Eightbitpwny posted: I am new to the fx market and want to start testing my ideas. As I want the demo accounts to be as close to the real thing as possible I would like to chose a broker first to start testing with it. I am playing around on the stock market since about 5 years and I use a local broker here in switzerland for that. If I compare the spreads they offer in the fx market however, i see that there are brokers that offer a much lower spread. When comparing the actual quotes of a certain currency pair though the prices some times dont differe a whole lot or even the broker with the lower spreads is worse than the one with the higher spreads.
All in all I would like to know if you have any input on how to chose the right broker. Obviously I am interested in the best trade prices and reliability in terms of withdrawl and trading quality.
Or is it smarter to stick with my swiss broker, eventhough in terms of spread it seems to be 3-4 times as expensive as other brokers out there?
Thank you for reading and helping
You must take into account the capital that the broker owns, since at the moment that we make the profits of the profits that the buyer has the photos to pay, you can find out in the payroll of the employees that will work for the broker, besides visualizing the variety of products that offer, very pending with the commissions they offer for their transactions, verify the speed of the executions, it is better if it is automatic. And if this is the one that is most respected in the parameters of loss and limits that we place on the platform. With this maybe you can choose a good broker to start, luck.
When picking a broker keep in mind that ESMA, aka the European Securities and Markets Authority, is about to impose new restrictions on the industry in order to better protect retail clients. (https://www.forexbrokerz.com/news/FXCM-IG-Group-support-ESMAs-restrictions-on-leverage-binary-options-but-also-voice-concern) Recently it outlined its intentions to cap the leverage on forex and CFDs to anything between 1:5 and 1:30, depending on the volatility of the underlying product. Additionally, ESMA is planning a blanket ban on the distribution and marketing of binary options products across the EU. Most major brokers seem to be tentatively supportive of the new rules, but also voice various concerns.
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