Choosing the Right Broker

Jan 13, 2016 at 11:26
10,831 Zobrazení
272 Replies
Členom od Sep 06, 2013   137 príspevkov
Jan 13, 2016 at 11:26
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

HOLY GRAIL: Fundamental Analysis to chose your pairs/direction, Technical Entry/SL/TP for consistent Management of those decisions
Členom od Dec 11, 2015   1487 príspevkov
Jan 21, 2016 at 11:08
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.
Členom od Dec 09, 2015   823 príspevkov
Feb 01, 2016 at 07:22
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.
Členom od May 19, 2015   2 príspevkov
Feb 23, 2016 at 07:29
Thanks Ben for doing the research.
Členom od Mar 14, 2016   11 príspevkov
Mar 14, 2016 at 07:39
Awesome tips, very useful! Thanks for sharing Ben.
Členom od Jan 18, 2010   17 príspevkov
May 13, 2016 at 08:53
Nice thread dude...it will be so usefully 😀
Candles always right
rob559
forex_trader_29148
Členom od Feb 11, 2011   1916 príspevkov
May 13, 2016 at 16:41
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
Členom od Dec 07, 2017   4 príspevkov
Dec 10, 2017 at 08:22
What do you think about Exness? I have read is a good broker. But I want to be more informed about it
Členom od Nov 21, 2017   33 príspevkov
Dec 12, 2017 at 07:56
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?
Členom od Feb 12, 2016   427 príspevkov
Dec 13, 2017 at 15:28
The video is no longer available - maybe someone can upload it again?
Accept the loss as experience
Členom od Dec 18, 2017   6 príspevkov
Dec 18, 2017 at 07:54
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.
Členom od Nov 16, 2017   11 príspevkov
Dec 18, 2017 at 14:45
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
Členom od Aug 11, 2017   886 príspevkov
Jan 30, 2018 at 10:50
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.
Členom od Apr 18, 2017   718 príspevkov
Jan 30, 2018 at 16:17
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.
Členom od Dec 11, 2015   1487 príspevkov
Feb 02, 2018 at 15:59
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.
Členom od Nov 06, 2017   1 príspevkov
Feb 04, 2018 at 06:43
I can recommend Darwinex as well as IC Markets from my own experience.
Členom od Aug 11, 2017   886 príspevkov
Feb 09, 2018 at 15:07
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.
Členom od Aug 09, 2017   785 príspevkov
Feb 09, 2018 at 15:07
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.
Členom od Feb 09, 2018   12 príspevkov
Feb 11, 2018 at 08:01
There are also plenty of good ones out there. It doesn't take long to check if a broker is legit
Členom od Dec 11, 2015   1487 príspevkov
Feb 12, 2018 at 15:41
iTrader also got fined but from CySEC this time. (https://www.forexbrokerz.com/news/CySEC-fines-EUR-30-000-owner-of-iTrader-forex-broker) The Cyprus Securities and Exchange Commission (CySEC) said it has fined EUR 30 000 the owner of theiTrader forex and CFD broker – Hoch Capital Ltd.
The reason for the fine are violations of the Investment Services and Activities and Regulated Markets Law of 2007 in its part regarding the professional competence of investment firms and their employees.
The CySEC board decision was in fact taken last November, but only announced now.
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