List of Established Forex Brokers
The majority of top forex brokers are determined by their experience. The more they age, the more they prove to be resilient and capable of providing competitive trading edges, as well as maintaining a number of loyal clients. Staying in the forex industry for more than 10 years is an achievement, worth to be considered as one of the most superior quality to have for a forex broker.
If you are a seasoned forex trader and only look for well-experienced brokers proven by their long-standing history, the following options may just be for you:
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What is the purpose of broker ratings?
Even though reviews are completely subjective, but it can be useful to learn about a broker's overall performance.
Continue Reading at How to Avoid Fake Broker Reviews
Why do brokers need to have a physical office?
Nowadays, it's easy to build a reputable website and manipulate the general overview of the website. As a result, scams in "online businesses" also pop out here and there.
That is why brokers with physical offices are more convincing.
Continue Reading at Beware the Trap of Money Game in Forex Brokers
What are the types of broker scams?
- Old scam
At their most common form, forex broker scams involved the manipulation of the spread. The point spread between the bid and the ask can be seen as a reflection of the commission of a transaction. - Modern scam
Computers do most of these systems, hence the name "robot" system. If the system can't detect valid signals, it will generate random buy and sell entries, which often cause traders to lose.
Continue Reading at Beware the Trap of Money Game in Forex Brokers
What criteria should a real broker possess in Nigeria?
Generally, there are five major factors to consider when choosing a broker and they are:
- Level of regulation: You need to know if the broker is subject to the regulations of the Central Bank of Nigeria and if they operate accordingly. A lack of regulation should be a red flag and set off alarm bells in your mind.
- Trading platform: How does the trading platform look? Is there a registration number on the website that can be verified? Is a demo account available where you can test strategies and other account features?
- Currency pairs being offered: What kind of currency pairs does the broker have on offer? Is it just the minor pairs or exotic pairs that have low liquidity? Are major pairs that have high liquidity and are more profitable available?
- Account features: how are charges and commissions deducted and what are the percentages? What kind of leverage and margin accounts are offered? And what are the terms of deposit and withdrawal?
- Customer service: Is the customer service reliable? Can they provide succinct answers to your inquiries?
Continue Reading at Identifying Fake Forex Brokers in Nigeria
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