What to look for when choosing a Forex Broker

Podcast:

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#439: What to look for when choosing a Forex Broker

In this video:

00:26 – I’m joined by Ben Clay at Blueberry Markets

01:15 – What should you look for when choosing a new Forex broker?

04:46 – How easy is it to add and withdraw funds

06:40 – How safe are the funds?

07:30 – How long have Blueberry Markets been operating?

08:20 – What trading platforms do you use?

09:20 – Can I trade Crypto’s with Blueberry Markets?

10:47 – Will you be adding even more tradable products?

11:58 – Do your charts open the new day at 5pm EST New York time?

13:20 – What makes Blueberry Markets different from the others?

Andrew Mitchem:

What should you look for when you are searching for a new forex broker? Let's that talk about that and more, right now.

Andrew Mitchem:

Hey traders, Andrew Mitchem here, at The Forex Trading Coach with video and podcast number 439.

I’m joined by Ben Clay at Blueberry Markets

Andrew Mitchem:

In today's video and podcast, something a little bit different for you. We're joined here by Ben Clay over Blueberry Markets to talk about brokers, what to look for and what you should look at for when you're deciding to choose a new broker. Ben, welcome along. Good to have you here.

Ben Clay:

Thank you very much, Andrew. Always a pleasure.

Andrew Mitchem:

Good to see you. I think Ben, it's been about a year since we had our last catch-up like this. Looking forward to lots of developments and exciting things happening out there with Blueberry.

Ben Clay:

As am I, thank you very much.

Andrew Mitchem:

Now good stuff. Ben, last week, I asked some of our listeners to ask a group of questions really, that they have always wanted to ask a broker. I said, "I've asked them on their behalf as we were having this catch-up." I've got some questions here. I'd like to run through them with you.

What should you look for when choosing a new Forex broker?

The first thing someone said, what are some of the things that they should be looking for? What are the things they should be mindful of when they're out there searching for a new broker? Obviously, there's so many brokers out there online. They all claim to be good. They all claim to be legit. What is it that maybe just give us a list of some of the things that they should look for?

Ben Clay:

Yeah, absolutely. For me, personally, the first thing that I'm always looking at is reputation.

Andrew Mitchem:

Yes.

Ben Clay:

What the public is saying about that broker, online reviews, do your absolute diligence when it comes to searching and looking through the reviews. Usually, you're going to find that there'll obviously be some poor reviews out there for every broker. You get a pretty good idea when you look through the whole catalogue of what people are saying about them.

Andrew Mitchem:

Right.

Ben Clay:

Next, I would say licencing and where the broker is regulated, that's always going to be a very important one. There are some good brokers out there, who don't have regulation. That's not to say that they're all bad, but when a broker's regulated that gives the client some protection, at the end of the day. There's someone they can go speak to if they're not happy with the resolution from the broker. That's very important because things do go wrong, at times. It's not to say that we're a perfect broker, whatsoever, but I think it comes down to how you handle those client complaints and knowing that you can actually go somewhere and speak to someone if you do have an issue that the broker hasn't resolved. That's a big one for me.

Ben Clay:

Lastly, I would say, customer service is really, really important. Test it out and that's not just with us. That's for any broker. Jump onto their live chat, give them a call, ask them some questions and see how you're treated. I think those three things there,