Choosing the Right Broker
Členom od Apr 17, 2019
5 príspevkov
Apr 17, 2019 at 11:16
Well bonus giving brokers often lock your funds until you activate their CPA, which means making a deposit and placing 1-3 trades... It's the same concept as casinos and Matched betting. Just need to make sure that the broker is regulated, or shows some sort of proof of legitimacy...
Stefan Petkov (stefanpetkov)
Členom od Jan 22, 2019
2 príspevkov
Apr 22, 2019 at 05:12
Treeny posted:
Agree that bonus giving brokers should be avoided. They often lock in your real funds and make it impossible to withdraw any money from them
Yep, that is correct. The very simple reason is that brokers giving bonuses in 99% are market makers. Why market makers - because those bonus is fictive and even in case of lose, the broker will not loose any own money, but the trader will lose his account, which will be profit for the broker.
On the other side are the STP brokers. Those brokers will not offer you bonus over deposit, because all orders are sending to different LPs, out of the STP brokers ecosystem, which means that those bonus amounts will stay as a guarantee of open position and the broker will bear the risk of lose. That is the reason the real STP brokers acting on agency model to be the real intermediaries and they will not give bonus over deposit, but in fact the bonuses they are sharing to traders are: low spreads, much better execution, high protection and safety of traders funds, solid regulations and etc. :)
Členom od Aug 22, 2018
10 príspevkov
Apr 23, 2019 at 12:37
JuanJoel posted:Whatever you said might be true but thank god i never faced such problem. my current broker was offering 100% deposit bonus, i used that successfully and made decent profit. Also every time i got my withdrawals on time without any nonsense.
Well bonus giving brokers often lock your funds until you activate their CPA, which means making a deposit and placing 1-3 trades... It's the same concept as casinos and Matched betting. Just need to make sure that the broker is regulated, or shows some sort of proof of legitimacy...
vontogr (togr)
Členom od Feb 22, 2011
4862 príspevkov
Apr 23, 2019 at 13:34
So called bonus is dangerous thing.
It leads you to incresing your trade size as you believe so called bonus should work as collaterall for trading.
It does not. At the moment when you need it the most, so at the moment your own funds does not cover loss of open position, at this moment the bonus is removed and you are loosing the account.
Needless to say with proper money mgmt you should never get into such situation.
It leads you to incresing your trade size as you believe so called bonus should work as collaterall for trading.
It does not. At the moment when you need it the most, so at the moment your own funds does not cover loss of open position, at this moment the bonus is removed and you are loosing the account.
Needless to say with proper money mgmt you should never get into such situation.
Členom od Feb 08, 2019
21 príspevkov
Apr 25, 2019 at 05:23
YES YOU NEED TO DYOR
Členom od Apr 18, 2017
920 príspevkov
Apr 25, 2019 at 08:29
togr posted:
So called bonus is dangerous thing.
It leads you to incresing your trade size as you believe so called bonus should work as collaterall for trading.
It does not. At the moment when you need it the most, so at the moment your own funds does not cover loss of open position, at this moment the bonus is removed and you are loosing the account.
Needless to say with proper money mgmt you should never get into such situation.
When a broker offering unrealistic bonus, then it’s easy to judge their real trading activities; traders should avoid this type of market maker.
vontogr (togr)
Členom od Feb 22, 2011
4862 príspevkov
Apr 25, 2019 at 08:39
CRPA9 posted:
YES YOU NEED TO DYOR
Always DYOR
Členom od Aug 27, 2017
994 príspevkov
Apr 28, 2019 at 11:35
togr posted:CRPA9 posted:
YES YOU NEED TO DYOR
Always DYOR
Hi mate, what is Dyor? Is this any company name or anything else?
Členom od Apr 18, 2017
718 príspevkov
Apr 30, 2019 at 11:18
togr posted:
So called bonus is dangerous thing.
It leads you to incresing your trade size as you believe so called bonus should work as collaterall for trading.
