Forex Brokers- How do I Find The Right One?

[RusefTrader]

Points to evaluate:

Low Spreads - The spread, calculated in "pips", is the difference between the price at which a currency can be purchased and the price at which it can be sold at any given point in time. You should know that Forex brokers don't charge a commission, so this difference is how they make money. In comparing various brokers, you will find that the difference in spreads in Forex is as large a spread as you would find in the stock market.

To keep more of your profits keep the spread lower.

Quality Institution - Forex brokers are usually tied to large banks or lending institutions because of the large amounts of capital required. Forex brokers should be registered with the Futures Commission Merchant (FCM) and regulated by the Commodity Futures Trading Commission (CFTC). You will find this important information on the website of its parent company.

Make sure your broker is backed by a well known and stable institution.

Tools and Research - Forex brokers offer a multitude of trading platforms for their clients. Before committing to your chosen broker, be sure to request free trials to test different trading platforms.

Find a broker who will give you the correct tools you need to succeed!

Questions to ask your prospective broker:

What are the normal spreads?

Are the spreads fixed or do they vary?

Do the spreads differ depending on ticket size?

Do all clients on your platform get the same spreads?

Some types of transactions

Margin Trading
Margin means borrowing money from a broker to buy a stock, or commodity, or currency pair and using the investment as collateral. It is, to all intents and purposes, a performance bond in cash or another means of security deposited by a trader.

Barriers
This is a standard option that automatically cancels out if spot trades through a prearranged knock-out level. This level is set below the initial spot for a call option, and above spot for a put.

Reversals
Reversals are primarily a Floor Trader strategy used to capitalize on minor price discrepancies between calls and puts. As implied by its name, reversals are the exact opposites of conversions.

Types of brokers

Market Operators

This most reliable group includes big commercial banks which are regulated according to bank laws and rules. If you elect to deal with such banks you will need large amounts of money to start. Minimal lot is approximately $1, 000, 000.

Market-makers

Market makers are financial which work with smaller broker companies and offer probable opportunities of Forex trading to individuals whose trading capitals exceed $50,000. They offer lower cost of Forex market trading. The minimal size of the bill is $50,000.

Small brokers

Smaller brokers working with individuals' small capital - which ranges from hundreds up to several thousand dollars. Risks of carrying out of deals begin when these little broker enterprises clear orders of their clients and work with the dealer or a market-maker.

Kitchens

The scheme of "kitchen" works fine if somebody doesn't start to win all the time. Their founders know that many clients just lose their money. And the profit of "kitchen" is these clients' losses. Then "kitchen" is closed with the remnants of clients' money and about two months later appear under other name. The scheme usually works like that. They offer to teach you for free and to learn how to trade in Forex market. Be aware that anytime money is involved, some one will try to help themselves to it.

 

[Anne Morris]

It is extremely crucial that we join broker that is proven one, but the problem is most people go with broker which got freebies. It just leads one to nowhere. I go with OctaFX which is a proven one, but fortunately there is good level of benefits. I love the lowest possible spreads here that starts from 0.1 pips for all major pairs while there is smooth trading platform in cTrader. I just enjoy this and help me out in major way.

[Anthony Evans]

You can only find the right broker for you if you take into consideration your trading style. For me, the best broker would be one that offers fast execution of orders, tight spreads, and convenient trading time since I am a frequent trader. I found all of these through Trade12's ECN broker. Every trader has a specific set of qualities that they need to look for in a broker depending on their trading preferences.

[bearhugs]

There is no perfect broker in market, every broker has something which we want and the other things which we do not want. We can not find everything in one broker. So we have to find broker which is good accoridng our knowledge and strategy.

[aliforex]

There is no perfect broker in market, every broker has something which we want and the other things which we do not want. We can not find everything in one broker. So we have to find broker which is good accoridng our knowledge and strategy.

All brokers have advantages and kelamahan respectively and traders must be able to understand it well so we can run it well, because basically many brokers who do cheating, so stay careful of abal brokers abal

[bearhugs]

Agree, every broker has different advantages with their drawback. So find the one which can work for you and your strategy. Do not depend on others opinion about the broker. Because you are going to work in this market, not they.

[Dion Ebrahim]

See, it’s not tough to pick right broker, it’s all about using our brains and having awareness that a quality broker is one who have regulation and reputation, it’s irrelevant to have tons of promotions and such offering, as having security is more crucial aspect. This is exactly why I go with OctaFX who are regulated by FCA and have monstrous setting from low spreads to fast execution and even 50% deposit bonus that’s usable without having any sort of complicated policy.

