⭐ HOW TO CHOOSE A FOREX BROKER in 5 Steps?


Brokers always choose You, but how to choose Them?
Brokers always choose You, but how to choose Them?


1

"Quick Start" Search

The very minimum every trader needs to know:

  1. How much will you deposit?
  2. Does the broker accept clients from your country?
Go to Broker Search Wizard and find your initial match list

2

LIST your "WANTs" to narrow down brokers list

  • Broker type: MM, STP, DMA, ECN?
  • Regulated broker? Investor protection?
  • Trading restrictions: scalping, hedging, news trading?
  • Preferred trading platform?
  • Leverage?
  • Lot size?
  • Trading costs: spread, commission?
  • Funding method?
  • Traded markets besides Forex (cryptos, indices, commodities)?
There could be a few important points, or many... There is no "right or wrong" approach

3

DIG DEEPER

  • Google reviews about Forex brokers you are strongly considering
  • Avoid Red Flags, there are plenty...
  • If in doubt and/or the Broker is a small company, do extra steps:
    • Check their physical address in Google maps
    • Write an email to customer service (for example: at which Bank client funds are held?)
    • Test chat, call center to confirm business "well-being"
    • Verify business/regulation licenses directly at websites of licensing Authorities

4

DO READ CLIENT AGREEMENT

Besides standard terms, it contains key information about:

  • Broker's legal address
  • Broker's dealing model
  • Conflict of interests (if any)
  • Negative balance protection
  • Inactivity fees
  • Prohibited activities & scalping policies
Also check other legal documents: Risk Disclosure, Terms & Conditions, Conflict Policy, RT-forms & reports to find out about liquidity providers and detailed execution policies

5

Give it a test run

  • 1. Demo first = test platform & instruments
  • 2. Deposit the smallest possible amount = test account opening
  • 3. Trade for at least 1 week = test live execution, live spreads & overall performance (Live trading always differs from Demo)
  • 4. Request a withdrawal = ensure you get paid & in a timely manner
  • 5. If all passed, congratulations! Proceed to depositing more & full steam ahead!

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