Choosing the right broker

[valexer]

Hello there guys! This is a thread I created with special intention for the newbies. For those who are still not able to choose which broker they will open a trading account, here are some suggestions for you to look over before choosing a forex broker.

First of all, a forex broker is middle man that matches up buyers and sellers for forex transactions. There are are several types of forex brokers, but the main job is the same, give buyers and sellers access to the forex trading market.

Here's what you should do before choosing your forex broker (taken from babypips.com)

1. Do your research - You should research about a particular broker and find out important things about it. Example of things that you should take a good look on a particular broker is the offered leverage, the minimum starting capital, the platform they are using and do they allow all strategies or not?

2. Compare brokers - After you have done research about some brokers, you have to compare them and spell out the advantages and disadvantages. You use this TOOL in comparing forex brokers.

3. Open demo accounts and ask questions - Once you have chose one or two brokers, open a demo account and try to trade using their platforms. Let yourself familiarize trading in different environment and you can ask questions if you want to clarify some things.

That's it! I hope by doing these steps, you can choose the best broker that best suits your needs.

CREDITS: babypips.com

 

[Sixteen]

Thats really a nice article for sure. In terms of brokers, we should try our best to communicate with them. Use their demo account and master all as they calculate their pips inorder for us not to make mistake when trading in the real world. As a forex trader, knowing our broker and communicating with them is really a nice step as it will step up our ability to know more about to use them in trading.

 

[valexer]

Thats really a nice article for sure. In terms of brokers, we should try our best to communicate with them. Use their demo account and master all as they calculate their pips inorder for us not to make mistake when trading in the real world. As a forex trader, knowing our broker and communicating with them is really a nice step as it will step up our ability to know more about to use them in trading.

Communication is really as useful tool nowadays. When I first opened an account to one of my brokers, I even called up assistance just to ask and clarify some things. I took a long distance call and paid close to $20 for that call. Brokers are there to help and at the same time manage some things for their client so don't hesitate to ask assistance and communicate with them for you to be a better trader.

 

[budado]

Right now the right broker for me is instaforex for three reason.
One I like to use LR and instaforex has LR. Second I like the pips value since 1 pip is 1 cent. But what I don't like is the spread in eur/usd. Other spread is 1 pip only in here its 3 pips.
third reason why I like instaforex is that I have three forex forum that I earn funds to trade each time I post.

 

[monyitomon]

There are some Forex broker which has online chat support so we don't need to ask assistance through phone which is very costly. Well, i have already chosen my broker and it's also being used by a lot of traders, it's one of the top choice.

 

[nikotien]

we should be able to choose a good broker to place trades we make. resulasi broker must have a good trade. service to the customer also needs to support. and never had problems in finance. This might be the benchmark that we can use to find a good broker

 

[indieover]

for me i learn which broker is good by its popularity and by reading in forums and making some research online and trying it out myself . and i do ask other traders also which is the broker that they like more and that they trust.

 

[yudistirarizki]

Its your choice of course that you want to cashout your funds or transfer it to someone else for any purpose, transferring option is usually for some reason and it's not treated as withdraw option

 

[boniez]

For me, broker not only about the extent of trust and service, but also a bonus promotion, because I much preferred by brokers who often give bonuses, because they are giving bonuses will definitely have more clients trader.

 

[sindarin]

For me, broker not only about the extent of trust and service, but also a bonus promotion, because I much preferred by brokers who often give bonuses, because they are giving bonuses will definitely have more clients trader.

but still trust and service is one of the thing that people must be consider when they want to choose the right forex broker for them, it will be useless if they give you bonuses but they cheat on you, but from what i see many good forex broker give some promotion and offer to the trader who make some deposit and i think that still fine for them

 

[Cutiekc]

Communication is really as useful tool nowadays. When I first opened an account to one of my brokers, I even called up assistance just to ask and clarify some things. I took a long distance call and paid close to $20 for that call. Brokers are there to help and at the same time manage some things for their client so don't hesitate to ask assistance and communicate with them for you to be a better trader.

i also agree with you in terms of communication and also finding a good broker that has much partnership all over the country at least six to ten countries just like my broker when ever i have problem i need not to call an international number because its more costly i do just dial my country partnership members number.

 

[riddick09]

Yeah, we find it very essential to have these kind of way for us to be with in forex as we can also contact them easily even the forex broker are from a far country thus we can even get answers instantly. Plus, we can meet different traders around the world easily and even get good advice for the selection of forex brokers and their strategies.

 

[Cutiekc]

To me as i am not yet into trading though i am still learning with my demo account i think uwcfx broker is the most popular and its the one i will do my first trade with,i got other brokers though just because of posting payments.

 

[budado]

In all forex that I'm trading all of them I have demo account and I trade and familiarize myself how the site works and try to understand how can I earn money in here. I know its hard to earn money in forex. that's why before we invest we must make sure that we are comfortable with what we are doing and for that we must trade in demo first.

 

[valexer]

In all forex that I'm trading all of them I have demo account and I trade and familiarize myself how the site works and try to understand how can I earn money in here. I know its hard to earn money in forex. that's why before we invest we must make sure that we are comfortable with what we are doing and for that we must trade in demo first.

Yes that is very important to familiarize yourself first before you decide to be with that broker or not. In order to earn in forex, you have to commit yourself on it. Now before you commit to any broker, you have to make sure that you will commit on a broker that gives you what are your needs. You do this by getting a demo account and practice trading with their platforms and get yourself familiarize with their user interface.

 

[Cutiekc]

We shouldn't let the risk records scare us away,as we always know that in any business only the fitest do survive,so in forex trading thats just as it is its a game of the fitest in which choosing a good and right broker got a good role to play .

 

[riddick09]

Oh, well, nowadays the best broker for most of the traders are those that give contest prizes, even give bonuses from posting in return of capital for real trading. And also those brokers that have most of the payment method and of course, one of the important will be their service or support also. I also think of their spreads and leverage as factors in choosing a broker.

 

[budado]

I just got frustrated in joining gft. I'm planning to join and I ask support about demo since I already have demo account and I seems can't login to the account. The chat support told me that in demo account I only have an account for trading but I don't have an account or I'm not allowed to open reports or profile. Then I ask about how to deposit in paypal.
And the chat support told me to answer the secret question before I can push through. I told him that I don't have an account yet as I'm still just trying to familiarize myself to the gft features. He told me that he can't help me unless I can answer the secret question. sorry close. lols.

 

[brokenblade]

I agree with this article. Research and making comparisons are great for choosing the best broker for your needs. Also, you want to check what countries the broker accepts. For instance, if you live in the US, there will be a lot of brokers in the Forex market that won't take you due to some of the laws that have passed in the past year.

 

[monyitomon]

I always do a research opening an account with some brokers; reading discussion about that particular brokers, A thorough research, etc. A choosing a good broker is really a must there are many reviews out there that could really lessen your time doing your own research just like at the main page of DCP.