If you are looking for your forex broker or trading platform, it is important to choose the most trustworthy and best forex provider from hundreds of them, as this will affect the entire trading experience. There are many aspects to consider when conducting research and comparing the large number of brokers offering Forex, it is not an easy decision, but it is also lengthy. We are here to assist you in making your choice and provide the most frequent concerns.
Am I capable of trading forex without the help of a broker?This may be the first question you consider, indeed, the most global trading in the Forex market. Most Forex participants are financial and international banks. Due to the need to exchange currencies in the form of currency pairs, these institutions do a huge amount of business and help international businesses with the conversion process, which is also known as interbank exchange.
Therefore, in order to be able to exchange foreign currency, you need to be an authorized trader and operate in a sufficient amount of foreign currency that the trading market was not viable until forex brokers were made available to retail investors and to traders of the world community. For such reasons, forex brokers are businesses or agents that give forex traders as retail access to their platforms to operate in the forex market and trade various markets including commodity futures, indices, bonds and many more.
Do I need a license to conduct foreign exchange business?This is a great and lucrative opportunity offered by Forex brokers as you are able to trade without the need for a dealer or financial license. In addition, there are hundreds of possibilities with only a tiny investment, which allows you to analyze the market and perform quick technical analysis while trading Forex.
What does the term “regulated broker” refer to?The purpose of regulation is to oversee the forex business in a particular region or country and to safeguard clients and traders when trading forex. Simply put, a regulated broker is a safe and legal broker that follows different rules and guidelines set by international authorities with the aim of providing trading security and good customer service. This means that its trading environment and the services it offers, such as education, technical analysis and tools, meet the highest standards.
Let’s now look at the most important question, is the forex broker controllable, because the market is not concentrated, is it safe for traders to invest in forex? Obviously, this is the most important trump card you may face as a retail trader when you choose an unreliable, largely unregulated, offshore business without a valid license. You can get caught up in fraud and end up losing money.
- Are Forex brokers licensed?
In response to the growing demand and the fact that traders do not have easy access to financial knowledge, countries around the world have established specific agencies or organizations to oversee the market and monitor forex brokers. Forex brokers are therefore regulated by local government-issued licenses, similar to the internationally recognized FCA in the UK, ASIC in Australia, CFTC in the US, MAS in Singapore and many more.
How can I be sure if your Forex broker is registered?To determine if a broker is licensed, first confirm this information by visiting the broker’s official website. Regulated companies will always disclose their license. The second step will be to confirm if the license is valid by using the official regulatory website. In forex broker reviews, you will get all the information needed and also a license verification.
It is a fact that fraudulent brokers can easily fabricate information and claim to have their license, but this is not accurate, so be sure to confirm the information from the official website. Also, make sure you deal with a broker that is licensed in a legitimate jurisdiction and not an offshore broker as they have the advantage of strict regulations, standards and security measures.
How to pick the best forex broker?When it comes to forex trading, the safety of your money is always a top priority. Simply put, a regulated broker is a means to trade forex with proper security of funds and investments.
In addition, you should review the required conditions and choose a suitable offer for you and the trading strategy you use.
We help you choose and offer the best accredited brokers, a professional detailed analysis including an overview of trading fees accounts, a sorting of platforms and more regulations, country or trading rules, plus trader reviews, so making an informed choice is now easier.