How to choose your forex broker.

Have you decided to do forex trading? The first deal will take place even before entering the market and will determine all further ones - this is the choice of a broker. This task must be approached as responsibly as the choice of a currency quote. The broker is not only able to steal your funds, becoming a simple "kitchen" (we will analyze this term below), but also is able to spoil your trading in further, thanks to a wide spread or long-term withdrawal of funds .

What to look for when choosing a Forex broker?

There are two main criteria here, the first is reliability. On Forex, there are a lot of ways to lose your money and the first "troll under the bridge" - a huge dominance of fraudulent firms that only pretend to be brokers. Methods for determining reliability can be conditionally divided into “popular” and “reliable”.

Traditional methods of evaluating a broker.

  • Reviews: The most common method of evaluating something on the Internet is by looking at reviews. When choosing a broker, this option does not work at all. Buying a hundred or two reviews is a cheap pleasure and the investment pays off completely.
  • Special attitude: Suppose you left a request on the broker's website and the consultant calls you back. The consultant talks about incredible opportunities, expensive supercars and a private jet that you are 100% buy a week in advance of working with their platform. Did not work? The counselor may become personal, calling for example a beggar, because you are afraid to invest $ 1,000 in “your dream,” strenuously picking up the key to your character. It is extremely disturbing signs, a reputable company will not communicate with customers in a similar style. It should be noted that this option requires psychological skills and knowledge about the work of fraudsters.
  • Broker ratings: Well, here's the best option! It turns out that everything has already been done, it remains to go to the site and choose a broker with ten stars of trust. Alas, such ratings need their own ratings ... A site can be created by a broker specifically to promote himself or herself, or to denigrate competitors. Well, or a couple of suitcases with money can add a few extra points of reliability to the next "kitchen", even from reputable publications.

Reliable methods.

  • License availability: This is the most important parameter, if the broker does not have a license, do not even look in his direction. In Russia, there is a record of legal forex brokers regulated by the Central Bank of the Russian Federation, KROUFR and several other organizations. By the way, we recommend choosing a European broker, but more on that later. To check for a license, go to the company's website and find information about licensing, usually located at the bottom of the page or in a special section.

    The wall of text on the site does not mean anything, the license number must be indicated. Depending on the regulator specified in the document, go to its website and check the license number.
  • IMPORTANT: Read the domain name of the regulator carefully, especially if you have followed the link from the broker to it. Fraudsters can fake the website of the Central Bank of the Russian Federation or CySEC by adding an extra symbol to the domain.

Why choose ONLY licensed brokers.

Yes, having a license is the only correct way to identify a reliable broker, insuring you against getting into the "kitchen". Speaking of the “kitchen” ... This is the name given to forex brokers who provide an illusory access to the stock exchange. There are two options for how you can be deceived.

First, you simply cannot withdraw money. Here we think everything is clear, you earn cosmic amounts, and when you withdraw funds, there are sudden "errors", etc.

Second, you will not be able to make money, as the broker will “draw” the chart by itself. Then the price of the asset will not correspond to the official data, and trading will more likely resemble slot machines.

The only drawback of working with a licensed broker will be the lack of a “special” attitude and many hours of conversations with a nice young man persistently persuading you to deposit money. Oh, yes, serious organizations do not indulge such a personal sales manager who tells what to buy and what to sell.

Differences between forex brokers

All further information will apply only to brokers with a license, for the reasons stated above, we do not consider the rest.

Brokers differ in many objective and subjective aspects.

