Most important thing in a broker that you look for

[DavidLin1986]

Hello everyone,

Hope all is well in your trading when you read this thread, I wanted to know what people look for when in search for a broker to trade with. If possible can you list your key requirements from 1-5 in the list bellow and maybe even a broker you use:

Leverage
Spreads
Customer service
ECN/Market maker
Regulation

I would really appreciate everyone's input here especially from experienced traders.

Thanks

David

(the worlds most mediocre FX trader 🤣)

 

[bhagesh.nair]

For me, the most important would be the regulation and the customer service.
And of course a True STP/ECN broker.
Spreads and leverages can be negotiated depending on the funding and the account type with the broker.

 

[hatemypips]

I believe its regulation spreads and the number of trading instruments. The more is the better because every instrument is unique and presents a trading opportunity. But lets not forget about security and proper regulation can ensure that your broker won't disappear suddenly in the future. And if it disappears there will be dire consequence for it.

 

[NVP]

not really priority above ......but regulations sure in a EU or UK major country - not a micky mouse one like Cyprus ....I look for market size and tenure .......and the fact they are hopefully still solvent when i want to pay myself some winnings ......

stick to that and dont worry about the rest

 

[NVP]

Hello everyone,

I would really appreciate everyone's input here especially from experienced traders.

Thanks

David

(the worlds most mediocre FX trader 🤣)

come come David...........theres some stiff competition out there believe me for that title hahahaha

seriously i love that you are humble .........thats a great trait for a trader ......always be humble and an eternal student......yuo never stop learning in this game .........N

 

[aa9]

Regulation is the last thing I look for, so many restrictions. There are so many offshore brokers offering good services like coinexx, fxcm, turnkey forex, tradersway etc. My priority list goes something like this:

ECN
Spreads
Customer service
Leverage
Regulation

 

[whitefx]

i look for spreads and customer support.

 

[hatemypips]

i look for spreads and customer support.

Did you met any broker or trading platform that satisfied your criteria?

 

[whitefx]

Did you met any broker or trading platform that satisfied your criteria?

you might find it annoying but I've been trading with 4 offshores brokers, looking for one more.

 

[tomorton]

I've just voted Regulation and tipped it into the lead.

I can make money (or lose it) through a well regulated or a badly regulated broker but people only get robbed by the badly regulated brokers.

 

[Daniel Jones]

Reliability, spread and customer support.

 

[hatemypips]

you might find it annoying but I've been trading with 4 offshores brokers, looking for one more.

They didn't satisfy you or you increase diversification?

 

[scarlet jones]

For me , important things while looking for a broker are :
Commissions
Spreads
Leverage
Speed of withdrawals

 

[J_C_Anderson]

As for me, the list of important aspects is the following:
1. Regulation - to my mind, it is the most important. In fact, if th broker violates your rights and fail to perform contractual obligations, all other things mean nothing.
2. Withdrawal is almost always closely related to regulation. Regulated broker would provide withdrawals in timely manner.
3. Commissions - if trading fees would be too large, some strategies could underperform and even become losing (especially scalping strategies).
4. Spreads are important because the possibility to getoptimal execution price depends mostly on spreads.
5. Customer support should respond in a short time because technical issues could sometimes lead to financial losses. So, it is important to be able to close positions in case of any problems with the platform.

 

[LouisaM]

I look for leverage, customer service and regulation

 

[hatemypips]

I'm a beginner and before i start trading which one should i focus on more ?

Focus on spreads and execution speed. Try to understand why pips and even milliseconds in execution matter and can be an edge for you. 99% of traders doesn't care about that (pretend that they care because it's a kind of a fashion) but you basically need to feel where you lose edge because slow broker performance.

 

[ph_trader]

spreads yeah, and reliability, and another thing i think is important is stability and reputation.

 

[Henow1969]

The most important thing about the broker to me is regulatory of the broker I use whether it is a registered broker or not. I think the broker should be regulated and good broker always ensures a good environment for using any kind of trading strategies with no restrictions.

 

[Kevin FD]

according to me, first choice spreads and second is reputation and reliability.

 

[HeavLeighGill]

Low pricing (including spreads, commission, hidden fees, and withdrawal costs) and the ability to contact support quickly and easily are the top things on my list.