1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

New Broker

Discussion in 'General Forex Talk' started by troy12, Mar 3, 2011.

  1. troy12

    troy12 Recruit

    Joined:
    Mar 3, 2011
    Messages:
    1
    Likes Received:
    0
    I have been brought on as a consultant to a new STP broker out of Hong Kong. Having been in the business for 8 years myself I have some new ideas that I would like this group to use, but I wanted to hear from you. If you were starting your perfect borker what would you or wouldnt you want them to do?
     
  2. John Bozeman

    John Bozeman Private

    Joined:
    Dec 15, 2010
    Messages:
    26
    Likes Received:
    0
    Low, fixed spreads with stops that aren't hunted. Traders want a fair game.
     
  3. RahmanSL

    RahmanSL Major

    Joined:
    Jan 16, 2010
    Messages:
    2,526
    Likes Received:
    218
    Perfect Broker???? : )…that’s easy! That would be a broker who will not scam me and also will let me win ALL the time by removing all bad trades and replacing them with winning ones : )

    The above wishful thinking aside, well, top of the list would be:

    1) 100% trustworthy and will never, ever scam their client.
    2) Highly stable and easy to use Trading Platform which can be connected relatively easily even with slower internet access like Broadband.
    3) The tightest spread possible, but without making it so ridiculous that the Broker cannot possibly make money from the spread and have to scam clients to get profits.
    4) Fast, easy, and least expensive way to deposit & withdraw money.
    5) Excellent and knowledgeable support service people…but who don’t pester client and potential client with unsolicited telephone calls.

    Of course, the list can be extensive, but the single most important criteria is that the Broker must be 100% trustworthy and plan to be in the business for a longx10 time.
     
    #3 RahmanSL, Mar 3, 2011
    Last edited: Mar 3, 2011
  4. John Bozeman

    John Bozeman Private

    Joined:
    Dec 15, 2010
    Messages:
    26
    Likes Received:
    0
    Oh, and have stops/limits stored on your server, not just assume we like keeping our platform running 24/7.
     
  5. Albert.b

    Albert.b Sergeant

    Joined:
    Jan 7, 2011
    Messages:
    154
    Likes Received:
    0
    Must be regulated by a stable government, such as the UK or USA, not an off shore island!

    Most important of all, they always process their client's withdrawal requests in a timely manner!

    At the end of the day, pips, spreads, profits etc, don't matter a toss, if you can't get your hands on your winnings!
     
  6. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,685
    Likes Received:
    2,230
    Adopt one of the better regs out of the NFA as policy. The brokerage has a VERY limited time to cancel profitable trades based on incorrect prices. This means none of the usual tricks of waiting weeks or months and then claiming arbitrage, bad data, etc.
     

Share This Page