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Forex Forum → Forex Brokers → How To Find Reliable Forex Broker

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Posts: 5

Topic: How To Find Reliable Forex Broker

Over the past decade, Forex trading has gained high popularity and this has its natural impact on the creation and development of hundreds of brokerage companies. Therefore, to make a right decision and start to collaborate with the broker you find exactly suitable for you is quite difficult. Each of those brokers tries to work out certain methods and new approaches of trading to attract you making you its regular and constant client. In order to avoid nightmares and stressful situations, we’ll help you understand and appreciate the features a reliable broker should possess.
 
In your research, you will find Forex and CFD brokers that are highly reputable and well regulated and those that are in the red and try to hide their debts from clients and investors.  Now would you agree that a considerably long time should be devoted to finding a reliable business partner that will support your trading aspirations? Before starting to trade and putting your money into practice, take your time to find a broker, which you can absolutely trust.
 
Firstly, you can choose at least three Forex Brokers whom you think to be appropriate and estimate each of their potential findings out whether they meet your requirements or not.  After that, you focus your attention on one candidate you can start by depositing a little sum of money and open small trading positions. Never hurry and make immediate decisions. Note that you can always find better trading opportunities.
 
What is the most important factor? Surely, whatever you should consider is to have your fund invested in safe hands.  There exist four factors you should examine to be sure your money is secured: Location, Regulation, Reputation, and Funding.
 
Location
 
If your broker is located in some major country with well-developed financial regulation, you can feel secure that even if problems arise the legal infrastructure can often help you recover your funds.  Be sure to check the company location at least twice even if the address mentioned seems to be reputable. Note that it’s a daunting task to protect your legal rights in a foreign country.
 
Regulation
 
The broker’s regulation is also of vital importance. This is the second signal of security. Cooperating with a broker who has failed to register with a regulatory agency does not guarantee that your trading funds are safe.
 
Reputation
 
Another point not less important is the reputation of broker. You can follow the comments and reviews about different brokers. The clients of this or that broker may have written about their own experience, difficulties or problems e.g. in withdrawing their funds. If you see evidence of such problems do not waste your time on working with such company.  Find the one that is free of complaints and provides its clients with high-quality service.
 
Funding
 
Reliable broker should be well funded, have financial security, as you can feel your fund secure. You can find information about this on the company’s website tabs like ”About us”. When dealing with a broker safety and soundness are key factors.
 
Once you have chosen your broker and started trading it’s not late to become sure whether you work with an adequate broker.

You should draw your attention to the following features:
 

  • Always check whether you can trade on Demo account. If the company doesn’t provide you with this service do not even think about opening an account and continuing the partnership.

  • Understand and analyze the trading platform. Make sure that the terminal is visually pleasing, easy to use and offers a wide range of analysis tools.

  • Good forex brokers are in regular contact with their clients. They should call their clients not only in case if any problems but also to inquire about their trade in general. They should discuss with you the overall finances at least twice a year. And usually if you do not hear from your broker once a month, it’s high time you found another advisor. Similarly, if you have sent a request to your broker and haven’t got a reply within a few hours or within a day, you better find an alternate broker.

  • They should keep you informed of any news in the market, give advice and explain the pros and cons of each transaction. Ask all the questions you are interested in: How much leverage can you take? What is the commission? How low are the spreads? If you do not get any satisfactory reply just find another advisor.
    Conclusion

 
A good broker isn’t something to be easily found; nevertheless, it is not something celestial as well. Try your hand and enjoy the benefits of your work, conversely, you will also appear among those traders who complain from trading conditions.

Trade safely and avoid scam Forex Brokers

Re: How To Find Reliable Forex Broker

There are lot of instances when you trade in offshore Forex trading companies but there is risk involve with them. It is hard in detecting and preventing fraud by the offshore Forex broker may be more difficult and Forex scams may be more common.

Bottom Line: It' up to you. If you choose to trade Forex regulated Forex broker in your country, and if have been a victim of Forex trading scam they you can contact professionals of Wealth Recovery International. As their primary goal is to help customers retrieve their money from off-shore Binary Options and Forex brokers.

My soul purpose is to aware you about these scammers and give you a simple stat: Firms like Wealth Recovery international recovers assets worth US $1.5 million from the fraudsters companies.

3 (edited by fxknight 2018-10-23 14:12:29)

Re: How To Find Reliable Forex Broker

I would say that the most important factor is regulation. It ensures that you are trading in a sound and reliable trading environment. I have been following this blog and it gives great insights in terms of forex trading and forex brokers all around the world. Reading the forex broker reviews on the web site will give you better understanding which broker suits best to your needs.

Re: How To Find Reliable Forex Broker

I have been trading for 5 years now and I have been scammed several times. Couple of times I have lost my profits and couple of times deposits + profits. Some of these occasions have been with a regulated broker, so the whole part regulation is a little bit overrated.

Furthermore, only the strictest of regulators can perhaps actually do something, but the chances of you seeing your money once you are scammed are slim. For that reason when choosing a broker I focus on a lot of different variables to avoid ending up at a scam brokerage in the first place. This guide on how to choose a forex broker is really detailed and has helped me a lot. It is a long read, but worth going through.

So I suggest that you should not focus too much on the regulation part, there are a lot of scam brokers that are regulated. Focus on all the variables that makes a broker good. That way the chances of being scammed or trading with a shitty broker are low. Hope it helps.

Re: How To Find Reliable Forex Broker

If you are looking to start trading, with a reputable broker. I personally have had a very good experience trading with Boston Merchant Financial Network...
They have a lot of diversity when it comes to financial instruments like FX, CFDs on shares and commodities; and they provide the MetaTrader 4 platform which was super convenient and user friendly with their guidance.
I felt like they offered pretty low spreads approximately around 1.4 pips and i used the leverage option of 200:1 but it goes all the way upto 400:1 unlike other brokers...
The best part was I didn't have to pay any brokerage or commissions only the spread, If i'm not wrong their minimum deposit was around $50 I began with $8500 to start with...

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