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Who is a reputable Forex broker?

talhayousuf

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There are quite a few reputable forex brokers in the industry.

Here are a few to consider:

Interactive Brokers, Oanda, and FXCM

Each trader will have different needs and so this is not a one size fits all type of answer.

You may be a scalper where tight spreads are your primary concern, or you may be a long term trader and interest carry may be of more concern to you.

So there are alot of different questions that you must ask to fit the best broker match for your particular situation.

But aside from that, there are a few universal things that you must look at in determining the reputation of a forex broker.

Here is a few important things to look for when selecting a forex broker:

  1. Regulatory Compliance - Check to make sure that the forex broker is licensed to do business and regulated by an official government agency. For example, in the USA, the CFTC and NFA are regulatory bodies that are tasked with overseeing Forex Brokers.
  2. Data Security Infrastructure - You must ensure that the broker has the necessary security in place to prevent hacks and potential DDOS attacks, which could jeopardize your account and sensitive personal information.
  3. Trade Execution - There are Brokers that act as Market Markets which are referred to as Dealing Desk Brokers, and others that are ECN brokers that allow you access directly to the Interbank market quotes. ECN brokers will typically charge a commission and offer direct spreads while Dealing desk brokers will add a markup to the spreads.
For a detailed discussion on what to look for when choosing a Forex broker, check https://fx-list.com
 
Among the broker i have traded so far I can say FP Markets is a reputable broker for me since they are regulated and have been active from 2005.

No major issues have occured like server freezing or spreads widening from the moment I started trading with them.
 
Among the broker i have traded so far I can say FP Markets is a reputable broker for me since they are regulated and have been active from 2005.

No major issues have occured like server freezing or spreads widening from the moment I started trading with them.
Spreads is the difficulty between buying and selling price in the forex market. However, it varies from broker to broker due to many factors. It is better to trade with low spreads which help traders especially scalper to trade effectively in the forex market. If you are a scalper, I recommend choosing to broker with Eurotrader which offers low and tight spread in any market condition.
 
A broker with regulation and that has been active in forex business for many years with good reviews and rating from other traders are reputable brokers, in my opinion.

For example, brokers like ICM and FP Markets have been active in the forex business for more than ten years with proper regulation, and many traders have given positive reviews about them.
 
A reputable forex broker is a broker that has been present in the forex business for more than a decade and holds a good reputation among other traders.
 

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