Top 3 Best Forex Brokers – Ratings & Reviews
Nowadays, there are hundreds of different forex brokers in the world, investors also easily open forex accounts at any forex brokers. However, most traders find it difficult to choose a trusted forex broker to start trading, especially for new traders. So which criteria to evaluate the best forex brokers in the world? Which forex broker should I choose to trade to avoid financial risks? Let’s find out in detail in this article.
- 1 Why do you need a trusted forex broker?
- 2 Criteria for evaluating good and trusted forex brokers
- 3 Top 3 Best Forex Brokers – Ratings & Reviews 2020
Why do you need a trusted forex broker?
To participate in forex trading you need to go through an intermediary which is the brokers (the forex brokers). The forex broker is an intermediary financial institution, there will establish trading platforms help forex traders can open trading accounts, make deposits and withdrawals.
Like most financial institutions in the world, forex brokers must be licensed and strictly supervised by financial committees of countries and banks. However, not all of the forex brokers are licensed and many forex markets are currently operating illegally for profiteering and fraudulent, multi-level marketing.
Therefore, the selection of trusted forex brokers to open trading accounts is essential and a top priority to protect your assets, as well as avoid future incidents.
Criteria for evaluating good and trusted forex brokers
There are many good and trusted forex brokers for you to open a trading account in the world, but not everyone knows the criteria to evaluate which forex is trusted? Here is a summary of the most important criteria to help you evaluate forex brokers? Is it trusted?
Has the time of establishment and operation of that forex brokers been long?
The level of competition in the forex market between brokers is extremely large, more and more forex brokers are opening up. If any forex broker has a long time of establishment and can still stand without being rejected by users, it is also a good criterion to consider in the list of best forex trading.
Are Forex Brokers regulated?
In each country, the region will have different legal provisions. Forex broker registered in the countries of the European Union, Australia, USA, Cyprus, Japan will have a higher reliability. Because these are the financial centers of the world, they are always strictly controlled on financial activities.
Here are some key regulatory authorities that a forex trader should consider when reviewing certain forex broker
- Australia: Australian Securities and Investment Commission (ASIC)
- Cyprus: Cyprus Securities Exchange Commission (CySEC)
- Denmark: Danish FSA
- France: Banque de France Autorité de Contrôle Prudentiel (ACP)
- Germany: Bafin
- Japan: Financial Services Agency, Japan Investor Protection Fund, The Financial Futures Association of Japan, Japan Securities Dealers Association, Kanto Local Finance Bureau
- United Kingdom: Financial Services Authority (FSA ), Financial Conduct Authority (FCA)
- United States: CFTC, NFA…
Deposits And Withdrawals
Is depositing and withdrawing money quick and easy? This is also an extremely important criterion in choosing a trusted forex broker. Because it will not make sense when you have a profitable trade and cannot withdraw your money or difficult to make a withdrawal.
A good forex broker is a broker with a fast withdrawal mechanism, as quickly as possible, you should consider the forex broker with withdrawal time in 24h (excluding holidays, weekends), and those with withdrawal time from 3 days or more You should consider not trading there.
You should also choose forex brokers that support multiple deposit methods: Internet Banking (local bank online transfer), Neteller, Skrill, Visa / Master card. However, if the broker does not have a trusted withdrawal port via Visa / Master card but only bank transfer or intermediary transfer via IB, beware it is a forex broker Scam!
Are transaction fees low?
- Is Bid/Ask (Spreads) low?
- Is the Swap fee (Overnight Fee) low?
- Is it free to deposit and withdraw money?
During the process of trading or withdrawing money, it is inevitable that the problems will come, then the supporters of the broker is a bridge to help you solve the problem. If you chatted or called supporter without feedback or slow, it is really a bad thing, that can affect your property and interests. So the broker criteria must have fast Customer Support is also a criterion to evaluate the good forex broker.
What are your purposes when trading forex?
Depending on the needs of each person, there will be the best forex broker for each person, Many traders need the forex broker with the lowest spreads to Scalping, some prefer to deposit and withdraws as fast as possible, some prefer high leverage or free Swap (overnight fees) .
There are the main criteria to evaluate and choose which trusted forex broker, which forex broker is the best? suite your needs. Based on those criteria along with real experience of forex trading for over 10 years at different forex brokers, the Forexfanclub.com team proposes the best and most trusted Forex brokers.
Top 3 Best Forex Brokers – Ratings & Reviews 2020
We hope you have found yourself the best and most suitable Forex broker for you. Wish you successful trading!