Forex brokers are entities that allow their clients to invest in the forex market. The Forex market is the world’s largest financial market, with an estimated daily turnover of billions of US dollars.
The Forex currency market is an over-the-counter market, which means that it has no physical location. Its transactions carry out directly between market participants via the Internet or (much less frequently) by telephone. In principle, this market operates continuously, 24 hours a day, 5 days a week.
The Forex market’s biggest advantage is its high liquidity, which makes it easier to sell or buy a given instrument with no quantity limit.
Most Forex brokers offer their clients the option to trade CFDs based on the underlying instruments’ prices, such as commodities, stocks, bonds, ETFs, cryptocurrencies, and stock indices.
When you are a newbie trader, selecting forex broker that fits your needs is very important. The first step toward it is to check forex reviews before selecting one. Let’s see what every new Forex trader needs to pay attention to in order to find a good forex broker.
Customer Service Language
When choosing the Forex broker and CFD broker, it is important to consider the language used by Customer Service. You should review the Forex and CFD broker rankings or consult the source (for example, by contacting them via chat or the phone) to make sure that the broker of your choice speaks in the language of your country. Although they have a website in a particular language, some brokers do not offer customer service in that language. It’s a significant problem, as the lack of proper communication can lead to some misunderstandings. It is important that you feel comfortable in contact with your broker and communicate your needs effectively. That’s why the language of Customer Service is so important. You should also check if the broker’s website, registration form, instrument specifications, and trading platform are available in your language.
Intuitive and user-friendly Forex Broker platform
A trading platform is simply a software system specially meant for computers or other devices that allows users to trade in financial markets via the Internet. By using a trading platform, investors can buy and sell the financial instruments of their choice offered by the broker in real-time. That’s why these platforms must operate efficiently, quickly, and smoothly and have an interface designed to provide the most intuitive user experience.
A good trading platform has a wide range of analytical tools that every investor needs. These include technical analysis indicators, chart drawing tools, numerous studies, statistics, or simply access to the latest and most important market news. Trading platforms are very technologically advanced. They give users the ability to implement their solutions and strategies using API (Application Programming Interface). The best broker is committed to building a lasting relationship with its clients by providing personalized solutions. Therefore, a trading platform should be functional, transparent, and easy to use for beginners and experienced users. The interface should be user-friendly and intuitive.
Legal requirements compliance
Customers who intend to entrust their money to a financial institution should first ensure that their funds are in good hands. That is why choosing a reliable and credible broker is so important. Forex and CFD brokers providing investment services must comply with the country’s legal requirements in which they operate concerning the necessary licenses and permits issued by the relevant financial market supervisory authorities. These bodies are responsible for overseeing other financial market entities’ activities, including Forex and CFD brokers. This financial market surveillance aims to ensure the stability, security, transparency, and proper functioning of the market. The role of regulators is to protect the interests of financial market participants.
Also, these bodies must provide reliable and up-to-date information about the companies they control. They protect their legitimate interests against unfair business practices and other threats. Trusted Forex brokers operate per applicable laws and guarantees.
