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Who is a reputable Forex broker?

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Who is a reputable Forex broker? Empty Who is a reputable Forex broker?

Post by ALGERNON on Sat Mar 02, 2019 1:55 pm

There are quite a few reputable forex brokers in the industry.

Here are a few to consider:

Interactive Brokers, Oanda, and FXCM

Each trader will have different needs and so this is not a one size fits all type of answer.

You may be a scalper where tight spreads are your primary concern, or you may be a long term trader and interest carry may be of more concern to you.

So there are alot of different questions that you must ask to fit the best broker match for your particular situation.

But aside from that, there are a few universal things that you must look at in determining the reputation of a forex broker.

Here is a few important things to look for when selecting a forex broker:

Regulatory Compliance - Check to make sure that the forex broker is licensed to do business and regulated by an official government agency. For example, in the USA, the CFTC and NFA are regulatory bodies that are tasked with overseeing Forex Brokers.
Data Security Infrastructure - You must ensure that the broker has the necessary security in place to prevent hacks and potential DDOS attacks, which could jeopardize your account and sensitive personal information.
Trade Execution - There are Brokers that act as Market Markets which are referred to as Dealing Desk Brokers, and others that are ECN brokers that allow you access directly to the Interbank market quotes. ECN brokers will typically charge a commission and offer direct spreads while Dealing desk brokers will add a markup to the spreads.
For a detailed discussion on what to look for when choosing a Forex broker, check [Only admins are allowed to see this link]

ALGERNON
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