Choosing a Right Forex broker

[Hoosegow]

As a broker will be an important decision, take time to make your decision. The first one you find may not be the best one for you. Rather trade with a few of them to compare their features and how well they fit your trading needs.

 

[Hobbledehoy]

It’s best to do your own research. We are different human beings, mate. Our choices can’t be the same. You may not like using high leverage if I do. I may not like fixed spreads if you do.

 

[Xylophone]

The process of choosing a right broker can be made easier by understanding which are important features for yourself. As for me, I can’t compromise lower costs for any bells and whistles so I look into that only. Even rn I am using AAAFx, they don’t offer attractive features like no deposit bonus and all but that’s fine because I don’t bother about that. Fast order execution and tight spreads are what matter to me and as long as I’m getting those I’m fine.

 

[FXOpen Trader]

The process of choosing a right broker can be made easier by understanding which are important features for yourself. As for me, I can’t compromise lower costs for any bells and whistles so I look into that only. Even rn I am using AAAFx, they don’t offer attractive features like no deposit bonus and all but that’s fine because I don’t bother about that. Fast order execution and tight spreads are what matter to me and as long as I’m getting those I’m fine.

I have been doing my Forex trading from the last 10 Years with the International and Reputed Forex Broker FXOpen Markets
They are a True ECN Forex Brokers.

 

[jaspermillard]

A broker that offers tight spreads, high leverage, fast trade execution speed and seamless withdrawals is good to trade with. Rest depends upon the traders as some may have their specific requirements, but they would also agree on seeing the aforementioned features in their brokers.

 

[abrahampadilla]

Everybody has his/her own way of seeing things, so that means, there is no standard criteria for choosing a broker. It depends upon the requirements of the traders, their trading style and experience.

 

[adrienneadams]

Don’t know about others, but I chose my broker after checking a few things: transparent pricing, withdrawal modes, withdrawal speed and extra charges. I don’t like paying charges in the form of transaction fees, inactivity fees, etc., so I made sure that I choose a broker that doesn’t levy such charges.

 

[miriamgriffin]

Reputation is of paramount importance imo because no one would want to risk his money trading with a broker with a bad reputation. A well-reputed broker is one that traders should opt for.

 

[adamartin]

Finding the right broker requires a lot of research, comparison and personal testing. Sometimes, we tend to focus on surface level features and tick the brokers who claim to offer low costs, ECN executions, fast withdrawals etc but I think you can only fully understand whether or not the broker is right for you when you actually trade with them (not on a demo account but live account). This is why it’s very important to not deposit huge amounts with the broker unless you are completely satisfied. This is where low deposit brokers like Fxview, XM, Hotforex are helpful.

 

[zoe]

Finding the right broker requires a lot of research, comparison and personal testing. Sometimes, we tend to focus on surface level features and tick the brokers who claim to offer low costs, ECN executions, fast withdrawals etc but I think you can only fully understand whether or not the broker is right for you when you actually trade with them (not on a demo account but live account). This is why it’s very important to not deposit huge amounts with the broker unless you are completely satisfied. This is where low deposit brokers like Fxview, XM, Hotforex are helpful.

I totally agree with this, you cannot fully see the true nature of the broker unless you have your funds with them. So it's important to start small and monitor them, then gradually increase your funds based on what you have seen. Great list you have mentioned, I especially had XM, Hotforex and Forexchief on my list while deciding which to trade with.
I chose Forechief at the long run because there was no hidden charges and their commission was low, that was really important for me because I don't want any other surprises in the form of reduction with my funds.

 

[zoe]

It’s not easy to find the right forex broker especially when all of them are advertising to be the best one for you. To avoid confusion, know what you want like no re-quotes, great customer support, and easy transactions.

You are absolutely right, so many professing to be the best. Great care is needed indeed. Aside a broker being regulated I would pick two things from what you said;
"Great customer support": This can be very timely because occasionally you would need assistance, most times pressing needs requiring urgency and boom your brokers support is nowhere to be found. This can be depressing.
"Easy Transactions": which definitely includes withdrawal and deposits, especially withdrawal. Nothing hurts more than not being able to withdraw your profits or funds.
These are very important factors to consider before choosing any broker even while they are regulated. I can honestly say that these are features that endeared me more to Forex Chief as the months and years past, they do so well in these areas.

 

[Piccadilly]

You will find many brokers that claim to offer tight spreads, low commissions, and fast order executions. But you will be on a plus if your broker offers education material and economic calendar. As trading requires ongoing education and knowledge of the market, getting your requirements fulfilled by your broker is a blessing.

 

[Subduplicate]

Good trading conditions are a reason for winning trades for many traders and similarly, bad trading conditions make you vulnerable to unnecessary market risks. Consider the trading conditions offered before you take a big risk.

 

[Disponge]

A safe and secure trading environment is a must when you trade. It’s obvious that losing is a part of the trading market. But losing your money before trading is disheartening and not something you would want.

 

[Pinchbeck]

You can anytime have to go through deposit/withdrawal concerns, technical issues, etc. For this, you need a broker that offers friendly and responsive customer support service at all times.

 

[Gargoyle]

Reputation is of paramount importance imo because no one would want to risk his money trading with a broker with a bad reputation. A well-reputed broker is one that traders should opt for.

You’re right, this is the reason I chose turnkey forex, a broker with a good reputation and solid trading conditions.

 

[Suzzaine89]

I have to say that fxview and pepperstone are a must if you are looking for a good ecn broker. Their trading conditions are favorable, at least good for my trading.

 

[Davidfx89]

the right broker is a broker who always security of funds with a wide range of trading technologies.

 

[Drizzle]

I have to say that fxview and pepperstone are a must if you are looking for a good ecn broker. Their trading conditions are favorable, at least good for my trading.

Could you specify their pros and cons for my clear understanding as I am thinking of switching my broker.

 

[Feticide]

Could you specify their pros and cons for my clear understanding as I am thinking of switching my broker.

The pros with both these brokers are ofcourse low minimum deposits, low commissions, tight spreads, multiple withdrawal options etc. There is only one con, if you are looking for high leverage then pepperstone may not be the right choice for you since their highest leverage is 30:1. On the other hand, Fxview offers dynamic leverage which is highest for major pairs i.e. 500:1 but as the lot size increases, access to leverage decreases.