4 Ways to Choose the Best Forex Broker
A lot of learning and practice in forex trading is an obligation for everyone who wants to become a professional trader. The best forex brokers are companies that act as liaisons between retail traders and real financial markets around the world in a decentralized network. With a turnover of 5.3 trillion dollars per day, forex brokers have an important role for traders who want to enter the forex trading business even with very small.
Seeing this fact, every year more and more new forex brokerage companies are established to enliven the competition in the forex market. With the increasing number of forex brokers that have sprung up, it is certainly a special concern so that traders do not choose the wrong one.
1. Regulatory Status Can Be Proved
As a credible forex broker, the broker must comply with and comply with the rules set by the financial regulator in a country where the broker is sheltered, including:
- In the United States, forex brokers must be registered with the Commodity Futures Trading Commission (CFTC) and be a member of the NFA, Futures Commission Merchant (FCM).
- In Cyprus, the regulator of forex brokers must be under the authority of CySEC.
In some findings, forex brokers on their websites provide information on the regulator that oversees them even though it turns out to be a lie, for that every trader must get used to looking for complete information about the status of the broker’s regulator on the official website of the regulator that houses the broker, whether it is actually registered or not.
2. Have a Clear Identity
Providing clear identifying information such as when the broker was established, a clear and complete head office address, branch office address if any, a list of regulations, telephone numbers, providing online chat services, email and others are information that brokers must provide to investors. clients on the official website so that their clients can know clearly and completely the identity of the broker. So, clients must be careful when finding a forex broker who does not display a complete identity such as only showing the PO BOX when including the broker’s office address, this must be wary of because such a broker has a high probability of being a rogue broker who will deceive and cheat his clients. just.
3. Providing Easy Facilities
By providing easy facilities, it can be used as one of the characteristics that the broker is a credible and trusted broker, because through the ease of service the broker has proven to his clients as a broker who is not only looking for profit but also understands and understands that every client can come from any circle, among the conveniences provided by a credible and trusted forex broker are:
- Providing small spreads, there are even some brokers who provide spreads starting from 0 pips.
- Dynamic leverage that can be determined by the client.
- Providing a trading platform that has reliable performance and has complete technical analysis facilities as well as fast order execution facilities.
- There is a free demo account available as a medium to practice and test how good the broker’s servers are.
- Easy and varied methods of depositing and withdrawing funds so that traders can determine for themselves according to the conditions of the trader.
4. Provide Communicative Customer Support
Customer support is an important part for forex brokers in serving all problems that occur to clients, so that by providing communicative customer support services and fast responses will really help clients quickly and responsively to any problems and complaints experienced by their clients, among these services are by online chat, email, skype, fax, telephone, WhatsApp, telegram, etc.
As explained above, the RoboForex Review is very suitable for auto trading users. However, traders who utilize manual trading techniques can also join RoboForex, as they allow all trading techniques. In particular, if you are interested in trading cryptocurrencies and stocks on a CFD basis, then a RoboForex broker is a good choice.
