Quick question, what's the number one, most important thing you look for when choosing a broker??
Looking forward to everyone's response!
Look for reliability, should be trustworthy, have a good platform. For me these are the things i searched for before opening account with Profiforex, after that i sort for there transaction cost. Lad if i must say, you should check them out.
You should also look for low spreads, withdrawal/deposit charges and transparency. These are more important because they affect how much you make as a trader. I this broker.
Many things are important: spreads, speed of execution, withdrawal..
Yes, we did have its own criteria in choosing the best broker. What is clear is that the service is very good diberiakan broker, leverage, spreads offer trading is great for us, not a scam broker, etc.. But in essence, any broker that we choose, the most important is how our skills in trading. Useless, if the broker is good, but traders do not have the trading skills, then everything will be in vain.
First I check whether they are legal or not, they have proper license or not then what they are promising about are they really relay on their word and then about spread, demo, education center, live help and other additional facility.
Legal in what sense, his regulation?To me, I would prefer transparency as I discovered through experience that not all regulated brokers are reliable as some except having licenses also have daggers with which they stab the backs of their unsuspecting clients. If a brokerage firm as reputable as the Alpari could stop hunt,hide charges with deliberate unstable platforms; battering clients with requotes, even slippages then it tells you their licenses may be unconnected to their reliability. All I am trying to say is transparency could come before the license. Hence we heard of the wide acclaimed exodus of clients to offshore companies whom they found their flexibility and dealing policies convenient.
There are so many factors to take into account when choosing a broker. For me however, the most important thing is that they are regulated and also not just regulated, but regulated in a first world country which has relatively tough regulations. I have found ASIC (Australia) regulated brokers to be good...I have not had good experiences with unregulated ones or one that was regulated by CySEC (Cyprus). The only issue with ASIC regulated brokers is that your funds aren't insured if the broker goes belly-up and becomes insolvent (Just like what happened with Sonray - I was one of the investors that lost cash). Another important point is to make sure that the broker has segregated accounts and does not pool your cash together with other traders funds (many brokers pool funds)...pooling the funds makes it VERY messy if the broker winds-up.
Other than regulation, I like to go for brokers that are as close to ECN as possible and then I look at lowest spreads & commissions.
Here is a pretty good broker directory that lets you filter/search on a number of criteria and also has a section that lets you check live spreads.. Compare Forex Brokers | Top Forex Brokers | Forex Broker Reviews - ForexChurch.com .
whats his market reputation
whats the reliability
charges and market control
Exactly, these too are very important. Especially transparency, whether the broker is big or not, they should be open and fair. This is what I have come to notice in the broker I mentioned.
Very necessary indeed, trading blindly I would call it when we don't see them hidden charges. So it better to look carefully when selecting a broker. Never seen issue like this with this broker.