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Thread: Forex Brokers: Choosing The Right One

  1. #1
    virmon is offline Junior Member
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    Default Forex Brokers: Choosing The Right One

    Forex Brokers: Choosing The Right One

    One of the most important first steps to being successful in Forex is choosing the right broker. The potential for profit in Forex is unprecedented but let's face it, Forex trading comes with a high level of risk as well. When investing your hard earned money in this market, it's essential to choose a broker which allows you to most effectively minimize your losses & maximize your profits.

    However, many traders are not sure what to look for when choosing a broker. There's so many advertisements, promotions & bonuses being offered by various brokers, it's difficult to tell which brokers are really worth trading with. Here are some things to look for when making this important decision:

    1.) First & foremost, check online reviews for this broker.

    Independent reviews sites, Forex message boards, forums & rating sites can be excellent sources of information on brokers. Individual traders visit these sites and post their experiences with a specific broker, positive or negative.

    2.) What does this broker offer that makes it unique?

    You want to choose the best broker out there right? Have a look at what each broker is offering that makes it fit to your trading needs. Is it MT4? Do they offer managed accounts? Is it a commission or non-commission broker? Are there micro/mini accounts? etc.

    Along with the different features, have a look at the promotions that broker is running. Deposit bonuses have become common so I would recommend choosing a broker that offers one.

    3.) Does this broker have a forum?

    Ok, this one is very important. A forum indicates that a broker has nothing to hide and is very open to traders questions & concerns. A forum is a place for traders to congregate & voice their opinions, only a legit broker would provide one because, let's face it, a low quality broker wouldn't want it's traders conversing about all of it's problems on it's own site.

    4.) Try the demo account

    All legit brokers offer a demo account so you can try their trading platform and see if the broker's specific style & feel fits your trading techniques. Use the demo account to test your trading strategies & methods.

    5.) The essentials

    Any Forex broker worth their salt provides:

    * Live market news feeds
    * 24/7 customer service
    * Charts & graphs for your trading convenience
    * Instant Execution of Order(sounds obvious)
    * Execution of stop loss rate

    Once you’ve chosen the right broker, the odds are in your favor & your chances of succeeding in Forex increase greatly.
    Forex Trading Money

  2. #2
    Anne09 is offline Senior Member
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    I agree with all the above mentioned points my friend, but my dear friend, I don't think that a forum is a mandatory or very important reuirement for a broker, yes bonuses and offers does matter a lot, like I also got with AvaFx when I opened my account, and I've recieved a mail where it's mentioned that they are again giving bonus,you can open an account with a small amount of $200 and you get $100 as your bonus just need to send the code AVAQZ12 to the account representative after you open the account. Hey they don't even charge you commission or fees and just $25 is the margin required per lot.

  3. #3
    gavind is offline Member
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    I always go with someone who has 24/7 support. By phone if possible. That way, you're secured for any issues in the future.

  4. #4
    uncle gober is offline Banned
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    We must choose regulated broker which guarantee their clients fund. We also make sure that broker give convenient service for us so we can feel comfort when trading. We can find a good forex broker recommendations from various sources, but it is better to try the performance of the server with the usual free account offered by the broker, like 15 EUR from Armada Market before we trading using our own money.

  5. #5
    snob is offline Junior Member
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    Choosing the right broker to trade with depend on you and your trading skills and strategies, because we don't expect to use a broker who will not accept our trading style, rather we should go for the one that appreciate and value his clients when trading with them. I choose to be with profiforex as the broker I'm presently using now because of their minimum deposit $1 for micro account, no commission fees to deposit money! At least, traders with little money can start trading easily with them without having much capital.

  6. #6
    papia09 is offline Banned
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    There are a large and growing number of forex brokers, and choosing the right one requires cautiously sifting through an overwhelming number of magazine and internet advertisements. A flashy or professional looking website does not guarantee that the broker is an NFA member or under CFTC regulation. Due to potential concerns regarding the safety of deposits and the integrity of the broker, accounts should only be opened with firms that are duly regulated. Being an ECN broker, OctaFX guarantees offset of your positions. OctaFX is not a market maker. OctaFX provides a highly protected environment, which eliminates any possible technical risks.

  7. #7
    stephaniefx is offline Junior Member
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    I completely agree with above mentioned details. But you should also check reviews of the Broker on many forum. Like I always check it on tradecomplaint.com which is good. Good Broker choice is very important.

  8. #8
    Gary is offline Banned
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    There is no one who can succeed in any field if he does not get proper guide or platform same goes in Forex if we don't have a good broker than we will never succeed. I personally feel so happy that i started trading with Freshforex since last 1 year and i have been enjoying success and also able to get my earning instantly!

  9. #9
    uncle gober is offline Banned
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    a good broker will give the best for traders to make them feel comfortable and satisfied with broker. I trust Armada Markets to invest my money, i get the best trading conditions, they offer the lowest spread ever i got, besides that, i also get fast order execution, it's very comfortable for scalping.

  10. #10
    Justindew is offline Banned
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    As a new Forex broker your first challenge is to choose the right Forex broker. It isn't as easy as it sounds and the whole finding process might leave you breathless. So you need to find best Forex Broker available for your specific needs.

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