4 secrets to find out the most reliable broker that you could trust
Well, owing to the fact that currency trade is illegal in most of Asian countries, so Asian traders get more drawbacks comparing to the rest of the world.
Hence, choosing a reliable brokers is the first important step that requires the traders to put all their mind in it.
Why is there no criteria about regulation of the brokers even when it is the most important figure that traders need to take a look before making decisions?
- IG Group
- Payment systems:
No limit and fast payment system is very important for us, as we are traders so we need to have our profit and deposited fund quickly.
I have seen many brokers trying to prevent their customers from withdraw too much of our fund because they don’t have sufficient available cash for the withdrawal.
As the result, the longer you leave the fund in their accounts, the more dangerous your fund will be. Therefore it is my alarm to you to stay away from those brokers. Good standards for payment systems are:
- Fast deposit and withdrawal system.
- High minimum withdrawal limitations.
- Low or zero fee for deposit and withdrawal.
- Local payments.
Exness would obviously my advice to you when we come to the criteria of fast payment system.
Moreover, their payment system costs you nothing but still finish your transaction within the shortest time. Check for Exness Payment system here.
2. No scam reported
For me, a decade is enough for brokers to prove for their ability and reliability. You could search for a broker’s scam reports or handling problems methods on most of economic news about the forex market.
An example would be about Swiss Central Bank float its CHF in 2015, and the CFH/USD changed over 3000 pips.
This leaded to the loss of many brokers and some of them even lost for hundred million dollars.
- Saxon bank
- IG Group
3. Regional office locations
After you have a list of chosen brokers, you should prioritize ones that having local offices in your country.
It does not mean that when these large brokers, who owned valuable regulations, don’t have regional offices in your area so they are not trusty. When large brokers having offices in your country means that national citizens are their target segment and they are already successful within domestic traders.
In fact, brokers must register for licenses and company when they want to open any office in a country, and they also have to follow that government law strictly.
Additionally, having local offices in your area will ensure the fast supporting services from that brokers in case problems occur and if they intend to scam you, you will be protected by the government laws.
People usually said when you want to make sure that does a restaurant serve good dishes, look at the amount of the customers they are serving. Why?
Since many people have tasted the dishes and want to come back or introduce to new customers to that restaurant, the food should be good.
- Exness.com: $400 Billions/month
- Forex.com: $300 Billions/Month
- XM.com $290 Billions/Month.
- Saxobank: $265 Billion/Month
- Hotforex.com $209 Billions/month.
To be more specific, if you want to become a long term traders and you would like to keep your positions to be opened for some months, so a brokers who are not only reliable but offer low swap could be your final choice.
Conversely, if you just want to resell your currency pairs for quick profit, you should choose brokers who offer low spread or commission with high quality executions.
Similarly, a gambler should choose high leverage broker, and a person that live in a country with problems with the payment system should choose whom allow the deposit/withdraw by local payment systems.
On the whole, I would advise you to make 3 accounts with 3 largest brokers, each account you will deposit approximately $100.
To know more about top reliable brokers please click here