How do I choose a broker?

With so many Forex brokers available, choosing a broker can be a very confusing process. We've created a list to help point you in the right direction.

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)

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

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?

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.

 

 

 


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