I already choose the FXOpen broker and I don't think will look for another broker at present time, so far I have good experience with this broker and this is a trusted company in my experience, already more than eight years using service, and most important this company has regulated.
the main thing is not to fall into the hands of noun-name brokers, since among them you can easily find a fraudster, I have been working with Amarkets for a long time, he suits me in all respects, the supports are especially pleased, so choose a broker only that has been on the market for a long time
FredJones posted: I'm a newbie with no experience on how to find a reliable and suitable broker. Any suggestions on what type of broker I should use and how to identify if it's reliable?
First thing which is an absolute is to check whether that broker is regulated or not. If they are regulated, you are good to go. You can also open the account and try out demo trading to see whether the trading conditions fit your needs for trading. I am giving my personal opinion, I had my account opened with fxview, they are all set with the regulations. Tried out their demo trading and noticed that the spreads are good, so I decided to go live and everything went smoothly for me. And to this day, I am still trading with them. Hopefully, you will be able to find the right broker as well. Best of luck to you.
Traders usualy look forward to switching their brokers because of several reasons: current broker is a scam, commissions/spreads are very high, so that a trader gives the major part of their profits to the broker, a trader doesn't like tradig platform which is used by the broker, payment methods are not satisfactory enough, diversity of financial instruments leaves much to be desired.
Step 1: Ask about the commission split. Step 2: Evaluate the brokerage culture. Step 3: Decide between a franchise or independent brokerage. Step 4: Learn its reputation and niche. Step 5: Make sure it will offer support.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.