Check The Reputation Of The Broker!

Discussion in 'General Trading Discussion' started by TraderAnalyst, Jul 15, 2019.

  1. TraderAnalyst

    TraderAnalyst Active Member

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    Before hiring a broker, a trader must always check the reputation of a broker and his background. For a broker who has earned respect and good image can bring you success but a broker with bad repute can take you in a loss! So always research about the broker you hire!
     
  2. J_C_Anderson

    J_C_Anderson Senior Investor

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    The choice of the broker is one of the most important decisions the trader shall make. There are numerous brokers providing their services to retail traders, but trading conditions they offer are not the only criteria trader shall pay attention for. It is necessary to start with regulatory issues, paying attention to the license - it could be easily checked via the official website of the appropriate regulating authority. Make sure it is valid before starting to work with the particular broker.
    It is also very important to get familiar with the conditions of the services provided. Sometimes unfair brokers may set quite unfavourable terms like possibility to cancel trades and their results. In such case, it will be better to avoid working with such brokers. Keep in mind that there could be more hidden rules like that, so study carefully all the documents provided by the broker.
    Trading forums and communities are the great sources of information too. There you can find reviews and feedbacks of traders working with particular broker and ask them to express their opinion.
    The combination of all these information will help you to make right decision.
     
  3. Duong

    Duong Active Member

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    It is necessary to check whether the company is insured against bankruptcy and if client money is segregated. That is only when you want to make a huge deposit.
     

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