[Opinion] How to choose forex broker?

[FXotrader]

The pandemic that has hit the world has given its own blessings to the forex industry as well as stock and crypto trading, one reason is that many people are looking for remote jobs. Forex trading is a business that can be done remotely, but it is a high-risk business.

Apart from skills, choosing a broker is also an important priority for a trader.

There are thousands of brokers in the forex industry, but in choosing a broker, many traders say regulation is important and the main criterion for choosing a broker. For example, a broker with ASIC regulations means that it is registered in Australia. Broker reviews by traders with positive feedback are also one of the reasons for choosing a broker.

[michaelson789]

While an ASIC regulation is cool, as a SA trader you should primarily look for a local regulation which means the FSCA (Financial Sector Conduct Authority based in South Africa). The other important factors you should consider are spreads (and commission fee if the broker charges it), available trading platforms, maximum leverage you can use, trading assets and deposit and withdrawal methods.

[Cristozan]

When choosing a broker, you should pay attention to the history of the company, the availability of a license, the amount of capital, the minimum deposit size, the size of the spread, payment systems, as well as whether there are commissions for withdrawing money and commissions for trading.

[hassan81]

For a beginner, it is not so important which broker to choose. In any case, the first deposits will be lost. But I would certainly recommend brokers with cent accounts. In this case, you can save on practical training on a real pair. But you need to carefully study the conditions. Many companies overestimate the spreads on cent accounts and it is not comfortable to trade there.

[Dave A]

And I was going to ban you for dishonesty... until I read this

For a beginner, it is not so important which broker to choose. In any case, the first deposits will be lost.

Pretty likely, indeed!

[acmediagroup]

choose a broker who accepts

- your country
- low minimum deposit
- a broker with a good reputation who will pay you when you ask a cash-out
- good leverage and many assets to trade

[SandrineBobner]

What I would recommend when choosing a broker for Forex trading is to do a little research to compare their pros and cons. When this investment is new, this is even more important. I used*Forex Brokers Comparison in the same situation, just to be able to choose and not to be told what to do. I think this really makes sense.