It does not. At the moment when you need it the most, so at the moment your own funds does not cover loss of open position, at this moment the bonus is removed and you are loosing the account.
Needless to say with proper money mgmt you should never get into such situation.
It’s true; I see good Forex brokers don’t offering any bonus; mainly market maker brokers are active this type of marketing based feature.
Členom od Feb 07, 2016
2 príspevkov
Apr 30, 2019 at 11:25
Adribaasmet posted:togr posted:CRPA9 posted:
YES YOU NEED TO DYOR
Always DYOR
Hi mate, what is Dyor? Is this any company name or anything else?
'Do Your Own Research' - I guess.
Členom od Aug 27, 2017
994 príspevkov
Apr 30, 2019 at 13:22
EMA40 posted:Adribaasmet posted:togr posted:CRPA9 posted:
YES YOU NEED TO DYOR
Always DYOR
Hi mate, what is Dyor? Is this any company name or anything else?
'Do Your Own Research' - I guess.
Hi ema; hope you are here for searching! Best wishes!
Členom od Apr 17, 2019
5 príspevkov
May 02, 2019 at 07:34
pmichael posted:JuanJoel posted:Whatever you said might be true but thank god i never faced such problem. my current broker was offering 100% deposit bonus, i used that successfully and made decent profit. Also every time i got my withdrawals on time without any nonsense.
Well bonus giving brokers often lock your funds until you activate their CPA, which means making a deposit and placing 1-3 trades... It's the same concept as casinos and Matched betting. Just need to make sure that the broker is regulated, or shows some sort of proof of legitimacy...
I know! The thing is, if you look for regulated forex brokers, you can always file claims against them either with the FCA or CySec (or whichever entity regulated them).
This website has a good list of regulated forex brokers you can check https://insidebitcoins.com/forex-brokers
They even target by country, feature and list the pros/cons of each broker.
Členom od Aug 09, 2017
785 príspevkov
May 02, 2019 at 07:47
according to me, choosing a local government –sanctioned forex broker in our own city city/town should be our first priority, unless there isn’t any... And go visit the office before or when opening an account m if possible
Členom od Aug 11, 2017
886 príspevkov
May 09, 2019 at 07:30
There are almost thousands broker in online retail market place and most of them are found to be scams. So it is very much difficult to find a right broker from all, we can choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers should choose the broker that allows trading concept such as this.
Členom od Apr 23, 2019
32 príspevkov
May 13, 2019 at 06:07
Commissions, account minimums and fees are just some of the factors you should consider when choosing an online broker.
To evaluate brokers, you should look at the following factors:
1. Commissions.
2. Account minimum.
3. Account fees.
4. Your trading style and tech needs.
5. Promotions.
To evaluate brokers, you should look at the following factors:
1. Commissions.
2. Account minimum.
3. Account fees.
4. Your trading style and tech needs.
5. Promotions.
Členom od Feb 08, 2019
213 príspevkov
May 19, 2019 at 06:05
Mohammadi posted:
There are almost thousands broker in online retail market place and most of them are found to be scams. So it is very much difficult to find a right broker from all, we can choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers should choose the broker that allows trading concept such as this.
I wouldn't say most online brokers were scams but agree that some (more than there should be) are. Scalpers should opt for a scalp friendly ECN broker IMO.
Členom od Aug 09, 2017
785 príspevkov
May 21, 2019 at 09:29
sometimes we try to confirm brokers real performance by using demo trading , but in practical lots of difference there is between demo and live on a broker.
Členom od Apr 18, 2017
718 príspevkov
Jul 30, 2019 at 15:30
Imamul posted:
sometimes we try to confirm brokers real performance by using demo trading , but in practical lots of difference there is between demo and live on a broker.
And emotions as well; when you are trading in demo you know that; it’s all about the virtual money! But the live trading is completely different!
