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How to Choose a Broker?

Choosing a broker for your your trading is a critical decision especially when there is a great deal of fraud in the Forex market.
Your choice can affect the safety of your fund, the performance and hence the outcome of your trading, the ease of depositing and withdrawing of your money, and the responsiveness of customer support to your queries.

So how does one go about choosing the right Forex broker?


Well it is not that difficult if you will to follow these steps:

  1. Determine your needs

  2. Research the brokers

  3. Compare with practice accounts

  4. Fund your live account

1. Determine your needs
The brokers that you want to shortlist are the ones that meets all if not most of your needs.
Here are some of the more important criteria for choosing a broker:

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The safety of your fund.

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That you are dealing on a level playing field.

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That you can get the best price the markets have to offer at any given time.

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The cost you pay for your transactions.

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The availability and the ease of automated trading.

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The availability of currency pairs that you will be trading.

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Your trading style such as scalping and hedging?

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The quality of customer support and the availability of other services such as mobile platform for trading etc.

2. Research the brokers
The word of mouth recommendations from trusted sources are good starting points for short-listing your brokers.
The next best source for your research must be the internet. Just be careful of the reviews of brokers posted online and don't believe them until they can be verified.
You can also get a good feel of the quality of the brokers by visiting their corporate websites.
One tell-tale sign of questionable brokers is the non-existence of or the lack of information on their ownership and management team.

The other answers you should get from your short-listed brokers are:

bullet

Are they registered with the necessary regulatory bodies? Are the clients' funds segregated? If so, are the segregated funds independently administered by a 3rd party who can monitor the flow of funds in and out of the company? A segregated account is not safe if the fund is not protected from manipulation by the management.

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Does the broker has a dealing desk and hence a market maker who will trade against its clients? It is like playing poker with your cards opened when you trade with a non straight-thru processing broker.

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Who are the liquidity suppliers? What are the slippages? Is the price you see the price you can execute on? How often do the prices re-quote during normal market volatility?

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Does the broker charges a commission and if it offers fixed, variable spreads and rollover interest? More importantly, what is the quality of the price feed and are the prices executable?

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Is the trading platform popular and well supported by a large user community? If you trade with robots, does the broker's trading platform support them?

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Are the currency pairs available for your trading. What are their spreads and leverages?

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Are you allowed to do scalping and hedging? Is so, is there any restriction for your live trading?

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What type of customer supports are available and their response time?

3. Compare with practice accounts
Once you have short-listed 2 or more brokers that fit most of your criteria, you should open practice accounts with them for further evaluations.
It is common knowledge that most brokers use different servers for their practice and live feeds. Hence, a difference in speed of execution, slippage, and platform reliability should be taken into consideration.
It would be another plus if the broker offers the same price feeds to both its practice and live account users.
Do extensive back testing and forward testing on these practice accounts and decide on the best broker based on the evaluations of their reliability, response time, customer support and trading results using the same trading plan etc.

4. Fund your live account
When you have decided on the broker. you can then open a live account and start off small to test the water in the live environment. Compare the price feeds of both your practice and live accounts. Try to make some fund withdrawals.
If your broker offers rebates, then it is to your advantage to become its IB or Affiliate to lower the costs of your trading. You will also earn residual income for promoting the business.

Only then will you be able to confirm if you have made the right choice.

I can sleep well when I trade with a No Dealing Desk broker like . So can you.

 

Can you trust your Forex broker


Partner FXPrimus

FXPRIMUS wins award for Most Trusted Broker at MENA 2015 Forex Expo, Dubai.

Why just trade when you can also earn residual income and rebates for your trading?

Increasing number of Individuals, Corporate Traders, Money Managers and Website Owners have already opted to become our traders and our partners in this $5 trillion daily turnover Forex market. 
As an individual retail trader at FXPRIMUS, you experience a level of fund safety, trade execution and service quality that is normally reserved only for large, institutional investors.

We welcome you to now to enjoy the same advantages as the institutional traders and expand your income potential while offering your referred clients one of the highest available level of service and support.
Please ascertain your eligibility in your application and that the Referral ID is 374 during your signup. Thank you.

Automate your Profitable Trading for FREE?

Would you like to trade with your very own EA?
We have helped several of our traders to become more productive by automating their profitable trading rules for FREE.

Free Video Training and Tutorials

Simply open a free Practice account or Live account and get free access to more than 40 video tutorials for beginners and advanced traders.

Sign up for a Live Account and have it funded...

OR Begin with a FREE Practice Account Today

and it would be our pleasure to share knowledge and tips on trading and automation with you. We are successful only if we can help you to succeed in your trading.

Unlock the business potentials of online trading today!

   

Consume, Share and Get Paid with Atomy

Get S$45 off your first room booking
Withdraw cash without
an ATM

Image result for skrill debit card

Earn up to �100 for each friend you invite to Skrill.

Get $25 when you sign up @Payoneer with my link. Available to over 200 countries worldwide!

The Future Currency...

Cost-effective and user-friendly phone apps for the frequent travelers

Online Shopping for Hot Deals and Best Sellers

No office, no boss.
Make money with your own or rental car

Claim a FREE Ride with Uber

We want to give you S$10!
Sign up now and start shopping at HonestBee.

Everything you need to sell tickets and manage registration for any kind of event

Refer Friends,Get RoboForm Everywhere Free

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