1, simplified way-read the comments of brokers and make a decision based on the star rating or feedback. However, no one can guarantee that a five-star brokerage firm is the best choice for your transaction, and no one can guarantee that the comments you see are actually true (unfortunately, this is the reality of online comments).

2. Professional way-research by yourself and read comments as part of the analysis. We will elaborate on several steps to make a major choice:

The first step in choosing a broker-understand what you want from the transaction.

Make a list of yourself and write down the requirements for brokers. Sitting down and carefully making a list of trading services and features can make it easier for you to choose the first (or new) foreign exchange broker.

Add a question to your list:

What currency do you want to change?

What price difference are you suitable for (fixed, variable, how many basis points)?

Do you accept commission for foreign exchange transactions?

What is your minimum investment (account size)?

How much leverage is needed?

What tools and indicators are needed in the transaction?

Do you need a specific trading platform (such as MT4)?

Want a scalp?

Do you want to hedge?

Do you need to move the stop loss?

Do you need a one-click transaction execution function?

Do you want mobile phone transaction and transaction early warning function?

Do you care about ECN, STP or trading platform brokers?

Do you care about the reputation of foreign exchange brokers? In fact, you must care, for the safety of investment.

Which method do you choose, telegraphic transfer, PayPal, credit card, etc. Your country may have restrictions in this respect.

How much will you pay for deposit, transfer and withdrawal?

Classify these questions according to their importance, add your own questions, and then start learning.

The second step of choosing a broker-search for a matching broker.

Searching online, using search engines, and visiting the websites of various brokers are common ways for traders.

The third step of choosing a broker-visit the broker's website

Narrow it down to a few foreign exchange brokers. After that, you should visit the broker's website, read their foreign exchange trading rules and policies, understand the terms and conditions, and conduct further research. Understand the transparency of their business: address and telephone number, customer service and the effectiveness of regulatory information.

If the contact information part (or other parts, which traders can see) on the brokerage website does not list the physical office address, it is necessary to be vigilant. Cell phone, chat, internet phone, email-if there is no address, all this is not credible!

Second, the overall appearance of the website can show the owner's face. You don't have to be modern, interactive, use flash, etc. , but to have a professional appearance, all pages and links must be valid.

The word "about to start" on a blank web page is unacceptable! For new visitors, this always seems to be a temporary news, but according to our experience, this "about to start" may take months or even years! Companies that conduct business and accept customers' funds cannot allow certain functions of the webpage not to be started!

The next important factor: Your best choice is to open an account with a regulated brokerage firm, which is registered with the competent regulatory agency and still subject to its supervision.

United States: National Futures Association, Commodity Futures Trading Commission.

Canada: BCSC, Canadian Investor Protection Fund, OSC.

UK: UK Financial Conduct Authority

Switzerland: Swiss Federal Ministry of Finance, Swiss Financial Intermediary Management Association and Swiss Financial Market Supervision Bureau.

(Since 2009, all Swiss foreign exchange brokers must hold a banking license. )

Sweden: Swedish Financial Services Authority

Denmark: Danish Financial Services Authority

Spain: CNMV

Japan: Japan Financial Futures Association, Japan Financial Services Agency.

Hong Kong: Hong Kong Securities and Futures Commission

Australia: Australian Securities and Investment Commission

Dubai: Dubai Multi-commodity Center, Dubai Gold and Commodity Exchange, Dubai Financial Services Authority, ESCA.

This is not a complete list. Other countries also have foreign exchange regulatory agencies to supervise foreign exchange trading companies.

Step 4 of choosing a broker-read the comments about the selected broker.

We have our own foreign exchange broker audit department, but we encourage you to search for more comments on the Internet in order to make a decision: enter "[broker name] comments" in the search browser and click the link to read more comments.

It will be helpful to read as many comments about foreign exchange brokers as possible, but it will also bring confusion and pressure. We often hear that traders are shocked after reading the comments, and they are no longer sure which brokerage firm to choose. Because each brokerage firm has many good or bad comments, it is almost impossible to filter out the truth before making a decision. What should I do?

We suggest that you stick to simple rules:

1. If the brokerage firm has worked for more than 10 years, it means that the company has a deep understanding of foreign exchange business and cares for customers, otherwise it will not develop to this day.

2. If the broker is supervised by a major regulatory agency in a country, it means that the broker is very serious about his business and must take measures to comply with the rules and requirements of the regulatory agency.

3. If a brokerage firm provides futures, stocks, options, commodities, contracts for differences and other trading products in addition to foreign exchange, it means that the brokerage firm has huge business, many responsibilities and many customers.

While reading the comments, make sure there are no comments about canceling profits or refusing to pay. This is an early warning. If the trader makes a mistake (which is possible), such comments may cause great confusion.

Filter out good and bad comments.

Be selective when reading comments, and always analyze the identity of the commentator: professional trader or novice. Through the actual information of comments, we can not only see the trader's education level, but also see his understanding of the topics related to the comments he wrote. In this way, you will filter out a lot of inferior comments, in which novice traders accuse brokers of being in trouble because they are not qualified to trade.

Filter 5-star reviews. In order to improve the ranking, it is not uncommon for brokers to post their own comments. These comments have their own special "style". Although trying to hide the true identity of the commentator, it is not difficult to find that the marketing information hidden behind the comment is completely marketing. Your task is to keep a clear head and make every judgment objectively.

The fifth step of choosing a broker-the last move to correct your attitude

Finally, the way you choose a foreign exchange broker should be similar to the way you choose a reliable bank to deposit funds: credibility, transparency, convenient fund operation and good customer support.