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Thread: How To Choose Your Forex Broker

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    Default How To Choose Your Forex Broker

    To become successful in forex trading, you will need a good forex broker. Your forex broker is one who will execute all your trades according to your wishes while earning a commission for each trade. There many forex brokers out there competing for your business and it can be quite hard to determine which one is best for you. Here are some key points to look for when choosing a good forex broker.



    1. Available Currency Pairs


    Every forex broker will at least have the seven major currencies (USD, CAD, AUD, EUR, CHF, JPY and GBP). However, if you plan on trading Danish krones or New Zealand dollars, you should make sure that your forex broker is able to do so.

    2. Transaction Costs

    Forex brokers are paid based on the bid ask spread, there should not be any hidden fees or charges to trade. However, additional charges may be required to access certain reports and optional services. Of course, the smaller the spread the better it is for you. Pip spreads vary by broker (and also by currency pairs), so shop around for competitive rates.

    3. Free Analysis Tools

    To facilitate your analysis of spot trends, currency prices and plan entry and exit points, you will require charting and technical analysis tools. Most forex brokers offer basic services free of charge with an expanded arsenal of tools for an added charge.

    4. Immediate Execution of Orders

    Currency prices are constantly fluctuating and any delay in the execution of your orders can lower your profits or increase your losses. Look for a forex broker that can consistently execute your trade at the price you see on your screen. An occasional delay may be understandable, but if it happens frequently find yourself a new forex broker.

    5. Superior Customer Service

    This is something forex traders often overlook when choosing a forex broker and later regret when they require assistance. Any quality forex broker should be able to respond quickly to any question you have. Knowledgeable representatives should be available 24 hours a day by phone and email.

    6. Margin Requirement

    The lower the margin requirement, the more leverage you will have. If a forex broker allows you to use 100:1 leverage, which means you can use $1,000 to trade $100,000 in currency; you can use margin to produce huge profits. However, do not margin yourself too much or you will find yourself cleaned out fast.

    7. Minimum Account Balance

    As a small individual investor you will need a forex broker that does not require a large balance to open a forex trading account. Most forex brokers today will allow you to open a mini account with as little as $300.

    8. User-friendly Trading Platform

    Some forex brokers may require you to download a trading program to your computer in order to make trades. Others may let you make trades directly over the internet. Choose a few forex brokers and sign up for a free demo account. It is highly advisable to trade with play money while you test out their program and decide which one works best for you.

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    it depends on several factors for beginers

    but for professional traders the factors are very few

    difference of brokers is mainly due to the amateur factors like minimum payment etc ....

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    i think you are right

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    what i am looking for a broker is

    1.) user friendly platform (MT4 as much as possible)
    2.) low spreads
    3.) low minimum balance (100 if possible)
    4.) convenient deposit and withdrawal method

    last but not the least... and i guess the most important one.. VERY FRIENDLY, FAST AND ACCURATE CUSTOMER SERVICE..

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    i think fxegypt is our best choice.

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    Quote Originally Posted by fxmakerich View Post
    i think fxegypt is our best choice.
    With some advantages...

    * Best bonuses
    * Best trading conditions
    * Best services and support
    * Best...

    You can get experience with it...

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    thanks for this information but aint there other supported platforms rather than the metatrader.

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    Quote Originally Posted by eft400 View Post
    aint there other supported platforms rather than the metatrader.
    Actually there are many. Most of them are proprietary, in house built by the broker. Some are provided by software houses, like metatrader, ninjatrader, tradestation, etc.

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    Quote Originally Posted by makemony View Post
    To become successful in forex trading, you will need a good forex broker. Your forex broker is one who will execute all your trades according to your wishes while earning a commission for each trade. There many forex brokers out there competing for your business and it can be quite hard to determine which one is best for you. Here are some key points to look for when choosing a good forex broker.



    1. Available Currency Pairs


    Every forex broker will at least have the seven major currencies (USD, CAD, AUD, EUR, CHF, JPY and GBP). However, if you plan on trading Danish krones or New Zealand dollars, you should make sure that your forex broker is able to do so.

    2. Transaction Costs

    Forex brokers are paid based on the bid ask spread, there should not be any hidden fees or charges to trade. However, additional charges may be required to access certain reports and optional services. Of course, the smaller the spread the better it is for you. Pip spreads vary by broker (and also by currency pairs), so shop around for competitive rates.