  • Minimum deposit amount. Lower investment threshold can be $ 1000 or $ 100. If you are on a tight budget but want to start trading faster, this is important.
  • Demo account availability. The ability to check the product before buying is a definite plus. Take a few days to test the platform you like and the trading itself, you may not like the interface or it may seem that the platform's set of tools is too small. Fortunately, now almost all brokers provide this opportunity.
  • span class="green">Спектр предоставляемых инструментов. If you are not planning on using trading tools such as moving averages and oscillators right now, you may need them in the future.
  • Leverage size. Leverage allows you to earn more with small investments. Just do not forget about the word "credit", you lose money in case of failure, you are also faster.
  • Withdrawal method / speed. Perhaps for withdrawal funds you will need a dollar card or the withdrawal period will be unacceptable “about a month”. Better to check in advance.
  • Spread size. Clicked “buy” for $ 1.35? It is not a fact that the order will be executed at the stated price. The spread size determines the difference between the requested and final price of the order execution.
  • Language range. Poor English? Choose a broker that supports your language. Even if you understand the words “BUY / SELL”, it can be difficult to talk to the support team over the phone.
  • Convenience of the platform. And the last parameter is the convenience of the chosen broker for you personally. This includes as many parameters as you have enough imagination. Perhaps the interface of the platform seems to you too “twisted-eyed”, which will affect the convenience of trading.

Top EUROPEAN Forex Brokers

Why European? The answer is simple - the Markets in Financial Instruments Directive or MiFID (since 2018 - MiFID II). This regulation standardizes the process of obtaining the required information, and also provides more transparency of the organization.

Simply put, such a broker will not be able to "play around" and the requested information will be provided without delay. It's even easier - the EU is really tough on financing issues and keeps brokers in tight hands. An extremely important parameter, which beginners often underestimate.

It would seem that we have already denigrated the option of evaluating a broker through all sorts of rating agencies, and here we ourselves provide you with a list of the best brokers. We remind you that this was about determining whether it was a “kitchen” or a real broker. All of the organizations mentioned below are licensed by a European regulator, and we will evaluate them solely for ease of use, the volume of tools provided, etc.

reliable forex brokers

EXNESS FOREX

The headquarters of this broker is located in London and the company's activities are regulated by 3 organizations: ASIC, CySec and FCA. The main advantage besides triple regulation is wide leverage.

Peculiarities:

  • The minimum deposit is $ 100, which is a definite plus;
  • Of the trading platforms, the company has only MetaTrader, which in general will be sufficient for most users.
  • Leverage with a maximum ratio of 1: 1000 (be careful, with a lot of buying power comes a lot of responsibility);
  • Spread range - 0.0 pips, the order will be executed at the requested price;
  • Providing trading bonuses reaching $ 4000 and above.
reliable forex brokers

FxPro

Undoubtedly the first broker worth mentioning, because the company specializes in a Russian-speaking audience, although it is registered in the UK, because its founder is from Russia. The company has an office in Cyprus and a CySec license.

Peculiarities:

  • The minimum deposit is $ 100 (although FxPro recommends depositing from $ 500);
  • More than 280 trading instruments;
  • Deposit and withdrawal to a card / account / online wallet;
  • Availability of Russian-language support, working around the clock;
  • Tight spreads and no commission;
  • Supports algorithm trading;
  • As many as 3 trading platforms to choose from.
how to choose a forex broker

Dukascopy bank.

Not only a forex broker, but also a full-fledged online bank registered in Switzerland, whose products and currency are the standard of reliability in many countries.

Peculiarities

  • The minimum contribution is $ 1000;
  • Spread width - 0.2%;
  • Almost instant order execution due to the absence of dealing and requotes;
  • Support 24/6, alas, Sunday is a day off;
  • Frequent organization of various competitions with cash prizes, reaching $ 200,000.
broker appraisal methods

ActivTrades

Broker from the UK, whose main advantage is the possibility of additional insurance of funds and successful passage "Test of time".

Особенности:

  • The minimum contribution is $ 1000;
  • No dealing department, so all transactions are executed automatically;
  • The ability to replenish / withdraw funds through bank cards, accounts or online wallets;
  • 24/5 support, but with Russian language support;
  • In addition to the usual MetaTrader 4 and MetaTrader 5, the company provides its own trading platform - ActiveTrader.
  • Possibility to insure funds up to £ 1 million.

Congratulations, you now have all the knowledge you need to choose a Forex broker!

broker appraisal methods

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