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

Josuvaphilip posted:
What about their big trading fees, I feel they aren't suitable for all kinds of traders, especially the new ones who would be better off with a broker that requires low deposits and offers a simpler interface.

Agree with you on this. But there are many reputed brokers around that have quite low minimum deposit requirement like fxview, xm, hotforex and many more.

first thing is regulation and broker type..one needs to be aware for how long is the broker functioning and is it reliable or not..

This manual system reminds me of my trades a few weeks back. Good work with this!

Searching for information on a forum with reviews will not hurt you in any way, it is always good to do it. Watch overview videos on YouTube from popular bloggers. Try to trade the minimum deposit to test the broker's conditions.

Marshalsam877 posted:
I think the most important thing to look at is the reputation of the broker. In my opinion you should only trade with big guns such as interactive brokers or schwab.

Yes. You are right. this is the most important thing.

Tremblay posted:

Marshalsam877 posted:
I think the most important thing to look at is the reputation of the broker. In my opinion you should only trade with big guns such as interactive brokers or schwab.

Yes. You are right. this is the most important thing.

Sometimes you do not need to go with the reputed broker, also explore new brokers with good trading conditions and look for low spreads, low commissions and regulations also.

I am already found my broker and work with them for more than eight years, so far so good and no problem, this company regulated in ASIC, FCA, and Cysec, namely FXOpen broker, about spread in my view also included low or competitive spread, especially pair USD included XAUUSD.

Speaking about safety measures, then I guess you should determine whether a potential broker a scam or not. It's kinda easy to determine, you just need to check licenses and apply to customer support. Often customer support give you the understanding that you would better stay off a broker. It replies too long and pretty rude. Scammers don't care about customer support, hence it's awful. Moreover, you have to check withdrawal and depositing process. Actually, there are no issues with depositing, while there might be some troubles with wthdrawals in case of scam. Check these things and make some conclusions.

First you have to see whether the broker is regulated and licensed or not. If not regulated and licensed, move to another one. Then check the facilities you want for your trading like deposit method, spreads, leverage etc.

First safety is regulation and license. If the broker is properly regulated and licensed, then you can go for it if other things match your requirements.

No matter which broker I go to, it must be regulated.

There are lots of measures which you need to choose a broker in order to trade safely. For example, you ought to check all the information about your broker mostly because you need to be convinced that everything is okay with and it's not a scammer. There are several ways how to do it. Forstly, you have to check all the information concerning regulations,licenses and certifications. Secondly, you should check client service from a certain broker, how fast they reply, how polite are they and something liek that. Finally, you should check that there are no issues with withdrawing and depositing money.

You need to choose a regulated broker to build loyalty. And it would be better if the spread of that broker is less.

The main safety measure is to convince that your broker might be considered as a reliable one. I believe that there are sveral ways how to determine a proper broker. For example, I always chekc three main things in my opinion, which can determine whether a broker is reliable or not. These things are the work of customer support, processes of withdrawing and depositing money, and the presence of regulations and certifications. I think you have to check these things before pick a particular broker as your primary, maybe it isn't the same as you got used to think.

I always choose a broker which is registered with a strong financial regulatory body. I have started with pepperstone and traded for 1 year but later on switched to fxview though both are well regulated but latter one is pretty light on commissions and offer tight spreads.

A good broker will always be consistent with its services and never cheat on its customers.

if you trade up to $ 1000, then by and large there is no difference through which broker to trade, the main thing is to like the conditions.

and if the amount is greater, I recommend first of all to consider brokers licensed in your country

It's an important decision to pick the correct broker as choosing the wrong one may cost you a lot of money.

The main thing is to be convinced that your broker can be considered as trustowrthy one. You have to check all he regulations, certifications and licenses in order to be sure that your broker execute its duties in accordance with special regulator. Moreover, you should check the system of depositing and withdrawing money. Sometimes unhonest brokers cheat on their traders because of this system. They allow traders to deposit money but they don't let traders to withdraw earned sums. There are plenty of peculiarities actually. In addition, you can check reviews in the internet about particular brokers in order to understand whether this broker recommended itself in trading community as a reliable one, or not.