    3. Free Analysis Tools

    To facilitate your analysis of spot trends, currency prices and plan entry and exit points, you will require charting and technical analysis tools. Most forex brokers offer basic services free of charge with an expanded arsenal of tools for an added charge.

    4. Immediate Execution of Orders

    Currency prices are constantly fluctuating and any delay in the execution of your orders can lower your profits or increase your losses. Look for a forex broker that can consistently execute your trade at the price you see on your screen. An occasional delay may be understandable, but if it happens frequently find yourself a new forex broker.

    5. Superior Customer Service

    This is something forex traders often overlook when choosing a forex broker and later regret when they require assistance. Any quality forex broker should be able to respond quickly to any question you have. Knowledgeable representatives should be available 24 hours a day by phone and email.

    6. Margin Requirement

    The lower the margin requirement, the more leverage you will have. If a forex broker allows you to use 100:1 leverage, which means you can use $1,000 to trade $100,000 in currency; you can use margin to produce huge profits. However, do not margin yourself too much or you will find yourself cleaned out fast.

    7. Minimum Account Balance

    As a small individual investor you will need a forex broker that does not require a large balance to open a forex trading account. Most forex brokers today will allow you to open a mini account with as little as $300.

    8. User-friendly Trading Platform

    Some forex brokers may require you to download a trading program to your computer in order to make trades. Others may let you make trades directly over the internet. Choose a few forex brokers and sign up for a free demo account. It is highly advisable to trade with play money while you test out their program and decide which one works best for you.

    and what is your suggestion about brokers
    I am sure you have high experince and trade with diffrent brokers
    i dont know admin let us to post about this or no
    if yes, please write

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    personally.

    i have been testing dozens of broker and systems in the last month.
    forex.com, ****, fxsol, interbankfx, *********, deltafx, .......
    to decide in what system invest some of my money.


    1) fxegypt. MT4 platform what is really great. great e-currency list options what i am in love, fast order executions, excellent customer service. great promotions, easy registration. forum really well designed, i like the muslim concept. the only dowside, some spreads are not the most competitive.

    2) *********. they work with the streamster platform. which is not the best but a really easy to use , incorporated chat. many competitive spreads in major exchanges. they give you $5 when you signup. downsides: you can make just a limited number of trades per week or they block account, many slippages when buying currencies which is not good. some orders doesnt execute instantly. very limited whirtdrawals methods.

    3) Fxsol. really great customer service, fxsol platform friendly. accucharts service included, incorporated news, the leverage can be changed with the touch of a click. fast executions, downside : criminal rates in european and asian sessions.

    4) ****, competitive exchange rates. downsides. really high requirements to start trading, platform get crashed a lot. high fees for extra services. not really accurate forecasts, really capitalist company.

    that just some of my thoughts.

    here you can find some really valuable info as i have : http://www.forexbastards.com/

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    for me choose forex broker from
    - fast deposit and withdrawal
    - low spreads
    - fast support
    - good flatform
    the last but not least - bonus

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    I think if you Choose FX Egypt as your broker, it will be a good choice...
    this broker seems like very cooperate with the trader, and there is a forum which we can give our opinion, and the administrators have open mind too...they are in our side...Great

    Regards,

    IIN

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    All the above benefits should be present in a broker, and most importantly regulated.

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    The good broker is where the currencies behave as I expect

    But seriously the fxegypt seems very good.

    I tested only ********* before. I experienced there some disadvatnages. For example to open or close a trade was slower. While it opened or closed my order, the prices changed sometimes. And it doesn't allowed to set a minimal profit margin.

    The forum is also important, I found in the FXOpen forum many useful information, and I have downloaded many good ebooks.

    I need only the successful trading yet.

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    Default good broker

    Quote Originally Posted by ViragElvtars View Post
    The good broker is where the currencies behave as I expect

    But seriously the fxegypt seems very good.

    I tested only ********* before. I experienced there some disadvatnages. For example to open or close a trade was slower. While it opened or closed my order, the prices changed sometimes. And it doesn't allowed to set a minimal profit margin.

    The forum is also important, I found in the FXOpen forum many useful information, and I have downloaded many good ebooks.

    I need only the successful trading yet.
    good broker are ...with low spread,fast execution and stable connection,fast deposit and withdrawal ,good CS etc toothy9

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