Forex brokers regulated by CySEC or FCA (UK) are considered as legitimate because these regulator bodies are very strict when it comes to good business practices, the bodies make sure that the clients’ rights are duly protected and the broker is involved in no unethical practices.
How to choose a forex broker?
Choosing a Forex Trading broker should start with collecting information about successful transactions and openness in working with clients. A good quality broker has its portfolio of transactions, a large number of reviews from clients. The easiest way to check is the published trader lists, which are constantly changing and updated. The broker with the most positive reviews can sometimes provide the most favorable trading conditions, depending on your goals. You may also want to pay attention to how the process of registration and deposit withdrawal of money with a particular broker is going on. An example of a Forex broker in South Africa is FXCC , a broker that offers 24/7 customer support in the country with a dedicated official website.
Forex broker license
The presence of a broker’s license allows one to judge its conscientiousness and the degree of seriousness in its approach to trading. A licensed broker is more likely to settle on all transactions and conduct them with transparency. But to obtain a license from well-known world communities or government agencies, a broker needs to seriously try and earn a particular reputation. If you see that the broker’s license was issued by an unknown office located on a distant island, this may not be the broker that you want to deal with.
Forex brokers rating
You can find many independent ratings of popular brokers. Traders are sorted here by the number and quality of reviews, working hours, and other vital parameters. Here you could pay attention to the number of closed trades, the regularity of payments to clients, and not the leverage or the promised interest. In general, the first steps in trading with the help of brokers should be done with caution, through small amounts.
Who are Forex Brokers?
To answer the question, who are Forex brokers, you need to have a clear idea of how the trading market works. Brokers are licensed companies that provide traders with professional intermediary services to access trade in the international currency market. The success of work on Forex can depend on the apt choice of a dealing center. Therefore, preference may sometimes be given by some traders to a reliable and experienced intermediary with a solid selection of trading instruments with a large number of completed foreign exchange transactions on the account.
How do Forex brokers give you access to online trading?
An important advantage of forex trading is trade from anywhere in the world, as Forex brokers provide access to online trading. The trading process itself is carried out via the Internet and requires specialized software (trading platform-terminal). The choice of the terminal depends on the preferences of the DC: different companies offer their clients trading through different online platforms that differ in performance and functionality. Among the popular platforms are MetaTrader4 (MT4), MetaTrader5 (MT5), Mirror Trader, ZuluTrade, etc.