Can anyone tell me what is the pros and cons of big vs. small forex company? I searched some forex companies but still cannot make my decision .....any suggestions?
A big company gives you peace of mind. If they have been in business for many years, it means they are not going to close up next week and take your cash with them.
I agree with RebateFX... In addition, many of these smaller companies with limited experience and no reputations are known to scam their "clients". I've heard many stories about companies who are shutdown or are currently under investigation for fraud.
I agree, you should be very careful when choosing the right Forex broker. Since Forex trading is over-the-counter and takes place in thousands of locations throughout the world, there are high incidents of fraud. I suggest looking at Forex Trading Guide | Forex Scam Watch | Forex Broker Reviewsfor additional information.
There are benefits associated with Forex over-the-counter trading, including immediate settlements and increased leverage positions. However, an environment with less oversight than typical financial markets has allowed fraudulent brokerage firms to prey on Forex traders.
You should be weary of new companies, and do a Google search to ensure there are no complaints of inappropriate or illegal behavior. I know of many smaller companies that have stolen money from clients. It's important to remember that leading companies also started small at one point. Just keep an eye out.
I think you should go for one that you can easily relate to, one that suits your trade. Don't go for popularity,' name' don't do the work, but reputation does. Before i choose Profiforex, i made sure that i made a lot of research and went through their site. And i can say that i made the right choice in choosing them.
I think a big broker is trusted broker because i'm sure there are many traders who are using it. I have trade with several brokers before i use InstaForex. In InstaForex, i can feel comfort so i decide to use this broker for trading until now.
Of course, comfort is number one in trading. In Instaforex, I can trade without spreads, with leverage 1:1000 and may deposit bonus of 30%. Brokerage services provided, the more makes me feel comfortable trading here.
Like you rightly said, I think comfort is a very important thing in this business. Big brokers find it difficult to offer a convenient trading. When a system is over crowded, there is bound to be one of two system failure. Also, when I have an issue, their online support find it difficult to assist me immediately because there are lots of traders on queue. I remember when I was trying to close a deal and could not. I got on online chat but before I was attended to, I lost about 20pips, when I was on the winning side. It happened several times. This is why I left the big broker and started trading with Profiforex. The case is quite the opposite now. Profiforex is growing by the day, but for now, their online support is there to answer you and solve your problems in less than a minute. I feel the convenience now.
Really appreciating post thanks to all...
Yes man! Convenience is the word! The big calm I feel whenever I think of this broker is second to known. I have nothing to fear when it comes to trading with Profiforex, good and flexible conditions.