Broker: Your Life!

Discussion in 'General Trading Discussion' started by TraderAnalyst, Sep 2, 2019.

  1. TraderAnalyst

    TraderAnalyst Senior Investor

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    Broker is the intermediary between the traders related to foreign currency exchange. Forex being the world platform is ensuring earning facilities for the traders. And broker is the medium which can help any trader to get connected with this platform by means of trading account. But while choosing brokers, a naïve trader should try to pick up a licensed and credible broker that can make certain safe trading atmosphere here.
     
  2. J_C_Anderson

    J_C_Anderson Senior Investor

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    For sure,it is extremely important to chose the right broker to improve chances to succeed in trading. To my mind, trader should pay attention to the following criteria:

    1. Regulation. Broker should be licensed by financial regulating authority, preferrably European one. Such services are subject to licensing, so the company going to provide Forex trading services should comply with rules set forth by authorised body. For sure unregulated brokers registered in offshore jurisdictions sometimes offer better trading conditions, but non-market risk associated with working with such broker becames extremely high.
    2. Trading conditions. Each trader should pay attention to trading conditions offere by the broker, especially to trading fees. It is important because sometime even the strategy that is profitable itself could underperform due to the high trading costs.
    3. Other sevices. Brokers could provide other services, such as educational courses or webinars. Most of the brokers offer educational materials describing the most important basic concepts of Forex trading, which is important for newbie traders making their first steps in trading.

    In my opinion, each trader has to make his own rigorous research to find the broker to work with.
     
  3. Sukhada Parab

    Sukhada Parab New Member

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    The number of share brokers available in India currently can put any investor or trader in a spot of bother. It is imperative to select the right brokerage to have a seamless, hassle-free experience. There are many kinds of share brokers investors and traders can interact with. They are divided as full-service brokers and discount brokers.

    Full-service brokers focus on providing regular tips to their clientele. They also provide an array of services. A discount share broker, on the other hand, provides customised facilities to the client. They are meant to give self-education and allow traders to take independent decisions.

    The other factors to consider are –

    1) Any share broker who has adequate expertise in technology can offer an edge to the customers.

    2) Make sure the pricing policies are transparent and published on their website.

    3) The management team of the share broker must be driven for the stock market industry.

    4) Discount brokers charge low commission than full-service brokers.

    5) If you are new to stock trading, you may not have all the knowledge. Try choosing a broker who takes an active interest in increasing awareness among the clients.
     

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