How Do I Choose a Broker?

With so many Forex brokers available, choosing a broker can be a very confusing process.  123Trade can help simplify this process and get you trading faster!

Simplify the Process with 123Trade

123Trade is a sister company of MTI that helps students choose a forex broker. They provide step-by-step assistance in the selection of a great broker and ensure students protect their investments for traders of all levels!  This free service also includes some extra bonuses!

How to Reach 123Trade

407-708-5746
Email 123Trade
123Trade.com

Research List

We've created a list to help point you in the right direction. Below is a list of items to consider if you do not utilize this free service. 

1. Regulation Compliance

Regulation compliance is vital research when choosing a broker. An unregulated broker can do what it wants with your money. Avoid any unregulated brokers because they may be a scam. A reputable broker will be registered and moderated by the regulatory agencies of their operating country. Ensure that your broker is a member. Below is a list of the regulatory agencies and their corresponding countries:

  • United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
  • United Kingdom: Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
  • Australia: Australian Securities and Investment Commission (ASIC)
  • Switzerland: Swiss Federal Banking Commission (SFBC)
  • Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
  • France: Autorité des Marchés Financiers (AMF)
  • Canada:  Investment Information Regulatory Organization of Canada (IIROC)

2. Account Details

  • Easy, hassle-free withdrawals and deposits
  • Transaction cost - Commission and Spreads
  • Leverage and Margin - loans from your broker and the amount they set aside to keep your trade open.
  • Initial deposit 
  • Minimum lot size
  • Instruments (currency pairs) offered

3. Customer Service

  • Inquire about their hours of operations.
  • Call them to ensure ease of contact.
  • Read online reviews. Are their current clients happy with them?

4. MetaTrader 4 (MT4)

Our charts can connect with most MT4 accounts.

  • Ensure you are able to have an MT4 account with them.
  • Do they block third party software connections? 
  • Are they willing to provide their server information?

Most of the big, most popular brokers are already loaded in SmartTrader for easy connection, such as Oanda, Forex.com, AvaTrade, and FXCM.

 

 

 


Did this help answer your question?

thumbs up
thumbs down

Thanks for the feedback! 🙏🏽