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

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.

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.

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.

Johnathankim posted:
You should look at broker reviews, I always do that before choosing a new broker for trading. Forex peace army is good for genuine reviews.

I agree with all reviews not being genuine, like the broker comparison sites. But fpa reviews are generally good.

advancedsmifser posted:

Johnathankim posted:
You should look at broker reviews, I always do that before choosing a new broker for trading. Forex peace army is good for genuine reviews.

I agree with all reviews not being genuine, like the broker comparison sites. But fpa reviews are generally good.

Agreed, FPA is a good site, even I scroll that one when researching about a 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!

You can look at spreads, regulation, commissions and trading conditions to see if a broker meets your requirements.

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.

I would advise you to read reviews, see what the company is in general, work on a demo account.

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.