Although most advertisements and recruiters say that Forex trading is easy and simple, the truth is… IT’S NOT. It’s a huge misconception alongside the myth that you can be an instant millionaire in this industry! Every Forex trader, especially newbies, can attest to that. But what’s good is that despite the fact that Forex trading is quite challenging, there are professionals who can help you understand and make your way to success in Forex trading. They are none other than Forex brokers.
What are Forex brokers? Short for Forex brokerage, Forex brokers are financial services companies that link aspiring traders with the Forex market. They allow you to easily buy and sell foreign currencies by providing access to trading platforms and financial networks. Before online mediums have become conventional, the brokers themselves purchase and sell currencies for you, like a mediator. Today, because of digital means, it is made easier for them and for you as traders.
To enter the Forex market and trade professionally, you need a great help from Forex brokers. Actually, there are so many Forex broker corporations you can find and see even if you’re not looking for them! Especially because online platforms have become more accessible nowadays, more and more Forex brokerage businesses have boomed. As someone who wants to start Forex trading, you surely have so many options! Yet the decisive matter is choosing the one that is for you and most importantly, the ones that are trustworthy.
Yes, trust is crucial when choosing Forex brokers because this pursuit involves money and a lot of emotions. You must be sure that you will be working only with the Forex brokers that have integrity. Avoid Forex trading scams that will hurt your heart and your pocket! Check out these 7 top qualities of Forex brokers you can trust!
1 – Forex Brokers that are LICENSED and REGULATED.
The first thing that you should look for in a Forex broker is their license. This is the most indicative report that they are trained, knowledgeable and permitted to do what they do. Along with that, Forex brokers should be regulated, meaning they are under the authority of local and international rules. They strictly follow Forex trading standards and requirements.
Working with licensed and regulated Forex brokers can keep you assured that you and your money are in good hands. And hope not, but in case there are some grave issues that you will encounter in the future, such as the broker company violating your agreements or neglecting their duties, you can ask help from the government and other institutions concerning such businesses and transactions.
It’s a must for Forex brokers to have a license and to obey guidelines established by higher authorities, especially the government so that they will not be tempted to do dishonest work. Of course, failing to comply with regulations will lead them to serious disasters, so they won’t even attempt.
2 – Forex Brokers that offer DEMO ACCOUNTS.
Some beginner Forex traders have not yet fully made up their minds about trading Forex even when they have already entered the market. The good thing if you are like them and want to test the waters first is that Forex demo accounts can be used. Through this demo, you can start learning, trying, testing, and practicing how to trade Forex. This will help you determine if you really want to do this or if the business is truly for you.
Trustworthy Forex brokers offer demo accounts to their clients before inviting them to actually trade. They don’t immediately take you to the battlefield without training you and having you warmed up. Even if a Forex broker offers you a huge trading bonus yet does not let you use a demo account, don’t waste your time on them! That’s harmful.
Because dependable Forex brokers care for you as a person and as a trader and not only for their profit, they help you discover the level of your interest and capabilities in Forex trading by allowing this trial period. After using the demo account, you will know and decide if you’re seriously going to trade Forex or not. Regardless of your conclusion, good Forex brokers will support and aid you!
3 – Forex Brokers that let you CHOOSE A TRADING ACCOUNT.
You are a Forex trader using your own money to do the business, and it’s just correct for you to have the right to do what you want to do when trading Forex, such as choosing what account to use. Trustworthy Forex brokers don’t restrict you from that freedom! They let you pick the trading account you wish to utilize.
Firstly, of course, they should be able to provide access to all trading accounts that exist. That means their services and capacities as a brokerage company are wide-ranging and influential! And secondly, they should not hold you in the neck but should instead allow you to request for a trading account that you find most appropriate and beneficial for you.
4 – Forex Brokers that have ACCESS TO VARIOUS TRADING TOOLS.
There are so many tools used when trading Forex, and they are made to help you trade smart. Your Forex broker must have access to various trading instruments, so they can allow you to employ them as well. More opportunities and platforms to trade are waiting for you as a trader if you work with a Forex broker that offers and implements many trading tools!
5 – Forex Brokers that have easy-to-reach CUSTOMER SERVICE.
Besides the immense size of the Forex market, its accessibility whenever and wherever you are is one of its most loved charms. You can trade whatever time of day it is and wherever in the world you are!
This is why the Forex brokers you will select must have easy-to-reach customer service. With their help, you can ask for assistance from them anytime you encounter difficulties or have clarifications while trading. Your questions can be answered speedily and your problems can be solved swiftly by live human agents picking up your call or responding to your chat messages day or night!
6 – Forex Brokers that help you have EASY DEPOSITS AND WITHDRAWALS.
You must be able to deposit and withdraw money from your trading account anytime you need to, without any difficulties and delays. A reliable Forex broker must help you do that! They should not be hiding anything from you or making excuses about your account experiencing some vaguely explained issues.
7 – Forex Brokers that actually KNOW WHAT THEY’RE TALKING ABOUT.
Find Forex brokers that actually know everything about Forex trading. They must know what they are talking about, offering you and doing in general. Educated, trained and experienced must they be. If you’re new in the business, you don’t need a broker that is as clueless as you! They should not be just memorizing some marketing lines. Instead, trustworthy Forex brokers should master Forex from the basics to the complex.
TRUSTWORTHY FOREX BROKERS
Forex brokers are virtuosos in their craft, and they have a huge accountability to their clients who are traders. They are like parents to first-time traders, so high-quality brokerage companies doubtlessly make sure that they give nothing but the best service and assistance to their clients. See to it that you get to work with one of these aces and steer clear of impostors!
To ensure that the Forex brokers you’re speaking with are not only good with words and technical terms but also are legitimate, look for the qualities mentioned in the list above! Without these characteristics, that broker you’re eyeing on should already make you think twice and leave because that’s a red flag! Of course, you still need to double-check everything, especially the authenticity of their documents, because some Forex scammers skillfully fake legal business proofs.
The moment you find a Forex broker that has all the qualities of trustworthy Forex brokers and that you are satisfied with, you’re good to go trading — with a demo account first! If they are extra wonderful Forex brokers, they will keep a healthy, friendly and lasting relationship with you, their clients, as you trade now and in the future.