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Broker - how to select?

Discussion in 'Forex' started by Joe Hoover, Jun 24, 2018.

  1. Joe Hoover

    Joe Hoover Registered

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    For the right selection of a forex broker a trader has to analyze all essential factors. Spread, leverage, trading platform, regulations, etc. all are various essential factors that a trader should think while selecting a broker. And I have chosen ForexChief as this regulated broker is providing me lowest zero spread, leverage of 1:400, safety of funds, re-quote and slippage free timely trade executions with all 24 hours trading facilities.
     
  2. HermanFxTrader

    HermanFxTrader Registered

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    I have used Alpari in the past, and now FreshForex. Alpari was good although spreads get expensive even during normal market conditions. It was just too much I had to look for another broker, and then a friend recommended FreshForex to me.
     
  3. Andy

    Andy Registered

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    It definitely depends on many variables, from your location, trading style, goals etc.

    I used to use Alpari and Oanda when I was focussing on swing trading but moved over to ICMarkets for my intra/scalps due to the lower spreads and competitive commission.
     
  4. Diane Abbott

    Diane Abbott Registered

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    I also trade with Freshforex, so really good to hear that. It is to me an ideal broker to work with for anyone, especially if you are just starting up your career. As bonuses, trading platform and more, it’s all SERIOUSLY careful for one to join under.
     
  5. moneybaggy

    moneybaggy Registered

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    Alpari does not have low spreads. Oanda does, but there are many other brokers with lower spreads than what they offer. I prefer Oanda event though I don't trade with them anymore.
     
  6. nathanigran

    nathanigran Registered

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    I'll go with Forexchief for low spreads; I think it is lower than what those brokers offer.
     
  7. moneybaggy

    moneybaggy Registered

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    Their spreads are low, and there are a few brokers who offer that same low spreads. Spread offering is becoming competitive for these brokers. I do like Forexchief though; it is a friendly broker.
     
  8. WaynDavid

    WaynDavid Registered

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    For me, I would say I go a little further with the factors I consider.
    I look at reviews from those who have traded with them, even though some of these are foiled of truth, but i definitely get a closure from it. One of the major reasons am on forums like this.
    Another important factor I consider is speed, speed is what the market stands for and anything less can mean great lose for you.
     
  9. WaynDavid

    WaynDavid Registered

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    I am sure it is. the broker has a good and fast mt5 server
     
  10. Famery

    Famery Registered

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    It is very important to choose a Forex broker, here are some ways to choose a reliable broker:
    1. The broker should be regulated:- That’s the best way to check broker is regulated or not and check license number.2. The broker should be reliable.3. Broker support:- check broker customer support4. Broker ticket system:- check broker ticket system5. Broker offer:- check broker offer and bonus point6. Broker payment:- check broker payment gateway.

    regulated forex brokers
     
  11. WaynDavid

    WaynDavid Registered

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    I think the first thing we should look at before we finally decide which we trade with is looking through the terms and conditions of the broker we are considering. This is very imperative, as it will reveal a lot about the broker and other things we might not readily see on the surface.
     
  12. bluemac

    bluemac Registered

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    Always start with some research, shortlist some reputed brokers and trade their demo accounts to further shortlist the right broker. Once the broker is finalized always start with small amounts to further test their processes like withdrawals etc.
     
  13. Fredrick

    Fredrick Registered

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    Heard they are well respected, and something I have noticed about those who trade there say is that; there are no unexpected fees – only full calculation transparency.
    If this is true then it's not a bad choice because transparency is one major factor to look at in a broker. Wish you guys well!
     
  14. WaynDavid

    WaynDavid Registered

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    I could not agree more, transparency is one vital factor to consider when choosing a broker. I think with most brokers, there is always more to what you see on their sites.
    Always check and ask before you decide.
     
  15. Fredrick

    Fredrick Registered

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    True, but I don't think they are entirely hidden though. These are lying around somewhere within the sites, or you could just simply ask them direct.
     
  16. bluemac

    bluemac Registered

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    I guess those who shortlist brokers and do some research are able to get these hidden points as well, moreover when you start trading their demo you can easily test the systems offered by these brokers imo!
     
  17. Fredrick

    Fredrick Registered

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    This is true, so it's essential we demo trade with any broker we choose as this will give us a closure to what the broker has to offer even if it's not 100% similar to what they offer on real account. Also the mention of Forexchief reminds me of their $100 no deposit bonus. You can use that to see what their platform has to offer while using a real account.
     
    Last edited: Jan 22, 2019
  18. WaynDavid

    WaynDavid Registered

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    Many are of the opinion that demo dosen't reveal much about what the broker has to offer. But I say it does, it gives you an edge to what they are.
     
  19. moneybaggy

    moneybaggy Registered

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    That's not the point Wayn, it's true demo gives you closure to what they have to offer, but it cannot be exact. There are definitely some differences when you start trading real account, even if it's small.
     
  20. WaynDavid

    WaynDavid Registered

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    I agree with these differences, but it doesn't mean demo is not helpful. Because it is posts like these that newbies see and they skip demo practice and end up bad.
     
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