Amazing tips to Identify a Great Forex broker
Sunday, July 19, 2020, 6:00 AM | Leave Comment
Retail traders are spending more time learning the basics of trading rather than ensuring that have access to a quality trading environment.
You can’t learn anything new from the market unless you have a professional demo account.
If you hire a professional trader in the United Kingdom, he will ask you to open the demo account with a great broker like Saxo.
The reason to choose such a professional broker is the quality of the trading tools. You must learn things in an advanced environment so that you can keep pace with the fast-paced market.
Considering the basic mistakes of the trader, we are going to give some amazing tips that can allow you to find great brokers. You don’t have to do in-depth research just use these tips and we will find your desired broker.
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Regulations of the broker
Regulations are the most important thing for a Forex broker. A well-reputed broker might have regulations from multiple financial authorities. The rookies often get fooled since the average class broker get regulations from low tier authority. Having multiple regulations from such low tier authority is not going to work. You need to find a broker that is well regulated by financial conduct authorities like FCA, FSA, and ASIC. They have a high standard and you can be sure that the broker will be helping you in every aspect.
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Online reputations
Before you fund the trading account, you need to assess the online reputations of the broker. A good broker will have a strong presence in the online community. For instance, if you ask about the Forex broker Saxo, you will find thousands of positive feedback and honest opinion from the retail traders. This is nothing but the result of years of hard work. They care about their clients. So, analyze a broker’s online reputation before you start taking trades with them.<
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Trading platform
The majority of the brokers are offering MT4 or MT5 platforms. These platforms are great but they are not professional. To take your trading to the next step, you should be using a platform like SaxoTraderPro. An advanced trading platform can bring a significant difference in your trading style. You will be able to get the advanced tools and this will help you to take the trades in a very precise way. But learning about the advanced trading platform is tough. At times, the traders fail to do it properly. But still, you should go for the advanced trading platform.
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Customer support
Being a trader, you never know what kind of problem you might face as a trader. If the customer support team is not that great, you won’t be able to trade with confidence. Most importantly, don’t know how to deal when you are having a problem with the money transfers issue. But a good broker like Saxo always has priority customer support. You might have a minor issue, but you can expect to solve the problem with their premium support. If necessary, contact the customer support team before you open the trading account. Test them out for yourself before you start developing your trading career.
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Years of service
This a bit of a tricky part since many new brokers are offering outstanding service to the retail traders. But still, you should emphasize in the brokers that have been offering service for at least five years. Trying to trade with the broker that has less than 5 years of experience is a bit risky. If you are intending to deposit a big sum of money, there is no reason to trust a broker even though they might have excellent reputations online. At times, old is gold when the investment is big. The minimum service period a broker should have is 5 years. Take this point very seriously as you might not find like tips in any other article.
