How To Choose A High Quality Forex Broker?
Today, a trader has a wide choice of brokers, and exactly this choice determines how profitable your trades are going to be. Unfair brokers easily eat up customer deposits, put obstacles, re-zero the outcomes of transactions, and some might even completely disappear. However, if you choose the right broker, you will be able to trade as freely as possible, without fearing for the honesty and quality of execution of your orders, as well as withdrawal of earnings.
How to choose a Forex broker?
Today, we will uncover general principles of choosing the right Forex broker:
You’d better pick a broker with the license of CySec (go to the site), FCA (go to the site) or other serious organizations. For example, a large European broker FxPro has them both. It ensures that the broker fulfills a number of mandatory requirements of controlling organizations, such as segregation of accounts, when the company’s money is kept separate from clients’ funds. It successfully undergoes an audit and carefully treats its obligations to customers. Violations can end up with fines, and sometimes even a revocation of licenses. The company insures customers’ funds against non-trade risks for up to 20 thousand euros.
The search narrows: moving to the next point
Look how long the broker is working in the market. Focus on those, who have been working long and consistently. For example, FxPro (go to the site) has been working in this niche for more than 10 years. You will certainly agree that it’s not a small period for such a financial business. During this time there weren’t any fines by the regulator or serious complaints.
It also makes sense to view reviews. However, keep in mind that it is not always worth trusting the ratings. It’s because as elsewhere, there is a competitive war, so not all ratings and reviews are independent. Another crucial indicator is the number of prestigious awards. FxPro has received up to 40 British as well as international awards, and many of them are based not only on the opinions of commissions, but also on open voting, which also underlines the level of satisfaction of traders with the quality of services provided.
Finally, you need to decide whether you like the proposed trading tools, the size of the broker’s spreads as well as other trading conditions. As for FxPro, the broker can show you an online table of spreads of the largest brokers, so you could make sure that the company offers one of the narrowest spreads in the market. In addition, here you will find not only traditional currency pairs, but also shares of the world’s largest companies, gold, oil and other assets, which are in great demand among traders. In general, you can count on more than 300 financial instruments.
It’s an absolutely universal algorithm, which is suitable for assessing the overall quality of a company in the Forex market. We mentioned FxPro because in our opinion, they’re really an example of a good Forex broker.
Choosing a Forex broker
Forex-broker FxPro is a reliable partner in the Forex market (truth about Forex). It’s always focused on the interests of its customers. The company is always working on developing new products, services. It keeps improving trading conditions.
We’d like to add that they provide a lot of advantages to their traders. We have already mentioned that they have some of the most attractive spreads on the market, but the speed of execution of orders is also impressive: the company reports that up to 99% of orders are executed in 50 ms.
In this broker traders highly value a lot of convenient ways of replenishment and withdrawal of funds. Another great advantage is that the company works with an online banking provider PSB-Retail, which allows you to transfer funds without commissions. Moreover, from time to time FxPro rolls out actions for free replenishment of the account via plastic cards, when all fees are paid by the broker.
In the office of FxPro Direct you will find analytics from reputable experts of the Trading Central, a convenient economic calendar with a rating of importance, a constantly updated FxPro blog with the most important topics for traders. They also have an interesting feature in the Trader’s Panel – it enables to see which pairs and positions are most popular among the company’s customers.
If you are a trader who works with advisers, we recommend to pay attention to the Quant strategy designer for the MT4. It will enable you to convert your proven trade style into a trading algorithm quickly and easily. You don’t need to be a programmer to use it. For those who prefer cTrader (more details) the company offers an application cAlgo with a built-in code editor to create your own robots or download new algorithms from developers.
We’d like to add that they protect their customers from a negative balance, so you will never end up losing everything in your account if you stick with this broker.
We wish you to choose the right partners for trading.