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HOW TO CHOOSE A GOOD BROKER?

marcial3
Jan 22 2017 at 07:50
1 โพสต์
Noting the number of problems there ....

Can anyone give a basis for choosing a broker, and that no one is based solely on marketing?
I would love it, but I do not know either ... I watch a lot and investigate, just that. I see if it is regulated, and I look for opinions.

Greetings, thank you!
Tiffany (TiffanyK)
Jan 23 2017 at 15:34
427 โพสต์
What I learned so far is that you should probably use some local to you broker. This way it will be easy for you to contact them and resolve any issues and concerns that you may have. Be careful because if you start with bad broker – you will lose part of your faith in the whole system. And that is not the point. Read a lot, use a demo account (if there is an option), test the broker and then you are good to go. Hope that will help 😄
jameshallow07
Jan 31 2017 at 13:33
12 โพสต์
In my 2 years of experience, I would say choose a broker who facilitates good customer support system with right offerings. If you are opting for a broker with extraordinary offerings, you would end up getting betrayed. Choose your broker wisely, make your analysis with patience & try all the brokers that you find reliable in respect to regulations, funds security, account types, deposit requirements and support system. If you find any unfavorable it’s and bits, investigate & then check people’s opinions.
theHand
Jan 31 2017 at 14:15
365 โพสต์
In order of priority:

1. Minimum trade sizes
2. Over night costs
3. Spread

And finally check if they have frozen other peoples trading accounts. Frozen accounts is a bucket shop trick. If you don't want the client send his money back, bucket shops declare disputes and simply keeps the cash.



vontogr (togr)
Jan 31 2017 at 15:17
4862 โพสต์
marcial3 posted:
Noting the number of problems there ....

Can anyone give a basis for choosing a broker, and that no one is based solely on marketing?
I would love it, but I do not know either ... I watch a lot and investigate, just that. I see if it is regulated, and I look for opinions.

Greetings, thank you!

@marcial3
Rule number 1 ! Always read reviews on FPA
Rule number 2 test the conditions and withdrawal with smaller accoount first
FxMasterGuru (FxMasterGuru)
Jan 31 2017 at 15:57
1608 โพสต์
After all due diligence go with an FCA regulated broker. Why?

Simply because of the 50,000 GBP FSCS insurance which comes automatically with the FCA regulation, should the broker take off with ALL segregated clients funds on a nice sunny day and go for a life-long luxury vacation on an exotic island.

(FPA is full of such sad horror stories and I was also a victim of such a broker, although he is not vacationing anywhere, but waiting for his court trial in Toronto...)
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
theHand
Jan 31 2017 at 17:03
365 โพสต์
@FxMasterGuru

That insurance means nothing. I can't really remember the details, it's too long ago and I would have to spend the time to find the details. Just not worth it for me to do that for yet another internet argument with a stranger, but I did make a mental note at the time not to worry about insurances.

I think it was Anne Barnard actually, the consequences were in the 2008 failure of MF Global. Basically the insurances were waived, client accounts frozen for months, 30% change in copper value, clients unable to trade and one of the biggest futures hedge funds closed it's doors because they couldn't guarantee client funds due to the exchange not honouring their insurances. Fed's were involved. Clients were hung out to dry.

If it is crunch time the insurances means nothing. Government will simply change the rules.

That's like nr 0 of the things I worry about in a broker.
FxMasterGuru (FxMasterGuru)
Jan 31 2017 at 17:37
1608 โพสต์
@theHand

Well, FSCS DID PAY innocent clients after the SNB announcement related CHF flash crash, e.g. victims of Alpari UK:

https://www.financemagnates.com/forex/brokers/fscs-distributed-51-3m-alpari-uk-clients-repaid-negative-balances-920k/

So apparently they have NOT changed the rules in 2015 which is a more recent event than the mentioned one in 2008... That is all I can say.

I am not here to argue about it either, but being a REAL victim a ''regulated broker's'' disappearance with $500k+ segregated client funds, FSCS is still better FOR ME than keeping funds at a non-insured broker which can simply ''fall off the Internet'' without a trace...
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
theHand
Jan 31 2017 at 18:13
365 โพสต์
The clients were in the market with positions ?

They weren't the victims. Alpari got screwed. People should take responsibility for their 'investments'. If you're running at 50:1 on a pegged currency you are simply asking for shit. That should be obvious to anyone with intellect.

So that was political and the government could afford it, it was a small insolvency.

Obviously no one should touch the small 'can fall off the internet' brokers (that means all MT based brokers), I also look at jurisdiction, but I don't bargain on the insurance. That is a really bad reason to choose a broker.
theHand
Jan 31 2017 at 18:16
365 โพสต์
My first thought actually is what's the tax implications of the brokers jurisdiction.
FxMasterGuru (FxMasterGuru)
Jan 31 2017 at 18:57
1608 โพสต์
theHand posted:
My first thought actually is what's the tax implications of the brokers jurisdiction.

How different we are... It would be the last thing on my mind...

Trading through an International Business Corporation means 0% corporate taxes... Did I say something new...?
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
theHand
Feb 01 2017 at 03:11
365 โพสต์
If you're going to do things legally and set up for the long term in places like Hong Kong and Singapore, the moment you do business there the income becomes taxable.

