Choosing the Right Broker

With the multitude of scam brokers and bogus reviews out there finding a broker is mega hard, or at least mega confusing, so I created a video to go through the steps I take when looking at a new broker - these can be applied to any broker you look at so I hope this helps some people.

https://dailyforexschool.com/blog/blog/5-steps-to-choosing-the-right-broker

I watched your video and I agree with everything you say. I wish there had been someone to explain all this to me back when I was a newbie, I would've avoided some very unpleasant mistakes. I would also add to that people should probably check whether their broker provides a negative balance protection, i.e. the broker wouldn't go after the a client if their account incurs a deficit claiming that they owe them money, like it happened with some people and brokers during the EUR/CHF drama last year. There's a bunch of such brokers listed here (https://www.forexbrokerz.com/page/forex-brokers-negative-balance-protection) and I am sure they're not the only ones.

mlawson71 posted:
I watched your video and I agree with everything you say. I wish there had been someone to explain all this to me back when I was a newbie, I would've avoided some very unpleasant mistakes. I would also add to that people should probably check whether their broker provides a negative balance protection, i.e. the broker wouldn't go after the a client if their account incurs a deficit claiming that they owe them money, like it happened with some people and brokers during the EUR/CHF drama last year. There's a bunch of such brokers listed here (https://www.forexbrokerz.com/page/forex-brokers-negative-balance-protection) and I am sure they're not the only ones.

I've always thought that was something all brokers did automatically, it has never even occurred to me to even check about it. In retrospect must've lucked out with previous brokers.

Thanks Ben for doing the research.

Awesome tips, very useful! Thanks for sharing Ben.

Nice thread dude...it will be so usefully 😀

i think that the best way i to ask experienced traders whom have been trading for a long period at certain brokers the name their favorites ones,that would be the most certain way to get a real picure

What do you think about Exness? I have read is a good broker. But I want to be more informed about it

BenNathanFX posted:
With the multitude of scam brokers and bogus reviews out there finding a broker is mega hard, or at least mega confusing, so I created a video to go through the steps I take when looking at a new broker - these can be applied to any broker you look at so I hope this helps some people.

https://dailyforexschool.com/blog/blog/5-steps-to-choosing-the-right-broker

I clicked on your link and did not find the video. Maybe the link does not work anymore?

The video is no longer available - maybe someone can upload it again?

very good advice, always good to know to choose a forex broker, with all these forex broker available online. me personally the first thing I do is always select a regulated broker and meet my trading needs. I spend some read the reviews on them on the online discussion forums.

I like to test a broker out first by making a small deposit and trading for a bit to see what happens. Then make a withdrawal. if that's all fine then I make a larger deposit

Each the trader has a choice of the broker to be used, should the trader can choose a broker that is more appropriate to the concept of trading that will be sued, if you love scalping , should choose the broker which allows trading concept such as this.

Mohammadi posted:
Each the trader has a choice of the broker to be used, should the trader can choose a broker that is more appropriate to the concept of trading that will be sued, if you love scalping , should choose the broker which allows trading concept such as this.

Yes, that’s the general procedure! But I see, till now there haven’t enough number of education friendly Forex broker.

When it comes to picking a broker I always recommend choosing a well-regulated one, but sometimes even those mess up.
The FCA just announced that they’ve fined the UK branch of the US brokerage Interactive Brokers (IBUK) GBP 1,049,412. (https://www.forexbrokerz.com/news/FCA-slaps-GBP1-mln-fine-on-Interactive-Brokers-UK)
The reason for the punishment are failings in IBUK’s post-trade systems and controls for identifying and reporting suspicious transactions in the period February 2014 to February 2015.

I can recommend Darwinex as well as IC Markets from my own experience.

Even though so many traders always emphasis on acquiring good trading knowledge but I don’t. Because, according to me despite of having most powerful analyzing trade knowledge that’s not possible at all to lead a healthy trading life with certainly, as a result the broker can affects the result of our trading with certainly. So when choosing a broker we have to be more careful.

Nowadays it’s very difficult to consider a broker as a best broker, because lots of trading brokers are available in retail market place and most of them are found to be scams.

There are also plenty of good ones out there. It doesn't take long to check if a broker is legit