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How to Identify and Select a Top Forex Broker?

How to Identify and Select a Top Forex Broker?

Good forex brokers are the prerequisites these days if you are planning to become a forex trader. The forex market is the most dynamic and the biggest trading market in the world. In such a hugely dynamic market, the broker is the one who can take care of your investment. A good forex broker can be the key to unlock the doors to your success so search only good brokers and trade only with them. There are too many forex brokers operating throughout the world and selecting the most reliable among all can be a quite difficult task for you if you don’t know how to do so. You should follow some important tips if you want to search for a trusted forex broker.

Identify the broker

Identification of the broker is the most important part before hiring him to advise your investments. To identify a broker, you should be able to locate his office and make sure whether the broker is registered and regulated or not. A regulated broker is one who is regularly monitored by a superior regulatory authority. The regulated brokers are always more reliable and should be trusted because they have to answer to a superior regulatory authority. The main forex regulatory authorities areas are named below.

  • National Futures Association of US
  • Financial Services Authority of UK
  • ARIF in Swiss

Prefer to select a broker from a country only where there is a regulatory agency to monitor the activities of the broker.

How to identify a broker?

If you wish to identify that whether a broker is enjoying the top position then you should also know that how to identify a broker. The broker you wish to trade with should have a website of its own. Never talk to a broker who does not have a website of its own. So first ask the name of the official website from the broker and only continue your queries if the broker has a website. Remember, the top broker forex will have no problem in telling the name of their website because they only operate from their website. After knowing the website, check the status of the website in who.is to know how old the website of the broker is. The age of the website will also tell you the experience of the broker.

Check the website of the broker to find the contact details. The forex brokers enjoying the top position will have no problem mentioning their official contact details on their website. After knowing the contact details, you can check from the regulatory agency of that country to know whether the broker is regulated or not.

Find out what you are asked to give and what you will get in return

Promises are something that everyone could make but to deliver results according to promises is not possible for everyone so stays away from all such service providers who make false promises. The top broker forex will never make false promises and will deliver the results according to their promises.

Do a comparative analysis of some brokers

Saxo bank offers the forex accounts for $2000 only but you will be charged the high rate of commission and fees that trading with the Saxo bank will not be a feasible solution for you. Gain Capital is another forex broker that requires a deposit of only $100,000 to start a trading account. So do a comparative study of all the options available to you and select the one that is most convenient to you.

 

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