I've have assets there, so I know. Not making guesses mate and the benefits of a big business jurisdiction by far outweighs any tax dodges I can do in a tax haven, which are on their way out anyway.

Do you actually own a company ? It doesn't look like it.
hedgescalp
Feb 05 2017 at 07:35
10 โพสต์
when I choose a broker, there are certain things I look for including spreads, execution speed, commission charges and if there is any persistent issues of slippage or off-quotes or not. I use their demo accounts first and if feel comfortable, I switch to live.
agnes35
Feb 05 2017 at 07:50
1 โพสต์
marcial3 posted:
Noting the number of problems there ....

Can anyone give a basis for choosing a broker, and that no one is based solely on marketing?
I would love it, but I do not know either ... I watch a lot and investigate, just that. I see if it is regulated, and I look for opinions.

Greetings, thank you!

I choose my broker differently. First I check their regulations and trading platform (cross platforms like windows, mac, android, ios).

I prefer MT4 , so I contact live support and make sure they have a server nearest my location. And I prefer those broker has single account types rather than variety of accounts.
And then I focused on Spread and Swap rates for major and non-major pairs, Futures, and others.

I choose smaller firms because they care about me. Big firm like FxPro and Pepperstone has higher spread for cross pairs. FXCM doesn’t allow hedge.

I am trading with Hanseatic broker, I am overall happy though their live support can’t address all of my issues (mostly server related) and I had to email their support.
Rebecca Pettersson (kerstin71)
Feb 09 2017 at 08:02
40 โพสต์
Well said. Spreads, Swap, slippage during high volatility events are important. And I do use ‘Hanseatic Broker’
Yes, sometimes their live support delay couple of minutes if I remain in a que, but trust me I had more bad experience with other big brokers!
mlawson71
Feb 17 2017 at 12:41
1487 โพสต์
Find a broker the terms and conditions of which fit your trading style. If you scalp, find a broker that allows scalping. Look into leverage, customer service, money withdrawal process, slippage, execution speed, commissions, etc. Keep in mind that a lot of European brokers are lowering (or will lower) their leverage to 1:50 or even 1:25 and are removing trading bonuses due to new regulations by CySEC and the FCA (https://www.forexbrokerz.com/news/fca-capping-leverage-uk-forex-brokers) so you should probably take that into consideration as well.
vontogr (togr)
Feb 17 2017 at 13:45
4862 โพสต์
mlawson71 posted:
Find a broker the terms and conditions of which fit your trading style. If you scalp, find a broker that allows scalping. Look into leverage, customer service, money withdrawal process, slippage, execution speed, commissions, etc. Keep in mind that a lot of European brokers are lowering (or will lower) their leverage to 1:50 or even 1:25 and are removing trading bonuses due to new regulations by CySEC and the FCA (https://www.forexbrokerz.com/news/fca-capping-leverage-uk-forex-brokers) so you should probably take that into consideration as well.

lets hope this leverage limit will remain just for new inexperienced traders
stevehu10
Feb 19 2017 at 07:43
24 โพสต์
1. Make sure they are well regulated - FCA, ASIC best regulators.
2. Make sure execution is good (no delays in trade execution or too wide spreads in comparison to other brokers).
3. Check with forexpeacearmy.com or here for the reviews on the broker.
4. Check with the regulators or google search complaints to see if the company has faced any complaints or fines.
5. Don't trust ones with large deposit bonus' available, if you do happen to use them use them without their deposit bonus scheme.
6. Finally, check with a small amount of capital check their depositing and withdrawing times to make sure they are smooth in both their transactions, this will also allow you to check how their platform performs with real money.
mlawson71
Feb 20 2017 at 11:45
1487 โพสต์
togr posted:
lets hope this leverage limit will remain just for new inexperienced traders

I agree. However, I am not sure what their definition is for an “inexperienced trader”. Less than one year of experience? More?
That said, it could be worse. Turkey also recently decided to crack down on Forex brokers and introduced new rules – 1:10 leverage for all traders and a shocking, if you ask me, $13,500 (TRY 50K) minimum deposit without which a trader can’t even open new positions. (https://smnweekly.com/2017/02/10/turkey-restricts-retail-leveraged-forex-trading-to-clients-with-50k-deposit-cuts-leverage-to-max-501/) Their they had mandated 100:1 leverage before that.
vontogr (togr)
Feb 20 2017 at 11:55
4862 โพสต์
mlawson71 posted:
togr posted:
lets hope this leverage limit will remain just for new inexperienced traders

I agree. However, I am not sure what their definition is for an “inexperienced trader”. Less than one year of experience? More?
That said, it could be worse. Turkey also recently decided to crack down on Forex brokers and introduced new rules – 1:10 leverage for all traders and a shocking, if you ask me, $13,500 (TRY 50K) minimum deposit without which a trader can’t even open new positions. (https://smnweekly.com/2017/02/10/turkey-restricts-retail-leveraged-forex-trading-to-clients-with-50k-deposit-cuts-leverage-to-max-501/) Their leverage used to be 100:1 before that.

What about old good Australian brokers?
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