Forex Broker Rating is the easiest way to choose a reliable broker in the forex market. The main purpose of the rating is a detailed analysis, comparison and selection of the best brokers, dealing centres and trading platforms for trading in Europe and worldwide, as well as providing monthly analytics on the voting results. The forex broker rating is based on the votes and forex reviews of traders of all levels of experience, from beginners to professionals.
How do I choose a forex broker so that I don’t lose?
Even successful forex trading will not bring any practical benefit if the money earned cannot be withdrawn. Worse is the situation when, with the right strategy, it is not possible to make money due to the unreliability of the broker or his deliberate actions, preventing full-fledged trading. As a result the trader is disappointed with the possibility to earn in the market and considers all Forex brokers to be cheaters. But it is enough to choose a reliable dealer and work exclusively through him.
Length of service
According to traders union one of the main criteria is the length of time a forex broker has been in business. The longer it has been on the market, the more likely it is to be a bona fide dealer. In addition, it is easier to find references on such dealers. If the company works in bad faith, it is quite easy to find out, and its reputation becomes clear as for the unreliable one. The longer the broker has been on the market, the bigger his client base, the higher his turnover, the higher his authority. And it is not profitable for him to just disappear or cheat traders.
It is important not only to have a reliable broker, but also to protect the trader’s account. After all, it would be a shame if earned profit went to fraudsters who hacked your account. That’s why it’s worth paying attention to the information security methods used by the broker. As a minimum, the identification by e-mail and phone and two-step authorization must be in place. Ideally, the app for scanning the QR code will guarantee that only you will have access to your personal account. Traders union experts recommend to pay attention to the SSL-certificate — it encrypts all the data, so your credit card number and transaction amount will not fall into the wrong hands.
In addition, a serious broker will request a copy of personal documents (regular passport or international passport) from the trader for the full verification and drawing up an agreement. Without passport data he will not be able to make bank transfer. So complete anonymity when opening an account is cause for caution and asking for documents is proof of real activity. That’s why experts have compiled top 100 forex brokers.
Promotions and bonuses
Another criterion for a broker’s reliability will be its bonus policy. You have to be objective and understand that excessive giving out of ‘perks’ is a bad sign. This means that the broker started an aggressive advertising campaign for attracting new clients because he most likely needs to increase his assets and trading turnover — and that can lead to bankruptcy, possibly deliberate.
What should alert:
- Overly generous affiliate programme — usually the remuneration is in the region of 1–2% of the turnover of the attracted trader;
- Large charges when making a deposit with the possibility of withdrawing the “spent” money — in fact, reliable brokers allow you to withdraw only the profit, not the bonuses, otherwise they simply do not have enough money to withdraw;
A full list of brokers can be found at: https://tradersunion.com/ratings/forex/common/