading and low spread even could be zero, withdraw money smoothly to process.