It would be great if we get a wide range of trading facilities from our brokers as like superior execution for trading , security of funds at any kinds of deposits , lowest trading spreads for using any kinds of trading techniques , high leverage , minimum margin requirements, low transaction cost , easy withdrawal system and much more that are very supportive to lead a comfortable trading life with certainly.
CleanTrader posted: Sounds like a wonderful dream. Some brokers offer a lot of what you want but there are a lot of bad ones
Yes, they are mixed! I think, it’s not easy job for the new traders to select a right broker; since market maker brokers are very sticky. But, in this case popular Forex forum & review sites can be helpful.
In Fx trading we the traders who are particularly beginners have to choose our brokers in cool mind , please don’t choose a broker in an emotional state , because the broker can affects the result of our trading with certainly .
Personally I don’t trust any broker, because when I was a novice trader then I tried with multiple trading robots with high cost! But the results were horrible! I lost my trading capital for 3 times in a row! This is way, now I trade manually based on current fundamental data!
UK’s Financial Conduct Authority (FCA) is looking into forcing the straight-through processing (STP) forex brokers to upgrade their licenses to those for full market makers.( https://www.forexbrokerz.com/news/FCA-to-change-license-requirements-for-STP-forex-brokers%E2%80%93media) FCA has apparently sent a letter to a number of its charges to inform them of prospective changes to the regulatory environment. According to the document, the watchdog is planning to force the STP brokers to upgrade their licenses in order to ensure better negative balance protection from losses of their clients in case of extreme market volatility. The main changes would be in regard to the capital requirements for the brokers and they would most likely be raised in order to be able to cover a large negative balance.
UK’s Financial Conduct Authority (FCA) has issued a warning that the forex broker SolidCFD, which is not licensed to offer its services in the country, but has been targeting local investors.(https://www.forexbrokerz.com/news/UK%E2%80%99s-FCA-warns-against-forex-broker-SolidCFD) The company provides an address in the UK, but the company is actually registered offshore, in Vanuatu. Apparently there have been numerous complaints against them for scams.
Actually problem practically for the newcomers. Generally we always rate the top financial and reputed brokers but their trading requirements is not suitable at all for beginners level. that’s why they failed to survive in here and choose others.
Belize’s financial services regulator, the International Financial Services Commission (IFSC) has warned that the forex broker FX Broker Pro is not licensed, nor regulated by it. (https://www.forexbrokerz.com/news/Belize%E2%80%99s-IFSC-alerts-that-FX-Broker-Pro-is-not-licensed) According to the commission, FX Broker Pro is showing a fraudulent IFSC license number, and may operate in breach of the IFSC act and other laws of Belize. The commission further warns that those who invest with FX Broker Pro and other unregulated brokers, do so at their own risk.
Choosing a broker nowadays is an easy task, because lots of forex forums are available in Google with FPA where the real traders always express their views about broker’s performance. And there are lots of list about scams trading platforms. So choosing a right broker is not hard than before.
Imamul posted: Choosing a broker nowadays is an easy task, because lots of forex forums are available in Google with FPA where the real traders always express their views about broker’s performance. And there are lots of list about scams trading platforms. So choosing a right broker is not hard than before.
Good point; but I see new traders are interested in big bonus and leverage! As a result, most of the time they start with a market maker.
If you are about to choose a forex broker then rating can help you to choose from users awards. Here you will get forex brokers rating by real users. They had voted for their best forex broker. Hundreds of companies operate in the fx market, but if you want to succeed in the field of forex trading it is essential to make the right choice from the very beginning.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.