[bearhugs]

Right, it is a not difficult task to find right broker for your trading. if you learn the Forex well from begin to end and then try your luck with a market, you will get an idea what kind of broker you want for your work of trading.

[Dion Ebrahim]

The easiest way to find right broker is through locating regulation of the broker, it is without any question the most important aspect and thing to look for. I have found my broker OctaFX through this way only, as they are regulated by FCA and have superb reputation winning 21+ awards that include Best International Broker, Best ECN broker and many such awards, so it’s pleasing to work with such broker and feels comfortable with things and enhances our chance to great levels.

[bearhugs]

The easiest way to find right broker is through locating regulation of the broker, it is without any question the most important aspect and thing to look for. I have found my broker OctaFX through this way only, as they are regulated by FCA and have superb reputation winning 21+ awards that include Best International Broker, Best ECN broker and many such awards, so it’s pleasing to work with such broker and feels comfortable with things and enhances our chance to great levels.

Right, regulation of any broker can make you a good choice for trader. But it does not the only thing that we should look for a broker. What the broker is offering is also important.

[francmorio]

The easiest way to get the broker is to look for brokers that are regulated and have the best spreads. From my experince the following brokers are a bit better and can be tried, but first use them on demo, then if you see they are good you can then their real accounts

1: FXCM

2: FreshForex

3: Oanda

[yasrielkarunia]

The easiest way to get the broker is to look for brokers that are regulated and have the best spreads. From my experince the following brokers are a bit better and can be tried, but first use them on demo, then if you see they are good you can then their real accounts

1: FXCM

2: FreshForex

3: Oanda

it is true but I suggest also to find a broker, look for a trusted broker like FXB Trading because there are many professional and trusted brokers

[bearhugs]

There are so many suggestions for a best broker in every post. I would like to have some experience review about this brokers so that I can have an idea about who is good and who is not for our investment.

[francmorio]

Its not difficult to decide which broker is the best to trade with, choosing a good broker depends with your considerations.For me I feel comfortable working with a broker who has good scalping strategies such as no charges for conducting a transaction and is very fast at processing withdrawal or deposit. and Freshforex  is that broker for me.

[francmorio]

it is true but I suggest also to find a broker, look for a trusted broker like FXB Trading because there are many professional and trusted brokers

You're right, the problem is that regulation is not the only thing one should look for, Brokers such as instaforex are said to be regulated but they are still found in the instances where they have scammed their clients. So regulation is relative.

[Gee Dee]

Forex broker selection has now become a million dollar task. Thousands of online brokerage houses but very few of them are trustworthy. For appropriate broker selection a trader should go for regulations, experience and of course flexible trading services.

I have selected ForexChief a licensed broker because it is providing me all in  a combination; it is offering me regulations; safety of funds; lowest zero spread; 1:400 good leverage; mobile and tablet trading; MT4 platform with a complete package of expert supervision on 24/5 basis.

 

[Michael Butcher]

That's important to study the broker you want to work with. When I was looking for the right broker I found the site Finarm, which helped me to choose the right broker. I can recommend you to visit it. You can study a lot of info about broker and choose the right one:) 

[Vaabum]

Now the choice of companies for work allows you to choose the most suitable option, the main thing is to select and check correctly.

[gds221]

In general, I prefer to look for the most reliable broker to work with. In my opinion, this is now the most requested feature for a broker.

[Thorgagar]

Determine for yourself in which direction you want to trade, study all the conditions and offers from the broker, compare several and choose the one that suits you best.

[FXOpen Trader]

On 5/23/2021 at 12:16 PM, Thorgagar said:

Determine for yourself in which direction you want to trade, study all the conditions and offers from the broker, compare several and choose the one that suits you best.

I am trading in the Forex markets with the help of t he International Forex Broker FXOpen

They have Lower Spreads in the GOLD and the Forex Pairs with USD

See the screenshots

[gds221]

It should be understood that now there are quite a few offers from different companies, and finding a worthy offer is far from being as easy as we would like.

[Gidencenti]

if you have already worked with some options, then compare them and determine for yourself what you want in the broker, and then look for it

[clerk]

I searched for a long time and found the best broker for myself, ask in a personal message

[FXOpen Trader]

23 hours ago, clerk said:

I searched for a long time and found the best broker for myself, ask in a personal message

For me trading in the Forex markets means trading with the help of a ECN Forex Broker and this is the reason why i choose to do my trades with FXOpen