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Choose your broker wisely

Discussion in 'Broker Discussion' started by Vectorex, Aug 20, 2018.

  1. Vectorex

    Vectorex

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    So many times we see broker's adverts claiming to be highly regulated and registered in a top country. I want to make everyone to realize that regulation does not guarantee success. You must look beyond a broker's regulation, and find out its trading conditions and fees. Even when you are not losing, the charges on some platform can eat your account dry. Look out for spread manipulation as well. If you notice anything shady, run for your life.
     
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  3. Rafinha

    Rafinha

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    Yes, I agree with your point. It is true that forex traders will require regulated platform to ensure safe trading. But only a regulated broker can’t help a trader fully. A forex trader will require a broker so that he can reach in the cost effective way. Again a trader must choose a broker that will ensure him customized trading services so that he can find his ways of fulfilling his trading requirements.
     
  4. alina.marabar

    alina.marabar

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    That's why you have to choose your forex broker carefully..
     
  5. helodear123

    helodear123

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    1:400 leverage in my opinion is good, i have also used hotforex micro account with 1:1000 and i have also noticed some crazy offers like 1:3000 leverage which seems pretty unreal. Newbie however being unaware of the market conditions should keep the leverage low because higher leverages can claim higher damages too.
     
  6. Manoj David

    Manoj David

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    Yes, it’s very very crucial to be wise with selection. I have seen MANY people select broker that offers them bonuses and such massive deals, but that’s just so incorrect way of judging the broker and is one big reason for the struggle of many.

    I too had made SAME ERROR, but thankfully, I am now joined with FreshForex. I joined them purely to do with their reputation and safety angle, but have some very fine benefits making them very special.
     
  7. Tom Latham

    Tom Latham

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    There have so many bad incidents by the general traders; this is why new traders should take this issue so seriously before investing their real money. With a market maker broker, success is quite impossible.
     
  8. Svetlana Loboda

    Svetlana Loboda

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    Absolutely; but I see; maximum new traders are not aware on this issue; they are seeking of high bonus or big leverage. Security is the main service that we all traders looking from a Forex broker.
     
  9. kupz

    kupz

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    the 1:3000 leverage is still unreasonable, even 1:1000 comes with certain conditions and for very small amounts. i trade 1:200 and its more than enough with hotforex
     
  10. priscaa

    priscaa

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    What you're saying is relative, I think even 1:1000 is still too much, that HotForex offeres a leverage of that size is not enough reason I would trade with them
     
  11. Gravelwood

    Gravelwood

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    The choice of broker to trade with will determine a great deal in your success as a trader. Ensure you go for a regulated broker with fair transaction costs, so that you don't lose your hard earned money to some greedy broker who will drain your account.
     
  12. Astirewien

    Astirewien

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    It's indeed very true that a broker's regulation standing does not guarantee you the best brokerage experience you can ever find. A broker could be regulated, but the transaction fees are too high that you don't stand to gain anything in the long run. Ensure you check all the services offered by a broker, transaction costs, types of accounts they offer and how they handle their clients.
     
  13. Tom Latham

    Tom Latham

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    But you have to consider that, non-regulated brokers don’t care about their promise; that’s the reality. Definitely, they will make problem when you are going to withdraw any big amount. So, what’s the benefit?
     
  14. chapinvestor

    chapinvestor

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    It goes for regulated brokers as well, the only thing we hear is them being fined, but we don't know if the traders cheated were compensated. I use Forexchief broker, it's regulated, but I chose them because if the great trading conditions.
     
    Last edited: Feb 27, 2019
  15. Lee Mark

    Lee Mark

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    Well; until you have a place to complain when you are working with a regulated broker.
     
  16. helodear123

    helodear123

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    There were many past examples of regulated brokers turning in to bad, so trust at your own self not at the broker. Withdraw your profits as they are realised and try to diversify your portfolio is my best suggestion to every trader.
     
  17. chapinvestor

    chapinvestor

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    Am sure there is room for changing a broker that has gone bad in the future. But most times the problem we have is just breach of contract and this can be discussed with the broker. I have never experienced any of such problems with Forexchief broker; they are committed to seeing that I enjoy trading on their platform.
     
    Last edited: Mar 21, 2019
  18. lioneld

    lioneld

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    If they are really regulated from authentic source, then definitely you can get your money back if they kill your profit or money.
     
  19. LorrainMor

    LorrainMor

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    A forex trader needs to be careful due to increasing number of fraud brokers. I have been working with a regulated broker ForexChief and it is ensuring me complete security for my capital. While in my 2 years passing with this broker, I never faced any significant problem regarding transaction and withdrawal of my capital. I am also enjoying narrowest spread, moderate leverage of 1:400, well-timed and best ever trade execution services through technically updated MT4 platform.
     
  20. Hoang

    Hoang

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    I don't have any issues with this broker. Their server is very good for API trading. Forexchief customer service is also very efficient.
     
  21. chapinvestor

    chapinvestor

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    This is something I value so much, always been able to contact your broker when you need them. It is something newbies should put to heart when choosing a broker.