what should i consider when choosing a broker?

@kehinde - 1 year ago - Forex Brokers

When I chose my first broker (the one i am trading with now) i didnt do any research, I just opened an account with them because i saw an advert online. Now, one year down the line I have not been profitable enough, which i partly blame on the high spreads this broker charges (from 1.6 pips). The brokers mobile app is always freezing so sometimes it prevents me from taking advantage of opportunities when i should. I have finally decided to change, but this time i will be careful during my selection process. So, what considerations do y'all think i should make when choosing a broker this time?

@ozgal_galzo - 1 year ago

1.Regulation

There are two first-class regulatory bodies in the world: FCA UK & ASIC Australia; brokers regulated by them are usually more trustworthy. So, your next forex broker should be regulated by at least one of them.

2.Spread

Spread is a transaction fee you pay to the broker every time you trade & you said your last broker charged spreads as high as 1.6 pips which is too high. If I were you I would go for a broker with spreads from 0.6 pips. When the spread is too wide, it takes your trade a longer time to become profitable.

3.TradingView Platform

Find a broker that unconditionally offers TradingView as part of their platforms. TradingView has the best tools for analyzing the market, so it will make your technical analysis easier, precise & save you precious time.

@tiny_ox - 1 year ago

I am a scalper & the first thing i consider is the spread on the instrument which i trade most which is eurusd. If the average spread on eurusd is above 0.6 pips, then sorry I am not using that broker.

@kemi_allen_omevia - 1 year ago

The spread, then the minimum withdrawal

@purple_hills - 11 months ago

I trade mostly eurusd so before I chose a broker I ensure the average spread for eurusd is not more than 1.0 pips. I also ensure that the broker offers the TradingView platform because of the advanced easy to use charts that come with it.

@yokoyi - 11 months ago

Before choosing a broker, I compare their spreads to what competing brokers offer. I trade regularly so spreads although small, can add up in future to be significant enough to leave a dent on P&L.

@josiah_edem - 7 months ago

trading & non-trading fees and regulation. do you know some brokers even charge yearly admin fees up to $100? some of them charge double the spread that other charge, causing you to pay more when your friends are paying less.

@lawanf - 6 months ago

You may want to consider whether thr broker offers TradingView or not. Often overlooked, TradingView is the best forex trading software and makes technical analysis easier.

@stallone_g6 - 5 months ago

first thing I check is the spread, second thing is the trading software they offer, then last I check their response time when it comes to customer enquiries

@obinna - 5 months ago

for me, Its the minimum withdrawal. I want to be able to take out my money without any hinderance.

@arthur_wildberry - 5 months ago

I first of all check the brokers account types, I prefer trading with raw spread accounts so the broker must have this. I then check the payment methods to see if the broker support my local payment methods cos I need to be able to put in and withdraw money without any fuss.