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With over 7 years’ experience in the heart of the investment industry, Daffa Zaky has become one of the most respected commentators in the financial world. Daffa remains a keen forex and binary options trader and is a regular featured analyst for a number of online news portals and was ... more

9 Factors To Consider When Choosing A Forex Broker

Date: Monday, March 19, 2018 10:27 AM EST

The number of online forex brokers has significantly increased over the last decade and all of them claim to offer quality services to their esteem customer. However, the truth is that not all brokers do stand by their world. There are some that are only interested to make profits at the expense of the customer and there are others who are committed to render quality services to customers. Before you make your final decision when choosing an online forex broker, there are several critical factors that you need to consider in order to get a broker who will meet your trading needs. Below are 9 Factors to consider when choosing a forex Broker.

1. Ensure that the broker is regulated

Regulation is a very critical factors that many people usually overlook when choosing an online forex broker. Proper regulation helps to ensure that the forex broker is well capitalized in the unfortunate event of trading loss. It also ensure that the broker maintains standard practices as well as keep your money safe. If you want to be on the safe side, then it is recommended that you choose an online forex broker who has a clean regulatory record, like Gain Capital (NYSE:GCAP). This way, you can be sure that your hard earned funds are in safe hands. Most developed countries usually regulate online forex traders. However, the regulatory standards usually differ. Ensure that the broker that you choose shows you the regulatory that proves he/she has been licensed to as well as the registration number.

2. Ensure that your data security is guaranteed

You will be required to submit very important financial and personal data when opening an account with an online forex broker. For instance, you will be required to submit copies of your utility bills, passport as well as your credit card numbers and bank account information. If the online broker has not integrated proper security features, then your personal financial information can be stolen, trading disrupted and you will be also at risk of identity theft. It is therefore very important to conduct due diligence to ensure that the broker uses excellent security features.

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