How to select a forex broker – proven and must-do tips for newbies

You can't begin your Forex journey if you don't have a good broker. Inexperienced people, or even worse, people who got scammed, will tell you brokers are liars. Yes, scammers are. But forex brokers, licensed and certified, are experts who can help you a lot, especially in the beginning.

While your ego might work here, you should put it aside and be completely transparent once you find a broker you want to work with. Why? Because saying you own more than you do can get you into trouble, and you will become one of those disappointed ex-traders that use every opportunity to mention how foul Forex is. The truth is, you need discipline, a goal, and the will to learn (which most don't).

Before you start looking

We mention the importance of a goal, and while it sounds cheesy, it's true. You will need a proper goal you want to achieve to become a profitable trader. Before you say "I want more money!", think again. Will that make you where you want to be? Is it a concrete goal at all? How much money? For what? Do you want to invest so you can have more money in three years, or are you setting your plan for one year? Again, why? We are pressuring this question because, without a goal, even research shows around 85% of traders quit before they make some significant amount of money on the market. In most cases, they lose what they invest and even go into debt since they were head over heels.

Selecting a broker

Trading with regulated forex brokers is simply a must. If you respect your money and your time, you will put effort into looking up broker reviews and checking on regulator websites if they have both a certificate and a license. You would be surprised how many people don't do that. That's why Forex got a bad reputation. Scammers took advantage of the fact people want everything now, and if somebody can explain the thing briefly, they won't bother looking further. Wrap it up nicely, say your "clients" need to invest money right now, and you're set. That's what scammers do. A regulated forex broker will help you set up a trading account (which is needed for trading forex), but he won't push you to trade when you don't even know much about the forex market itself. Please do yourself a favor and google it up instead of scrolling mindlessly through social media you like. It can wait for a couple of hours. In return, you will get to work and invest with experts, instead of frauds.

Your business relationship

Another important thing when selecting a Forex broker is not going for the first regulated one when you google. What you should do is check their portfolio but social media as well. Sometimes, it can tell you more about the way they communicate, and if you like their business personality or not. If you are uncomfortable when speaking to your broker, how will you advance as a Forex trader? While there are many resources online you should check, such as podcasts (even books!), videos, and courses, your broker will (and should be) be the most reliable. You have the complete freedom to check out and contact a couple of companies, and after having a conversation, take some time to consider which one seemed most appealing to you. If you build a solid business atmosphere with your broker, you will advance quickly and listen to their advice. In the end, if you make a mistake, you are the one who should own up to it since you control your trading account. While mishaps can happen, the percentage can be much lower if you listen to the right advice.