The assumption that a broker from one jurisdiction is equal to another broker from a different jurisdiction is incorrect, and can lead to unnecessary headaches down the road. It is imperative that you do your due diligence and homework on the Broker to make sure that they are located within a country or region that has a solid regulatory body which will oversee operations of FX broker dealers. If you were to have any issues with your forex broker, it will be easier for you to recover your funds if the currency broker is located within a tightly regulated country.
Be careful of forex trading brokers that are located in the Bahamas or Panama as regulation in these areas is quite weak.
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Trying to claim your legal rights in these jurisdictions can be challenging at best. One of the best way that you can protect yourself and your account is by making sure that there is a well established regulatory body within the country or region that the Forex Broker is located in.
The best forex brokers are properly registered and have an overseeing regulatory body. In addition, in the case of bankruptcy or insolvency by the forex broker, there will be set procedure that dictate how client funds are to be handled. Regulation makes is difficult for brokers without the proper requirements to operate in their jurisdiction.
When you Need Some Help Finding the Best Forex Brokers, Start by Reading Our Forex Brokers Reviews.
This in itself sometimes deters less reputable brokers from ever trying to gain licenses from these regulatory bodies. Though there is no guarantee that even the best forex brokers in the world within well regulated jurisdictions will not fail, the level of security for your funds will generally be much better than with unregulated brokers. Below is a list of countries and their respective regulatory agencies:.
The financial stability and security of a well funded forex broker should bring some peace of mind to you. In the course of your due diligence process, it is important to know how financially strong a forex brokerage institution is. Some forex brokerages are small operations with just a handful of employees, others are among the biggest FX brokers and can be large organizations that are owned by a Parent company or Holding company. Most reputable brokers in highly regulated regions will be required to hold client funds in segregated accounts.
The safety of your account should be your primary concern and working with a financially strong capable forex broker will go a long way towards that end. And this axiom certainly holds true in the forex broker realm. There are new foreign exchange brokers that spring up by the dozens every year, and some of these companies are located in regions where regulations are quite relaxed or non existent.
Even those brokers that have gone thru intensive regulatory requirements many still not always abide by the best practices espoused by their governing bodies. Ultimately, it is upto the individual forex trader to make sure that they are placing their funds with a reputable broker with a solid forex broker rating. Ok so we know that the reputation of the forex broker is important, but how would one go about finding this information?
There are a few ways. First and foremost is to ensure that you are planning on trading only with a regulated forex broker. The top forex brokers list at the beginning this article should help you decide among good forex brokers that are a right fit for you. You can check the regulatory agency website to make sure that there are not any major complaints surrounding the broker in question. In addition, you can check online forex broker reviews, and forums to get information from past and present customers of the broker. One of the best detriments of how reputable a company is will be the actual age of the company.
Most forex brokers who have stood the test of time and been in business for at least 7 or 10 years are good candidates that may be deserving of your business. The biggest transaction costs in forex trading comes in the form of commissions or the dealing spread. Commissions and spreads are the means by which forex brokers earn a profit on their business.
Using a broker that has competitive spreads will effectively help your bottom line, but you do not want to sacrifice joining a broker with poor execution or one that is unregulated for the sake of lower transactions costs. There should be a healthy balance between both transaction costs and other criteria that you consider important when doing a Forex brokers comparision. The trading platform serves as the portal or gate between you, the retail trader, and the markets.
How To Find The Best Forex Broker
It is the primary tool from which the trader performs their market related activities. A solid trading platform is as essential to the trader, as a sharp scalpel is to the surgeon.
One of the most stable and popular trading platforms for Forex trading is Metatrader 4. There are other broker specific platforms as well, but Metatrader is by far the most widely used. Most of the top FX brokers offer demo accounts so that you can test drive any of the Trading platforms that they support.
This is usually a good idea, and will help you become more comfortable with the platform when you decide to switch over to a Live Trading Account. Keep in mind that the trading platform does not need to be overly fancy or have a lot of bells and whistles. Many times these additional features can become a distraction.
