Guarding your experience

How to choose your first Forex broker

03 / January / 20 Bunsi Shakiramal Visitors: 229 Rating: ★★★★★

How to choose your first Forex broker

Today the currency market is full of dealing centers and brokerage companies, which offer their services to traders. Someone boasts a large number of bonuses, some comfortable conditions for trading, and some do not hesitate to promise trustworthy beginners multimillion profits during the first weeks of work. It is easy to get confused in the whole range of choices this is why we have collected the most important tips from the forums for traders, and in this article we will introduce you to them. №1

Choose a company with a wealth of experience. On forums it is often advised not to be lazy and to check the experience of the company. For example, if a broker praises himself, but there is less than a year it is a reason to think. After all, in front of you with equal probability can be as really honest, but a young team that focuses on advertising), and a cheater who is actively trying to lure more victims, newcomers. Professionals on forums advise to pay attention to companies whose work experience leaves at least 2 years (but the more, the better). Firstly, experienced brokers are distinguished by the trust of users (fraudulent offices are usually closed in the first year of life), and secondly, the service of such brokers is very convenient for users.


Be careful with the bonuses. This does not mean that all companies that try to somehow encourage their users should be avoided. However, too generous bonuses and gifts can be the first warning bell. According to experts from forums for traders, it is quite normal for a brokerage company to offer its new clients bonuses for registration or referral programs for "invited friends". But if there are too many such rewards or they are too generous, be careful maybe you are looking at a fraudulent office, which is trying to "get bonuses" to lure inexperienced and naive beginners.


Read the reviews. You don't need to read reviews directly on the brokerage websites, it's better to choose a third-party forum for traders. For example, a forum of the international association of forex traders can be a good choice for this. Both beginners and professionals communicate here on equal terms, and therefore the former can often get good advice and hints from the latter. In addition, it is on the forums in the first place there are reviews (both positive and negative) about the work of a particular brokerage company. Thus, for example, on many forums there is an opinion that the rating of brokerage companies is better than the reviews of real users who have already managed to work live with the broker.


Find out what's going on with the demo account. According to the testimonials of experienced traders on different Forex forums, every honest company (be it a broker or a dealing center) gives its traders the opportunity to work on a demo account. In this way, a beginner can "stuff his hand" and learn the functionality of the trading terminal before entering the real market. As a rule, work with a demo account is free and does not require an initial deposit. For example, it is not profitable for fraudulent companies to work with "demos" (as a trader can try and change his mind). Swindlers need to get money right away, and often for using a demo account they demand to make a deposit or remove the demo from the list of their services.

Comments 0