FXTM information and reviews
FXTM
93%
OctaFX information and reviews
OctaFX
92%
XM information and reviews
XM
91%
FXCC information and reviews
FXCC
90%
Libertex information and reviews
Libertex
89%
FxPro information and reviews
FxPro
88%

LegacyFX: Choosing a Forex Broker


12 November 2020

When choosing the right forex broker, one must consider their preferences and set a list of unnegotiable features they would require from their broker. Undoubtedly, while reliability and trustworthiness are paramount other attributes are essential to consider and factor in.

Regulatory Body


Regulatory bodies that oversee a broker's conduct can provide traders with assurances as to the broker's credibility and the safety of their funds. Some leading regulation authorities are VFSC, CFTC, FSA, or CySEC. Therefore, brokers licensed by an official regulator are bound by their regulation's requirements, laws, and code of conduct, which help protect the trader.

Customer Service


In any field, be it forex or other industries, excellent client support elevates a company's reputation with its client base and gives the company another direct customer contact method. Popular techniques include phone, emails, chats, and review boards. Overall, brokers that offer multiple communication methods all increase their reachability and have greater opportunities to tackle client satisfaction issues.

Education and Training


A good broker presents its clients access to various educational materials and personal training sessions. Popular educational materials include webinars, tutorials, and e-books. Beginner traders with limited experience in the forex market generally benefit the most from such tools. Additional tools such as market analysis, economic calendars, and trading signals are usually fitted to clients with higher knowledge in trading to help them conjure fresh trading ideas. i

Trading Platform


Currently, the trading platforms developed by MetaQuotes Corp dominate the industry. Nearly ten years ago, this company introduced the software that powers the well-known MetaTrader4 and MetaTrader5 trading platforms. Some prominent features that set apart the MetaTrader5 platform from competitors include 21 timeframes, six types of pending orders, switching between 'hedging' and 'netting' mode, and having a Depth of Market (DOM) function.

Payment Relationships


Inquire about a broker's payment opportunities is recommended. The more payment facilities a broker can offer, the more chances it has to expand its global prominence. Additionally, brokers affiliated with reputable banks and payment processors are less likely to experience deposit rejections and refund issues.

Account Types


For beginner traders, brokers who offer demo accounts afford clients a safe place to test their trading environment. Additionally, it enables clients to get a feel for the broker before committing funds over. Generally, this can foster greater trust between clients and a broker by promoting a no-fault test run of services rendered. Also, brokers who offer account types and associated perks to clients who commit larger deposits and trading volumes open their doors to investors of all kinds.

Budget


Determining one's budget is possibly the most paramount factor when entering the world of forex. Having an in-depth understanding of the fees and commissions charged can significantly impact a client's choice of a broker, their trading volume, and deposit limits. Also, considering various constraints when it comes to depositing and withdrawing is helpful as well.

Ultimately it comes down to a personal choice in what each individual trader is looking for and wanting to accomplish. Once that is decided, choosing a broker is simple and gets one closer to having a successful trading experience.

#source

Share:


Related

MultiBank: A New Era of Financial Security
MultiBank: A New Era of Financial Security

The global financial derivatives broker, MultiBank Group, aims to become a game-changer in the crypto industry through its digital asset exchange platform. MultiBank Group built MultiBank...

29 Jun 2022

Trading World Cup: IronFX's Homage to the FIFA World Cup
Trading World Cup: IronFX's Homage to the FIFA World Cup

June 2022 - IronFX is pleased to announce the launch of its new trading competition, The Trading World Cup. The forex competition starts on the 1st of July and ends on the 30th of September 2022...

28 Jun 2022

Ronaldinho Joins Olymp Trade as an Ambassador
Ronaldinho Joins Olymp Trade as an Ambassador

A new partnership between Ronaldinho and Olymp Trade sees the “Gaucho” blazing into new territory off the pitch with the same passion and resolve that formed his household name...

28 Jun 2022

MultiBank Group Leverages Its Power to Increase Global Crypto Adoption
MultiBank Group Leverages Its Power to Increase Global Crypto Adoption

in California, United States, MultiBank Group is one of the world’s largest financial derivatives providers, with a paid-up capital of over $322 million...

24 Jun 2022

What is PMAM Trading Platform?
What is PMAM Trading Platform?

With technology constantly evolving more and more trading platforms have entered the financial markets. Personal Multi Account Manager (PMAM) is one of them...

23 Jun 2022

Confidence Amidst Uncertainty: The Future of Crypto Trading
Confidence Amidst Uncertainty: The Future of Crypto Trading

MultiBank io, part of MultiBank Group is a newly launched and regulated global cryptocurrency exchange where its users will soon discover the unique offering and utility...

22 Jun 2022


Editors' Picks

HFM information and reviews
HFM
87%
IronFX information and reviews
IronFX
86%
FXCM information and reviews
FXCM
85%
Pepperstone information and reviews
Pepperstone
84%
NordFX information and reviews
NordFX
83%
LegacyFX information and reviews
LegacyFX
82%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.