Lecture 2:

Which Broker to Choose & What to Avoid!

This can actually be one of the defining moments of your Forex career, as choosing which broker to go with will impact everything to do with your trading from spreads, leverage, execution time plus much more!

For example many unregulated brokers have been ‘accused’ of many things from stop loss chasing too dramatically increasing spreads for higher commissions or withholding withdrawals etc SO it is important to make sure you do research on the broker you are going to choose, Check to see if you can find any reviews, Most definitely make sure they are regulated by either the FCA or your countries required regulation authority. 

Let's have a look at a few brokers that we have found to be reputable (This is just our opinion you can do your own research we highly recommend): They are in ranking order..

-BDSwiss

-ICMarkets

-OANDA

-FOREX.com

-Tradersway

-HugoSway

-Avatrade

The top 2 are really the ones you want to be going for unless you like using TradingView to enter positions then often oanda is the best choice. As stated before a lot of the brokers out there actually have terrible reviews and you can check sites like forexpeacearmy where you get thousands of traders commenting on each broker. 

Some of the most common things I have seen is: Spreads adjusted to hit your stop loss or increase commissions, sometimes your margin to balance provided is so high that if you use 50% of your account and its in a tiny loss they automatically close the trades, Plus much more but we aren't here to sh*t on brokers we are here to educate you but this can then in return have a huge impact on your trading outcome and the profit you are able to generate if you end up with a bad broker so its best to take some time on this one and just test the waters yourself.

Many of the brokers have different deposit requirements also so if you only have sufficient funds for a micro sized account you may not be able to create an account with some brokers pushing you towards the more unreputable ones this is most often the case anyways. That being said £100-£300 is usually enough for most standard/pro types of accounts with brokers which is really the bare minimum you want to be starting out with otherwise it will be VERY difficult and virtually impossible to build up your portfolio efficiently and effectively.