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How to Choose the Best Forex Brokerage for Your Trading| Ep. 017

How to Choose the Best Forex Brokerage for Your Trading The Forex Warrior

Talking about Forex brokers is something that Dr. Jason can do for hours and hours.  On today’s show, he’s compiled a list of the most important points to consider on How to Choose the Best Forex Brokerage for Your Trading.

Regulatory Compliance

If you’ve been around the market for a while, you know there are regulations in the country of Cyprus, there is a regulating body in Great Britain, Germany, the US, Australia, Canada and the list goes on. They all have different names. Brokers that are regulated and licensed have paid fees, they have agreed to checks and balances, oversight and sometimes even protection from some of the countries that are regulating them.

The brokers that Jason uses personally are not regulated brokers, but more about that in a moment. Some that the traders that he works with use brokers out of Europe that are awesome.  However, a lot of traders don’t qualify to trade with the big institutional brokerages that give great pricing fee structures.

A White Elephant in the Room

If you’re a USA resident or you want to trade with a USA broker, there are only a couple of them. There are and OANDA. Those are the two brokers that are left after the US government rules little by little kept raising the minimums and incorporated more rules and structure that pushed out the small brokerages. If you trade as a US resident, you have to follow the FIFO rule. First in, first out. That means you have to close trades in the order they were opened.

Personally, for Jason, this is a ridiculous rule.

To hear why Jason dislikes the FIFO rule and why he does not use a regulated broker, download and listen to How to Choose the Best Forex Brokerage for Your Trading.

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About the author, Jason Gospodarek

Dr. Jason Gospodarek has successfully managed several forex related websites for nearly 14 years, has been a mentor and daily live forex streamer on a leading forex educational website, and has helped to launch two forex brokerage firms. He has been involved in the money management side of the business as well as the back end and setup of metatrader liquidity pools over the years. Although he manages his own funds in the currency markets, he also helps lead new and seasoned traders down their path to trading success. While all his trading is done live currently, he has worked to create and have his own automated trading robots (EAs), as well as fully customized trade copying software, created. He is also the founder of the popular podcast "The Forex Warrior".

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