Forex, also referred to as foreign exchange or FX, is the biggest, most decentralized and most liquid market in the world. The forex market constitutes a daily exchange volume of more than $5 trillion. Furthermore, in recent years, it has gained much more popularity because of the abundance of opportunities available and ease of access.
If you are thinking of becoming a forex trader, you have a long distance to cover before you get your ultimate victory. However, it would require you to have a certain level of knowledge and logical thinking to get there. The first and foremost step towards this journey is choosing a reliable online forex broker after reading the ecn broker review. It’s very crucial that you choose the right broker, and here are a few tips that you can follow if you are looking for one.Read More
Regulated vs Unregulated Brokers
In forex trading, choosing a broker who is financially regulated by reputed regulatory authorities is very much important. Unregulated brokers have no regulator supervising them, meaning they can easily take your money and disappear, and you won’t be able to do anything. This is so because you would be trusting your capital with them. Hence you need to make sure that the money you are investing should solely be used for the right purposes. It is one of the reasons you see so many brokers listed as scams and fraudsters.
The very first thing to do when selecting a broker is to check the difference b/w regulated and non-regulated brokers. Although there is no single organization to protect traders and investors from forex scams, many countries have their own regulatory authorities who oversee the forex trading activities and provide information about the legitimacy of the forex brokers. Regulated brokers always maintain transparency in their legal documentation, which is a true sign of their professionalism.
You need to do some research regarding the regulatory authorities available in your country. It would require much effort on your part to check whether the broker is actually regulated or not; however, you must do it because there is nothing more important than keeping your capital safe if you wish to be a successful trader.
Only Settle For The Best Forex Broker!
Apart from regulatory status, there are other factors equally important for your trading success. These are instruments, environment and customer support offered by the forex broker. Trading forex is not child’s play and requires you to be aware of all the forex basics. Your lack of basic forex knowledge will only confuse you, and you will not be able to separate the good forex brokers from the bad ones. Here are a few things that you can check about the broker in question:
- Ensure that the broker’s trading platform is easy to use and has all the relevant trading tools for an excellent trading experience.
- Check the types of accounts offered and whether certain features are available, including leverage, low commission, right spread and minimum deposits).
- Check their list of products and whether it matches your trading needs.
- Ensure they have 24*7 customer support available. A professional broker always has a team of experts ready to answer all your questions. In case 24*7 customer support is not available, you can check if the time schedule of the customer support service matches your needs. If the broker offers you a personal account manager, there is nothing better than that!
All in all, the best high leverage brokers know what it takes to provide the best services to their clients. They understand if their clients make profits, they too make a profit; hence, keeping them as their first priority is what their vision is. Finding such brokers is not hard; all you need is a little research, and you will settle only for the best.
The Bottom Line
To conclude, one can say that only you are responsible for your success or failure in the forex market. Both good and evil go side by side in this world, and forex trading is no exception to it. However, if you are able to find the right brokerage partner, everything seems easy. First, identify your needs, and once you are able to do so, it won’t be hard to find a broker who’s right for you and eventually brings you profits.