Criteria for choosing a forex broker, reviews
How to choose a Forex broker is a very important issue. When choosing it, you need to take into account many factors and reviews:
1. What is the age of the forex company?
The longer the company takes its position in the currency market, the more stable it is. The age of the brokerage company gives reason to believe the chosen broker or not. Therefore, she has her own clients; she has managed to establish herself over many years. It is worth checking on the reviews.
2. Location and number of branches of forex broker
One of the most important factors. A forex brokerage company can have many branches around the world or one office in Cyprus. Of course, there is a difference and this is of great importance.
3. The turnover of financial assets of the forex broker and the number of clients
On this depends on the credibility of the company. The more active clients a company has, the more traders trust it and the higher the revenue it brings to the currency market, the more stable it is in the market. If this company has very few customers, you will have to think. The more customers, the more reviews should be, you should always take this into account.
4. Who governs the brokerage company and reviews about them?
Often such authorities regulate the company as NFA (USA), FSA (United Kingdom), KROUFR (Russia) and others. There should also be a guarantee that in any case you can apply to external independent instances (court, arbitration) and reviews on confirmation of this.
5. The reputation of the brokerage company in the forex arena.
A very important indicator, although it is difficult to evaluate. Reputation shows which Forex broker is better on the market. Before choosing a broker, you need to read the reviews about this company. If the broker has a lot of feedback, both bad and good, then this is a good indicator. If the broker has no feedback at all or only positive feedback, then it is better not to choose it. The lack of reviews suggests that the broker is not interesting to traders, and there are no brokers with only positive reviews; most likely, these reviews have been bought.
6. Customer agreement
It is important to carefully read the contract that you accept. It should clearly describe the conditions of the relationship between the forex broker and the trader, the conditions for execution and acceptance of the results of transactions. Also, get acquainted with the regulations, in accordance with which operations are carried out on the currency market. It happens that a forex broker specifically states in the agreement the conditions under which you can cancel the results of any transaction, and you simply do not get the earned profit.
More interesting information about a young and promising broker.