How to select forex broker?

I want to know what things are necessary to check before going to open an account with Forex broker? Please also suggest me some good forex broker.

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  • David
    Lv 7
    9 years ago
    Favourite answer

    Here's a good article of things to consider when considering a forex broker.

    http://www.forexf1.com/forex-broker-comparison.php

    Comparison of Forex brokers

    http://www.forexbrokercomparisons.com/

    http://www.goforex.net/forex-broker-comparison.htm

    http://www.forex-learning-site.com/forex-broker-co...

    Just type "forex broker comparison" into Google and you'll get lots of answers.

  • 5 years ago

    Why do you care if your broker makes his money from your losses? Honestly, if you want to make a trade and the only person who wants to take the other side of the trade is your broker then he has done you a favor by providing you the liquidity that you wanted. If you make a bad trade and he wins, oh well, you initiated the trade. I think you should realize that FX is a zero-sum game - you only make money by being better at it than someone else (this is not true for stocks, bonds, real estate, money markets, etc). By asking a question like this, it's really clear that you are an utter noob at investments and finance. Want to play FX against big hedge funds loaded with Ph.D.'s, programmers, wildly fast connections, multiple brokers, expensive data, mathematical models, years of experience. You may beat them. You might also be able to school LeBron at some 1 on 1. I doubt it though.. Forex is just a complete rip-off for amateur investors. Total annihilation scam. I've been at those hedge funds making money from FX and there is no way small investors can compete with them. No chance. No way. Never happen.

  • Anonymous
    9 years ago

    Hi,

    To choose a forex broker you have to take into consideration the following:

    * No conflict of interests - no trading against their clients;

    * Being a regulated broker;

    * Demo and live trading conditions and platforms should be the same;

    * Demo should be free of charge;

    * A high level of transparency = what you see is what you get;

    * Large variety of deposit methods;

    * Large pool of liquidity providers;

    * 24/5 - 24/7 Customer Support;

    * Fast and easy account opening procedure;

    * Offering demo tools ( calculators, daily news ) on demo as well;

    I believe there might be more aspects which need to be taken into consideration, but I believe these are the main ones if you want to be sure you are dealing with a professional trustworthy broker.

  • 9 years ago

    don't listen to these guys, I have been trading forex for several years,

    the absolutely most important thing and only thing is to find a fx broker who are honest and pay out,,,, 98% of all online fx brokers are scam! this is the truth!

    the only ones I could think of is Dukascopy, Interactive Brokers,

    Barclays, London capital group, they have a very good reputation.

    but you need some serious cash to trade with these guys,

    minimum 10000 us dollars at IB

    the rest you should not even bother with.

    they will cheat you one way or another 100%

    stay away from forex and trade futures instead,

    it's safer and you wouldn't have to worry to be cheated.

    futures are traded on the exchange, forex is not.

    Source(s): experience
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  • 9 years ago

    The choice of broker can depend on so many different factors which can vary from the amout you are going to deposit to your trading style. Due to the fact that you asked this question it is obvious that you have a limited knowledge of forex trading. I would therefore suggest that you use a forex broker such as etoro.

  • Anonymous
    6 years ago

    Binary options let users trade in currency pairs and stocks for various predetermined time-periods, minimal of which is 30 seconds. Executing trades is straightforward. The system uses user-friendly interfaces, which even an 8 years old kid, can operate without having to read any instructions. But winning trades is Not easy.

    Binary trading is advertised as the only genuine system that lets users earn preposterous amounts of money in ridiculously short period of time. Advertisers try to implicate as if you can make $350 every 60 seconds; if it was true then binary trading would truly be an astonishing business.

    However, does it make any sense? Can every trader make tons of money in binary trading? Who is actually paying all the money or the profit to traders?

    The first challenge is finding a trustworthy binary broker; secondly, you need to find a binary trading strategy, which you can use to make profits consistently. Without an effective trading strategy, there is no way you can make money in this business.

    Learning a profitable trading strategy is possible, You should watch this presentation video https://tr.im/03f02

    It's probably the best way to learn how to win with binary option

  • Anonymous
    9 years ago

    All Forex brokers has some pros and cons. I trade with Plus500 World Trading Machine because they allow you to trade with Forex, Indices, Commodities and Stocks and the best part is their 25EUR bonus with no deposit to test what can their platform do for you.

  • 9 years ago

    The best way is to take advice from some of you family member or friend if the y already own an account with someone, if so ask them whether they are satisfied with them or not , ask them what qualities they like from them. Also you can find some good brokers list at http://www.appliedfx.com/broker-comparison

  • 6 years ago

    at first take all information about the all forex brokers where you want to invest. then compare them spread, interest, bonus. charge and all information you may compare.

    this website will also very helpful for you to find a good forex broker for you.

    visit

    https://www.fxtrue.com/

  • 9 years ago

    It's best to find a broker that will work within your budget. Oanda.com has low minimums and has a trainer program for free as well.

    If you're looking to get some tips on systems and robots to help you out, check out http://forexrobotsystemreview.com/

    They have some good reviews and stuff on some robots that help generate big profits. I personally am using the megadroid and love it so far.

    Best of luck!

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