What you need to find from your forex broker so you don’t get scammed.
Choosing the right Forex broker is half of your strategy to get the most of your trading. When you learn Forex, there is no doubt that selecting a reputable Forex broker becomes one of the most essential tips to follow. Well, this is because the best Forex broker will avoid you from any possible Forex scam which will only take your money away without return.
Essential Things to Look For in Your Forex Broker
Among the reputable and trusted Forex broker out there, there is no doubt that some of them are only scammers who are trying to take out your money. As a consequence, you need to be careful as you are determining which broker to work with. To help you making the right decision, here are some important things to look for in your potential broker.
1. Your Broker Must Be Regulated
Nowadays, Forex is highly regulated. You need to make sure that your broker is regulated in the right authority of their base country. When a broker is regulated, they are being watched over for not doing any “funny” things. However, you should make sure that the regulators are also reputable. For example, the regulator is organized by a governmental organization.
2. Great Service and Support
When it comes to great service and support, we are talking about the live chat support which must be 24 hours a day. Since Forex market is open for 25/5 through Monday to Friday, make sure that your broker offers a 24-hour support for you throughout the weekdays. This is because you may find problem in trading platform anytime that you need your broker’s assistance.
3. Good Trading Platform
Ask yourself whether your potential brokers offer the trading platform you want or not. Not only that they offer you a trading platform you want, but also make sure that the trading platform won’t give you problem. It is better for you to find a broker that offers a user-friendly platform for trading which also has various essential tools to help you on making trades.
4. Quick Pay Back
Next, your broker should give your money back quickly. Nowadays, money can be quickly moved from one account to another through various systems including internet banking and PayPal. So, in case you would like to withdraw funds, you should receive it within five working days. If you find that your broker gives you some excuses, you should be suspicious that they might be a fraud.
5. Currency Pairs Traded
It is also important to learn what are the currency pairs offered by your
Forex broker. Make sure that the broker you choose offers the currency pairs that you want. In addition to the major currency pairs like USD/EUR or USD/JPY, you may want other exotic pairs like USD/RUB or USD/MXN which are not offered by all brokers.
Those are several things you should search for in your potential broker. If you haven’t got any broker in mind after reading some of the factors above, we recommend you to check DIDIMAX for the best and most trusted Forex broker around. Offering a great trading platform and support, there is no doubt that you can maximize your trading experience with DIDIMAX.
More interestingly, DIDIMAX also offers free education for traders who want to learn Forex more before entering the actual Forex market. This education is available for free both offline and online. You can join their free offline seminars and training to learn directly from Forex experts or simply check out the online education center in DIDIMAX official site for various important resources to learn.