List of Most reliable Forex Brokers in - Real Reviews - AtozMarkets
A simple, yet powerful platform that is fast and user friendly will typically prove to be the most robust. In most normal market conditions, when you hit the Buy or Sell button on your trading platform, you should expect to get a speedy trade execution at your specified price. Every reliable forex broker will try to ensure this type of execution for their clients. Currency brokers offering solid execution should be able to fill your order within seconds not minutes, and should have minimal re-quotes.
During volatile market conditions, you may not get this type of fill. But during normal market conditions, you should demand the proper trade execution practices from your broker. So essentially, without trading a real account with the broker, you will not be able to fully test their execution abilities. There are several different types of trading accounts that are offered by various forex brokers.
Below is a brief description of each:. As you can imagine, each trader will have a different type of experience level and funding capability. And such, it is important that each trader analyze their unique situation so that they can best decide what type of account is best suited for them. Most forex traders will obviously want access to all the major currencies, along with most minor currencies and some exotic pairs. It is this entry level instruction that provides the foundation for what could be the beginning of a lucrative endeavor into trading currencies.
Without an easy-to-follow introduction, new traders are susceptible to making novice mistakes that could bankrupt their trading account and leave them feeling ripped off, which has been an unfortunate trend in leveraged trading. We also expect that traders of a "higher caliber" are appropriately accounted for within a broker's education.
Whether this comes in the form of advanced wave theory or the exploration of algorithmic trading, we expect a brokerage to teach us something new. Ranking first in our review of education is FXCM. FXCM ranks first for several reasons: First, their dedication to beginner traders is unparalleled by any broker in the industry.
This is clearly depicted through their development of sites such as microlot. In addition to their introductory content, FXCM's trading courses provide a highly effective learning environment. FXCM gives a 7-day free trial of their online courses; otherwise, a live account is required to utilize their educational lessons. Ranking second in this year's educational review is GFT.
GFT is able to pull away from the masses by offering diverse education through several mediums. Most notably, GFT offers 7 live webinars every trading day. Another GFT advantage comes from their partner site, fx Through this site, GFT provides their own unique technical analysis methods, which they support with additional education and commentary. The extra material helps its trading base to learn, apply, and build upon GFT's trading techniques. Overall, GFT empowers traders by providing educational material that fosters creativity and promotes trader development.
The entry level education provided by Alpari is a bit underdeveloped, but where they go above and beyond is with their "Technical Analysis Trading Guide," as well as their library of 30 educational videos. Each brokerage has its own educational niche and takes its own approach to educating and developing its client base. Overall, FXCM does the best job of accommodating a variety of trading styles and delivering material that is highly focused and professionally developed.
When broker representatives interact with current and potential clients, their demeanor should be professional, timely, and leave the client with an enjoyable experience. Outside of the obvious traits of friendliness and competence, we expect broker reps to be efficient in helping clients understand some of the more complex forex concepts swap, leverage, margin, etc. Having established our criteria, we've outlined the brokers offering the best customer support for forex trading. MB Trading earned the top spot in our review of customer support.
MB Trading covers all of the basic requirements such as hour support and offering a variety of contact methods chat, phone, email, Skype.
Where they begin to set themselves apart is their departmentalization of support — by providing several contact numbers, clients can quickly get you in touch with the appropriate department. When contacting forex support, we're routinely put in touch with the same representatives and can request the assistance of a specific rep who has previous experience dealing with our support topic. MB Trading has routinely demonstrated their attentiveness to customer support, the competence of their representatives, and their ability to quickly resolve issues.
Thinkorswim also comes in with five stars for customer support.
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In addition to the basic criteria that all forex brokers should be providing, thinkorswim also offered multiple avenues of contact for each specific inquiry; tech support, forex, futures, retirement accounts, even inquires for new accounts. We noticed that by segregating support departments we were able to get in touch with someone who could answer our questions without having to transfer us numerous times or put us on hold. Their site is also easy to navigate and investors can find their exhaustive list of contacts very easy from the front page, or begin a live chat session with one of their representatives.
Notable for PFG is their email service that reports trade confirmation and exposure. Upon executing orders from both their desktop and mobile platforms, customers instantly receive email notifications detailing the specifics of their position. Additionally our live chat experience with GFT was excellent.
They were prompt and give clients the feeling you have a real person on the other end instead of just scripted responses.