Traders and/or investors must first have a certain understanding of this market, and a series of considerations, such as making the right choice in picking a forex broker alongside the practical execution during live market actions. This first step that is usually overlooked by traders is realizing that becoming a profitable forex trader is hard enough on its own, thus one should choose the right broker to maintain the safety of his trading funds. Many ignorant traders ended up losing their funds because they picked the wrong forex broker and they were forced to give up on trading just like this.
The three points that need to be noted are the regularity of the platform, the security, and stability of the software provided by the platform, and the services provided by the forex broker.
(1) The regulatory status of a forex broker
We live in a society that is regulated by laws. Therefore, it is equally important for forex brokers to be regulated in a formal and legitimate manner so that the rights and interests of trading clients will be protected. When shopping on a daily basis, it is given that you will be making sure that you are buying authentic products from authorized sellers – apply this theory when you are picking out a forex broker to entrust your funds with.
To do this in an easy manner, simply download WikiFXs free mobile app from Google Play/App Store then select “Regulators”.
If a forex broker is formally and legally recognized and regulated by an international authority, you can easily check the license provided. On the flip side, if it doesnt possess a valid license, WikiFX will flag that as a risk. Looking at these 2 brokers, which broker do you think is more reliable and safe？ I believe the answer is very direct.
(2) Secured and stable platforms
The second point is that the platform provides investors with the security and stability of trading software. When you register for a new trading account, you need to submit identifying information about yourself. If the broker is not secured, your personal information could be at risk as well as your trading funds. Another thing to watch out for is the stability of the trading platform. A stable trading platform provided by a forex broker enables traders to execute and place orders in a timely manner with little to no delays or slippages. Some forex brokers could be playing with the loopholes to take advantage of their trading clients.
Read this article for more information so you know how to identify unreliable brokers:
https://www.wikifx.com/en/newsdetail/202207115324388119.html
(3) Does your forex broker fit like a shoe？
Finally, regarding the service of the investment platform, it is necessary to choose according to a traders personal preference. For example, if you are a scalper, then it is important to choose a broker that offers a low spread (you can do this at ease with the WikiFX app as shown below); if you are an MT5 user, then you will need to find a forex broker that offers an MT5 platform; if you are a non-English literate, then you need to find a broker that offers customer service representatives that speak your mother tongue.
