White label forex products greatly increase the number of forex providers that traders have to choose from. However, recent legislation has helped strengthen the rules surrounding providing forex services and now it is not possible for just anyone to create a website and sell currency trades. That’s a good thing as there has always been a large amount of unscrupulous behaviour in this industry.
Having said that, traders still need to do their due diligence and choose the forex provider that best suits their needs.
To understand this, consider an example of holding a rapidly losing position during a fast market when suddenly your computer goes down. If you don’t have a stop loss in place you could get wiped out completely and if you can’t get hold of your broker during this time it’s very bad indeed.
Does the broker provide top of the range reporting tools, charts and technology? Does the provider respond quickly to platform based questions? The bar is continually being raised in the forex game so forex brokers should go the extra mile to secure your custom.
For example, some brokers refuse to tell their customers about ECN rebates, preferring to keep the rebates for themselves (and not pass them on to the customer). If your broker does this kind of thing, it could be time to seek out another provider.
Some brokers seem to do all they can to get customers to make trades, which, in the long run, can put their financial well-being at risk.
It’s far better to find a broker that is on your side and does not encourage overtrading or extreme short-term trading where the odds are heavily stacked against you.
Having said that, traders still need to do their due diligence and choose the forex provider that best suits their needs.
Support
Of course, any forex broker you choose needs to provide a good level of support and getting this right can put your mind at ease and help your trading experience. At a minimum, you should be able to contact the support service via several different methods whenever the market is open.To understand this, consider an example of holding a rapidly losing position during a fast market when suddenly your computer goes down. If you don’t have a stop loss in place you could get wiped out completely and if you can’t get hold of your broker during this time it’s very bad indeed.
Level of Service
Similarly, there is a certain level of service that you can come to expect from a good forex provider. Does the broker provide swift payouts? And low charges on those payouts too?Does the broker provide top of the range reporting tools, charts and technology? