Thread: Choosing The Right Forex Broker

The first and most important step you will take as a Forex trader is choosing a broker. Forex brokers come in all different styles, types and qualities. Some are very user friendly, with easy to use platforms, instant, hassle free ****ution and excellent customer service, while others will take your initial in the blink of an eye. It's so important to choose the right broker because you want to be able to focus on trading and let the broker handle the all the other aspects of Forex.

These 5 things to look for will help you find the best Forex broker, the one that's right for you.

1.) Minimum Deposits

As an expert trader, the first thing I look for in a broker is always the minimum deposit. Those offering mini accounts, with a minimum deposit of $25, are generally great for more inexperience, possibly new traders. Those which offer higher minimum deposits are generally geared from more professional, experienced traders who are ready to risk more money trading currencies. While this isn't an indication of whether or not it's a quality broker, it surely tells you the type you're dealing with.

As a newer trader, a mini account with a small initial deposit is a great choice. If you're an expert trader, choosing a broker with an advanced platform geared towards experienced traders may be the best option.

2.) Customer Reviews

Independent reviews and testimony's are very important because they show you the types of experiences real people have had with a specific brokerage. When looking for reviews, remember that people are more likely to post if their experience has been negative and reviews on a broker's own website will always be positive, so I wouldn't even take those into account as they are usually biased.

3.) 24/7 Customer Service

Customer care is extremely important to me! If you're having trouble with ****ution, using the platform or making deposits & withdrawals, it really helps to have understanding, knowledgeable & caring customer service agents on your site 24 hours a day. Talking to a real person about a question or problem is so much easier and more convenient than reading an FAQ page. You deserve a broker with 24/7 service, after all, it's your money!

4.) Other Services Offered

Check for market news feeds, commodity trading or other currency pairs besides the majors that are offered by all brokers. These types of services may not seem like a big deal now, but once you're making money and gaining experience, you may be interested in them later.

It's also important to note that a broker which offers more services generally has more financial backup, meaning the chances of it going under with your money are very small.

5.) Trying A Demo Account

Always trade on a demo account before choosing a broker. A demo will let you try the platform, test the ****ution, customer service and news feeds which are all vital parts of your trading experience. Demo account should be free and you can try as many as you like before actually making a deposit.

Spread: The most important factor to select any broker is the spread. The smaller the spread on currency pairs would be the favorable conditions for traders and investors.

Effecting platform: This means how quickly and consistently the trades are ****uted.

Does it have the facility of fractional trading: Some brokers allow investors to trade on a fractional basis? This facility is very helpful when you are making trades that risk a certain percentage of the balance on each trade.

Fund safety: It is the most important factor that the funds placed in a account are insured for safety.

I agree with all the above factors. Well the thing i consider the factor in finding a good Forex broker is the margin of return that is offered. A Forex trading margin used to influence your money and many Forex brokers offer different margins. Finding a Forex broker, who gives a margin of ten to one isn’t a very good find so it’s worth the time to reinvest in research. Remember that this industry is all about customer service and catering to the clients so if your prospective Forex broker doesn’t return your calls within a reasonable time frame it would be advisable to keep searching.

I used to have an account with 24 option but the returns weren’t great, after giving trading a go myself i found i did better than they were doing! I then opened up an account with CToption, i see great returns weekly and they keep me in the loop updating me frequently. https://ctoption.com/

There is no question that choosing right broker is just priceless and helps us in every way, if we want to be successful in this field in long term then we got to make sure we work with right company and only then we will be able to perform according to our ability and regularly grow, but if we are stuck with ordinary or wrong company then even one with ability will suffer badly. I am so lucky that I am with one of the finest brokerage houses in the world and that’s OctaFX, it’s regulated plus have won 14 awards in just 4 years and that includes been the best ECN as well, so that’s why working with them is just so good and helps in every way.

Selection of a good broker is so important and can make a massive difference, so that’s why we got to make sure we do go with right broker. I am already pretty much satisfied and happy with my broker ForexMart given they are regulated from CySEC, it makes me relaxed and comfortable with everything and that itself is a major boost to my trading.

choosing the right broker will help us to be trading comfortably. Convenience is important in forex trading and therefore, we need to be able to test out the broker that we will use for trading and therefore will get the right broker. We can test the first broker that we will use for trading and therefore we will actually get the right broker

Originally Posted by gaban

choosing the right broker will help us to be trading comfortably. Convenience is important in forex trading and therefore, we need to be able to test out the broker that we will use for trading and therefore will get the right broker. We can test the first broker that we will use for trading and therefore we will actually get the right broker

Choosing right broker will help us to get convenience when trading. We need to use demo account first to test. Or if it's possible, and broker provide no deposit, we can try to use it.

I like the simplicity and accessibility of all service in CMtrading (https://www.cmtrading.com/)- there are no barriers to normal human trade. The client cabinet and registration - a very simple, withdrawal of money without any problems (I would say - quite simple, if you have money on account) and most importantly - very quickly. I must and recommended broker to all. Thanks

Choosing the right broker is absolutely crucial, it’s very important that we go with proper research, as ultimately it’s all about figuring out the right company and that often creates issue for us, but it’s not anything impossible especially if we give some time to it. I too had trouble figuring out right broker, but eventually I figured out OctaFX which is a really marvelous broker to be working with. They are regulated plus a worldwide recognized company winning over 14 awards in just 4 years, it’s really extra-ordinary achievements, so trading with such company is just awesome and makes me feel extremely proud and comfortable with things, it’s what allows me to perform well and achieve profits regularly without much trouble at all.