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What do you all look for in a Broker?

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  • Post #1
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  • First Post: Oct 25, 2019 12:27pm Oct 25, 2019 12:27pm
  •  tcshaw91
  • | Joined Sep 2019 | Status: Member | 8 Posts
As stated in the Title, i'm wondering what you guys look for when choosing a broker to trade thru. What things stand out to you as positive notes and what stands out as red flags? Also are there things you wish brokers did that they don't do? or things you wish they didn't do? Are there any great/terrible experiences you'd had with a particular broker? I wanna hear your thoughts, rants, raves, etc
  • Post #2
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  • Oct 27, 2019 8:55am Oct 27, 2019 8:55am
  •  theunkown
  • | Joined Aug 2019 | Status: Member | 98 Posts
Hi,

Firstly for myself number 1 rule! REGULATION.


Living in UK would want it to be FCA regulated

Good reviews when looking up the compnay
 
1
  • Post #3
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  • Oct 27, 2019 9:30am Oct 27, 2019 9:30am
  •  annajames
  • | Joined Oct 2019 | Status: Junior Member | 1 Post
Quoting tcshaw91
Disliked
As stated in the Title, i'm wondering what you guys look for when choosing a broker to trade thru. What things stand out to you as positive notes and what stands out as red flags? Also are there things you wish brokers did that they don't do? or things you wish they didn't do? Are there any great/terrible experiences you'd had with a particular broker? I wanna hear your thoughts, rants, raves, etc
Ignored
first of all honesty market name and value
 
 
  • Post #4
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  • Oct 28, 2019 8:17am Oct 28, 2019 8:17am
  •  Dore
  • | Commercial Member | Joined Jun 2016 | 5 Posts
These are the most important things that I look for in a broker

  1. My total cost: spread + commission We should be getting a true raw spread of around .2 pips for eur/usd and low commissions. Around $4 round turn looks reasonable, not $7 like the Aussie brokers
  2. Execution: I need reliable fast non-dealing desk direct ECN access without last look technology trading against me
  3. Ease of transfer funds in & out & security of my funds

For me personally the regulation part is less important. Some of the biggest FX failures have been with the regulated brokers. Think FXCM. I also looked through the FX Global Code & it is surprising what regulated brokers are allowed to do

 
 
  • Post #5
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  • Oct 31, 2019 5:58am Oct 31, 2019 5:58am
  •  rockit
  • Joined Oct 2013 | Status: Member | 921 Posts
A few things that come to mind:
- neagtive balance protection, leverage of at least 100
- no parasites (i.e. Metaquotes) to feed into my cost of trading (only those who use it shall pay for it); instead, use industry-wide, open, simple, binary, computer-language agnostic, API (not crap like JSON or REST), so that I can choose a front-end (user interface/terminal) of my liking; f a s t exec (<10ms)
- segregation of funds
- eID, encryption for communication
..
 
 
  • Post #6
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  • Nov 1, 2019 2:23am Nov 1, 2019 2:23am
  •  dextormason
  • | Membership Revoked | Joined Sep 2019 | 50 Posts
In Simple words, Broker should be regulated, offer flexible as well as strong trading terms and conditions and Funds security. For trading terms each and every think that lead to become successful trading such as leverage ratio, hedging, stop out value and most important user-friendly layout.
 
 
  • Post #7
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  • Nov 1, 2019 3:35am Nov 1, 2019 3:35am
  •  BubaYaga
  • Joined Jun 2014 | Status: Dead | 706 Posts
Good customer service - Any issue is acknowledged and resolved quickly.
The trading experience - servers, liquidity aggregators, fast fills (ecn model).

I would like to see brokers offer visa/mastercard debit cards available in clients local currency. And the option of more having multiple cards in different currencies for those who travel alot.
Luck favors those who know the statistical probabilities.
 
 
  • Post #8
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  • Nov 1, 2019 9:34am Nov 1, 2019 9:34am
  •  Tradedetrend
  • | Joined Nov 2019 | Status: Junior Member | 1 Post
Main things to look are the regulations of the broker, security of funds and no hidden costs
 
 
  • Post #9
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  • Nov 1, 2019 6:57pm Nov 1, 2019 6:57pm
  •  spatterson
  • | Joined Nov 2019 | Status: Junior Member | 5 Posts
I look for regulation and most importantly, history; track record and establishment.
 
 
  • Post #10
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  • Nov 5, 2019 5:27am Nov 5, 2019 5:27am
  •  martin15
  • | Additional Username | Joined Aug 2019 | 59 Posts
Well I look for spreads and hence I prefer an ECN broker because they offer tighter spreads when compared to market makers. Currently I use turnkey forex and they offer the best spreads I have seen till date.
 
