How to Choose a Really Good Broker for Forex?

Published: 15 August 2017 Updated: April 21, 2023

Today, the trader has a wide choice among brokersAnd this choice will largely determine how profitable you will trade. Unscrupulous "kitchens" easily drain client deposits, inserting studs, zeroing out the results of transactions, and some may even evaporate. However, if you have chosen the right broker, you will be able to trade as freely as possible without worrying about honesty and quality of order execution, as well as payouts of earned funds.

How to choose a forex broker

How to choose a forex broker?

Today we will share with you the universal criteria for selecting the right forex broker:

Choose a broker with a license CySecor the FCA or other serious organizations. For example, a major "European FxPro has acquired both. It guarantees that the broker complies with a number of mandatory requirements of regulatory organizations, such as account segregation, when company money is kept separately from client funds, undergoes audits and carefully treats its obligations to clients. Violations can lead to fines and sometimes to license revocation. The company insures client funds against non-trading risks up to 20 thousand euros.

Is your search narrowing down? Then we move on to the next point:

Look at how many years a broker has been on the market. In the priority are those who work long and steadily: FxPro (go online) in the market for more than 10 years, which is not a short period of time for a business. And during this time there has not been a single regulatory fine or serious censure.

It is also worth reading the reviews. But keep in mind the fact that you should not always blindly trust the ratings, here, as elsewhere, there is a competitive war - not all ratings and reviews are independent. Another indicator is the number of prestigious awards. FxPro has received 40 British and international awards, and many of them are based not only on the opinions of commissions, but on open votes, which also indicates the level of trader satisfaction with the quality of services.

Finally, assess whether the trading instruments, spreads and other trading conditions are suitable for you. At FxProo (go online) you will find an online table of the spreads of the largest brokers and make sure that the company has some of the tightest spreads on the market. Besides, here you will find not only traditional currency pairs, but also shares of the largest world companies, gold, oil and other assets demanded among traders - in total more than 300.

This is an absolutely universal algorithm, which is suitable for determining the quality of a company in the forex market. We took FxPro as an example, because they, in our opinion, are really an example of quality forex brokerage.

[featured feattitle='Choosing a broker' site='FxPro' ]Forex broker FxPro is a reliable partner on the Forex market, always focused on clients' interests. The company is always working on developing new products, services and improving trading conditions.[/featured]

To make the conversation about FxPro complete, let's note that they provide a lot of advantages for their traders. We have already mentioned that they have some of the most attractive spreads on the market, but the speed of order execution is also impressive: the company reports that 99% orders are executed in 50 ms.

What is especially important for traders is a lot of convenient ways to deposit and withdraw funds. An additional plus is that the company works with online banking PSB -Retail, which allows you to transfer funds without commissions. And from time to time in FxPro there are promotions on free depositing from plastic cards, when all commissions are paid by the broker at his own expense.

In FxPro Direct cabinet you will find analytics from Trading Central industry leaders, handy economic calendar with importance rating, constantly updated FxPro blog with the most important topics for traders. Also, they have a curious development in the "Trader's panel", using which you can "spy" which pairs and positions are the most popular among the company's clients.

If you are a trader who works with Expert Advisors, then we advise you to pay attention to the Quant strategy builder for MT4. It will allow you to transform your proven trading style into a trading algorithm quickly and easily, no programming language knowledge is required. For those who prefer cTrader, FxPro (more) offers a cAlgo application with a built-in code editor for creating your own robots or downloading new algorithms from the developers.

Finally, we should add that they protect their clients from negative balance, so the trader's account will never be in deficit.

We wish you choose the right partners for trading.

Have a successful trade!

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  • I trade with them. Real high quality order execution, analytics and support. I have been working with them for many years and they have been successfully trading on my account. And yesterday I read the comments of the analyst Kuptsikevich in MK. I listened to his opinion and made a few points on EurUsd!

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