Členom od Jul 09, 2019
38 príspevkov
Aug 06, 2019 at 09:51
When I have to search for a broker, I personally look for the one who charges lesser commissions and transfer fees. Obviously, nobody would like to pay extra amounts to these brokers for nothing. Also, the reliability factor is must to be fulfilled. Make it a point to screen the brokers against any scam or other such risks.
Jignesh (JDavda)
Členom od Jun 18, 2013
8 príspevkov
Aug 17, 2019 at 11:08
I have traded with probably about 10 different brokers over the past 8 years or so. I think it comes down to what you're looking for in a broker.
Generally speaking, one of the most important things for me has been spreads. In my early days, this wasn't as big of an issue because maybe the broker offered something else that I was willing to sacrifice paying a bit more in spread for. I have now realized that commissions can add up in a real way. Many times have had months were my performance was just mediocre and then I find out I've paid more in commission than I have made in profit. Obviously this is even worse in losing months.
There is other stuff that is really important. A broker should be regulated and offer some kind of an insurance scheme. It doesn't happen often, but I've seen brokers going broke and in this case insurance comes in really handy.
Another thing to keep in mind. Just because a broker shows a low spread or is known to offer good commission, that is not always the case across the board. I have an account with IB for example, which among the lowest, if not the lowest, cost for trading stocks. Seemed like a great idea to open an account with them. Well, I mostly trade currency and I'm getting killed on the commission for that (you have to trade really large size in FX to make it worthwhile). Futures is ok with them cost wise.
I also have an account with Darwinex. I'm happy with them overall. The cost is very competitive across the board. Their customer service is excellent. But most importantly, they are licensed to handle investments. So if down the road you want to have people invest in your account, they can handle that part. This is not the same as copy trading. I wrote a blog post about my experience with Darwinex. You can have a look here - https://www.thegoldanalyst.com/gold/featured/trading-experience-darwinex/398/
I think they are a good broker. But of course each broker has its positives and negatives that is inevitable. As I mentioned it all comes down to your objectives and what you're looking for in a broker. If you plan to trade on your phone for example, some brokers have a much better app than others. Some don't even have one. If you don't have a good charting platform, some are really good. I've traded with Dukascopy before and, in my opinion, their charting platform is amazing. Very much underrated if you ask me.
Generally speaking, one of the most important things for me has been spreads. In my early days, this wasn't as big of an issue because maybe the broker offered something else that I was willing to sacrifice paying a bit more in spread for. I have now realized that commissions can add up in a real way. Many times have had months were my performance was just mediocre and then I find out I've paid more in commission than I have made in profit. Obviously this is even worse in losing months.
There is other stuff that is really important. A broker should be regulated and offer some kind of an insurance scheme. It doesn't happen often, but I've seen brokers going broke and in this case insurance comes in really handy.
Another thing to keep in mind. Just because a broker shows a low spread or is known to offer good commission, that is not always the case across the board. I have an account with IB for example, which among the lowest, if not the lowest, cost for trading stocks. Seemed like a great idea to open an account with them. Well, I mostly trade currency and I'm getting killed on the commission for that (you have to trade really large size in FX to make it worthwhile). Futures is ok with them cost wise.
I also have an account with Darwinex. I'm happy with them overall. The cost is very competitive across the board. Their customer service is excellent. But most importantly, they are licensed to handle investments. So if down the road you want to have people invest in your account, they can handle that part. This is not the same as copy trading. I wrote a blog post about my experience with Darwinex. You can have a look here - https://www.thegoldanalyst.com/gold/featured/trading-experience-darwinex/398/
I think they are a good broker. But of course each broker has its positives and negatives that is inevitable. As I mentioned it all comes down to your objectives and what you're looking for in a broker. If you plan to trade on your phone for example, some brokers have a much better app than others. Some don't even have one. If you don't have a good charting platform, some are really good. I've traded with Dukascopy before and, in my opinion, their charting platform is amazing. Very much underrated if you ask me.
If you don't stay humble, the market will make you humble
