choosing a broker

[nadine]

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 execution, 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 execution, 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.

[pipstranger]

Choose a broker that offers the popular trading platform which is the meta trader of MT4.

[davidfx]

I go for Marketiva as a beginner. They are great with no deposit coz they offer $5 free.

[ahmed]

Personally, I prefer forex brokers with the following features:
Metatrader platform so that one can trade using expert advisor, Paypal and Liberty Reserve Deposit, minimum deposit that is low at $1, bonuses, chat support in trading platform, low pip spread, high margin.

[nadine]

Good points, ahmed. Got anyone specific to recommend?

[smellyshoe]

If you are doing forex trading, then you know the importance of a good forex broker. This is especially true if you are just starting out and do not have a lot of experience. A good forex trader will work with you and provide the information and tips you need to make the best trading.

[pipstranger]

I'm having trouble with trade execution with my forex broker but the reason maybe is my slow internet connection speed. I am actually using a meta trader platform the most common and popular trading platform that everybody I think are using. I can prove that the problem is my internet connection because sometimes my trade execution as fast but most often it's too slow. I know that fast trade execution is very important in acquiring the perfect entry and it is one of the key in gaining the maximum potential profit for your forex investment. Anyway, I'm trying to test other forex broker that has a trading platform that doesn't quite use too much internet connection.

[davidfx]

Then you must change your broker. Start looking for some reliable one so that you can trade well.

[pipstranger]

Yeah, I guess you're right, David.

Btw, thanks for starting this thread, Nadine. It has been very enlightening.

[JohnsonG]

I hear that GCI is a great broker, have good platforms as well for both desktop and mobile.