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How to choose a Forex broker | 5 Practical Steps




There are two most common ways of choosing a Forex broker:

1) Simplified or "lazy way" — which is to read broker reviews, and based on stars and feedback make a choice.
There will be no guarantee, however, that a 5 star rated broker will be the best choice for your trading needs, or that the reviews you've read were actually genuine (unfortunately, that's the reality of online reviews submission).

2) Professional way — which is to do your own research while making reading reviews a part of that research.
We're going to describe the steps of making a professional choice:


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Broker discussion area

BrokerGuru

February 5, 2012

Incompetent people providing chat support?
It's an issue known not only to Forex industry...
Yet, I fail to understand how any reputable company can allow that... Judge for yourself. Try calling them instead of chatting may be.

Answering your questions:
Micro Trading Accounts starting at $100
Minimum Lot Size 0.01
0.01 meaning 10 cents per pip ? Yes

Standard Trading Accounts starting at $1000
Minimum Lot Size 0.05
what it means ? 5 dolalrs or 50 cents ? is it a website mistake ? 50 cents

Professional Trading Accounts $2500
Minimum Lot Size 0.10
why is 0.10 ? when you deposit 2,500 usd you should get at least 1 lot = 10 usd
...0.10 looks liek cents > so where is the professional trading account? 0.1 lot is fine too. You can choose to trade 0.1 lot = $1 per pip or 1 lot = $10 per pip

4runnerforex and 1lotstp belong to the same family of brokers operated by FX Systems Ltd.

trader

March 7, 2012

hello all,

in my opinion . the best broker i ever trade with is forexcontrol. it got low spread and its huge that you can buy and sale many currencies . so i really strongly advice all with this broker .
i find their service even during weekend .


trader

March 11, 2012

Hi Guru,

Can you suggest pros and cons about 1pipfix ? They have low 1pip spread for a 2500$ account and 3 pips spread for a micro/mini 100$ account. Flexible leverages - Metatrader4 platform. As far as I can read reviews, geting refund and customer services is also good enough. They are again a part of FxSystems ltd, W.I ...So what should be done...I see many positive reviews on babypips.com

Thanks for your reply

BrokerGuru

March 13, 2012

Sorry, we can't recommend or vote for/against any broker. We're required to remain fully unbiased.
There hasn't been complains about 1pipfix, however, regardless the broker you choose, make sure you start with the smallest allowed deposit in order to fully test trading conditions, support and withdrawal process before investing larger funds.

trader

April 4, 2012

你好，
你的建议对我很有用，我是一个初学新手，我试过 forexcontrol 这个平台，平时我上课，有时候会去炒下，还能赚点呢，做的是短线。而且无论出金和入金都十分方便和安全。他们给我很好的QQ(860924771)支持,一旦我有什么问题，他们会给我，即时的回复。在去年的一年里，我从这个平台上学到了很多。中得来说还是个很好的平台。
谢谢你的建议

--------- Google translate --------

Hello,
Your suggestion is very useful for me, I'm a beginner novice, I tried forexcontrol this platform, usually my classes, sometimes to fry, but also to earn it, do short-term. And regardless of the gold into the Grand Waldo is very convenient and safe. They gave me a good QQ (860 924 771) to support, once I have any questions, they will give me immediate reply. From this platform in the last year, I learned a lot. In too, but still a good platform.
Thanks for your advice

trader

April 29, 2012

Hi , i recently got interested in Forex and made enquiries with a company called FXORO. I set up a demo account and did ok, and have moved onto a real live one but the spreads are greater, and much greater than most of those seen on here. I cannot find any reference to them on this site. Anyone know of them?
Ta, J (btw, nice site, wish I'd found it before!)



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