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How to Choose a Forex Broker

Discussion in 'Beginners Bootcamp' started by uninnova, May 6, 2009.

  1. uninnova

    uninnova Recruit

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    Choosing a good forex broker is one of the most important decisions you need to make at the beginning (or at any point) of your forex trading career. Do not take this decision lightly, but at the same time don’t stress over it – the process does not need to be complicated – just like in your trading decisions, once you do your homework, things tend to fall into place...

    ( continue on How to Choose a Forex Broker - My articles - About Forex - Forex - market )
     
  2. finvik

    finvik Private

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    If you want to choose a good broker then there are so many things you have to keep in your mind.
    When choosing a forex broker there are many factors to take into account.
    - Trust
    - Experience
    - References from past clients
    - Level of success
    - Amount of advice to be given
    - Convenience
    - Amount of margin offered
    - Speed
    All of the above are of course important. In any financial transaction it is important to trust the broker you work with. This trust is garnered by the experience level the broker has. Of course there are some new brokers starting out who are quite trustworthy, but most people would rather work with an experienced broker. For that reason most new brokers attach themselves to a firm where they can be mentored and gain experience.
     
  3. Pharaoh

    Pharaoh Colonel

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  4. finvik

    finvik Private

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  5. TheMan

    TheMan Private, 1st Class

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    Need advice on selecting forex broker here locally.

    I'm currently in Manila, Philippines, and need advice and recommendations on where I can open a forex trading account here. Of course it has to be a legit reputable company.

    Opening an account in another country where I am not in now sounds screwy, since if I get problems with that company, it seems it would be difficult to resolve it without going there and dealing with it in person. Any insights on this will be great.
     
  6. finvik

    finvik Private

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    First of all, it’’s important to know if your broker is on the up and up. Like any business, there are good brokers and not so good brokers. When investing your precious funds, a little homework is in order to make sure you can trade with confidence.
    – A good broker will not ask you to hand over thousands of dollars upfront as a deposit, so beware! A reasonable deposit is $300-$500.
    – Find out if your broker is willing to let you start trading with micro lots. Even investors who have a lot of money to trade with will want to practice over and over with pretend funds and then start small. Not all brokers are willing to help beginners learn by using lesser amounts of cash.
    – Like choosing a real estate agent or any other professional, a good reputation is vital. You should take the time to insert your broker’’s name into a search engine along with the word “complaints.” No matter what glorious promises a broker makes to get your business, word of mouth is the most reliable source of performance

    visit Forex Secrets eBook to know more... i hope this will help you more!
     
  7. Nancy Cheah

    Nancy Cheah Sergeant

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    As for me, I still that the best is when you're able to visit them and talk to them personally.

    When I initiated mine, I visited them together with some local officers.

    Regards.
     
    #7 Nancy Cheah, Jun 1, 2009
    Last edited: Sep 5, 2011
  8. lancehibner

    lancehibner Recruit

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    Wall Street saying "A broker will only make you broker." For the new forex investor to check out the broker thoroughly. One of the best ways to do so is to check if the broker is registered by the National Futures Association (NFA). Here you can find out about the firm, its main principals, and about any regulatory actions against the firm and their resolutions. It is highly recommended that you do not do any business with any broker who is not a member of the NFA. Otherwise, it would be difficult to check the background of the broker, and little you could do if the broker turned out to be less than honest.
     
    #8 lancehibner, Jun 2, 2009
    Last edited: Jun 2, 2009
  9. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    Choosing a broker, it should be registered to NFA.
     
  10. avaya1386

    avaya1386 Recruit

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