 
  • Post #11
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  • Nov 5, 2019 11:53am Nov 5, 2019 11:53am
  •  HairyHarley
  • | Joined Mar 2019 | Status: Member | 91 Posts
Quoting BubaYaga
Disliked
Good customer service - Any issue is acknowledged and resolved quickly. The trading experience - servers, liquidity aggregators, fast fills (ecn model). I would like to see brokers offer visa/mastercard debit cards available in clients local currency. And the option of more having multiple cards in different currencies for those who travel alot.
Ignored
A lot of brokers now offer funding and withdrawal via Paypal (here's an example). Would that not cover you if you travel a lot? You could then withdraw your funds from Paypal to the debit card of your choice...

Also, a lot of places accept payment by Paypal directly. Surely that's a good way to go, rather than have multiple cards. Just a thought...
1
 
  • Post #12
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  • Nov 6, 2019 5:58pm Nov 6, 2019 5:58pm
  •  BubaYaga
  • Joined Jun 2014 | Status: Dead | 706 Posts
Quoting HairyHarley
Disliked
{quote} A lot of brokers now offer funding and withdrawal via Paypal (here's an example). Would that not cover you if you travel a lot? You could then withdraw your funds from Paypal to the debit card of your choice... Also, a lot of places accept payment by Paypal directly. Surely that's a good way to go, rather than have multiple cards. Just a thought...
Ignored
I would like a card directly linked to trade account. No finance department processing withdrawal requests. No waiting time.
PayPal dose not convert currency at interbank rate (and a 2.5% conversion fee), FX broker has better exchange rate.
Luck favors those who know the statistical probabilities.
 
 
  • Post #13
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  • Apr 19, 2020 9:59am Apr 19, 2020 9:59am
  •  MarkFxAnde
  • | Additional Username | Joined Mar 2016 | 641 Posts
Quoting spatterson
Disliked
I look for regulation and most importantly, history; track record and establishment.
Ignored
regulation is of course a big deal when it is time to choose a broker , most of the traders emphasis on this above all newcomers. but according to my own trading experience i think broker credible services is more important than regulation. some regulations really just eye wash.
 
 
  • Post #14
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  • Apr 20, 2020 1:01am Apr 20, 2020 1:01am
  •  kavanto
  • | Joined Dec 2019 | Status: Member | 189 Posts
Definitely a license. But, sometimes I can also consider the other one, because it is convenient for me or not
 
 
  • Post #15
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  • May 8, 2020 3:01am May 8, 2020 3:01am
  •  saragreen
  • | Joined May 2020 | Status: Junior Member | 3 Posts
I would suggest you to consider these factors:

1. Trading platform they offer and trading style such as: scalping, hedging etc
2. Good trade execution
3. Broker's commission
4. Quality of customer service
 
 
  • Post #16
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  • May 8, 2020 6:03am May 8, 2020 6:03am
  •  lotopegui
  • | Joined Apr 2016 | Status: Member | 4 Posts
IG it's the only broker who offer trading on weekends?
 
 
  • Post #17
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  • May 12, 2020 1:48pm May 12, 2020 1:48pm
  •  FancyBanksy
  • | Joined May 2020 | Status: Member | 13 Posts
Questions:
1. Are the regulations in regulated brokers that are not in the major countries (Bermuda, Seychelles etc..) strict? As in when they say they have segregated client fund, are there loopholes in their regulations?
2. Any advantanges in trading with a bank broker such as Saxo or Dukascopy? (They offer fund protection is what I am interested in)

Currently with an Australian broker but planning to deposit >$10k in the near future and I would like to make sure that the broker cant run away with my money somehow. Advice? Thank you.
 
 
  • Post #18
  • Quote
  • May 15, 2020 10:57am May 15, 2020 10:57am
  •  Deepak.Dubey
  • | Additional Username | Joined Apr 2020 | 370 Posts
1. Check if it is regulated.
2. Good Support and Short Response Time.
3. Provides a demo account.
4. Good trade execution speed.
 
 
  • Post #19
  • Quote
  • May 27, 2020 6:03am May 27, 2020 6:03am
  •  maureenlewis
  • | Joined May 2020 | Status: Member | 9 Posts
I would look for an ECN broker as they provide the tighter spreads as well as the broker should have a good reviews and most importantly i will look for an regulated broker for the safety of my funds and there should also be good conditions for deposits and withdrawal and last one is i should get negative balance protection and i should get to trade with crypto as well as major currency pairs
 
 
  • Post #20
  • Quote
  • May 28, 2020 1:39pm May 28, 2020 1:39pm
  •  amirarab
  • | Joined May 2020 | Status: Junior Member | 2 Posts
I think a broker must have the followings in mind :
- Ambitious Forex brokers may care to discuss the tax implications in advance.
- Forex futures and options are 1256 contracts that are taxed through using 60/40 law, with 60 and 40 percent of gains or losses being regarded as long-term or short-term capital gains, respectively.
- Spot Forex brokers are deemed to be "988 traders," and therefore can subtract all of their year-long losses.
- Currency investors on the spot Forex market can opt to be taxed on currencies under the same tax rules as common commodities 1256 contracts or under IRC Section 988 special rules.

this was the only thing that was important for me when I was choosing my broker last year.
 
 
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