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What to look for in an FX broker.

Discussion in 'Beginners Bootcamp' started by Carnesworth, Nov 24, 2016.

  1. Carnesworth

    Carnesworth Recruit

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    I've been looking around for a few FX brokers, I'm very new to trading, I've really only managed my SMSF. I just want to pick the brain of a few people who are using FX brokers currently, just wanting to know what to look out for and what to avoid.
     
  2. Pharaoh

    Pharaoh Colonel

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    Good regulation. A good history of reviews showing few complaints about withdrawal issues and a significant number of resolved complaints.

    Negatives would be any broker where someone drops into Beginners Bootcamp, not knowing what else you need for your style of trading, and makes a recommendation.

    Different traders have different needs. This will help you find a broker to fit your needs:

    How to Select a Forex Broker
     
  3. FxMaster

    FxMaster Lt. Colonel

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    Few steps
    Let me add few points...........

    Don’t start trading with real money. I mean first learn how to trade on demo till you get confidence on your self and then jump in to live trading.

    Never deposit big amount at start up, check the broker with small deposit.

    Always read reviews and complaints about the broker before you can open live account with them.

    Visit this thread to get more tips from traders.

    Best Of Luck :)
     
  4. holycow

    holycow Master Sergeant

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    In my opinion we need to trade with those brokers who have repute, else there are many examples in the past where many regulated brokers who eventually turned into scam. So we need to be very careful while going to any broker. I think forex peace army is also a good place to check user reviews about any broker.
     
  5. downtrend

    downtrend Sergeant

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    Regulation is the first thing to see, then you should look for a broker that is around from some 3 - 5 years time. Deposit and withdrawal time has to be quick as no trader wants to wait unnecessary for any delay in these things.
     
  6. MYFXPT

    MYFXPT Private

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    You are off to a flying start by asking questions at FPA. I've been at this since 2007, and still FPA is ALWAYS my first port of call when considering a new broker.
     
  7. downtrend

    downtrend Sergeant

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    You are right, the data base is huge and anyone looking for a good broker can get huge help from FPA.
     
  8. Phil34

    Phil34 Recruit

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    Good reputation, first and foremost. FPA is the best source to check truthful and unbiased comments by real users. ll Platforms, spreads and trading condiditons are other important factors to consider.
     
  9. alextrader79

    alextrader79 Suspicious Person

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    Everything in a complex and pay attention at how they speak to you. If they claim you just need to invest in them, don't trust. Too much people were influenced, gave away their funds and a company just disappeared
     
  10. bigdolly

    bigdolly Sergeant Major

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    Review websites can be easily manipulated. I wish FPA introduces a verification feature where a trader should provide proofs, like screenshot of trading account or withdrawal screenshot. Would be much worthy I guess
     

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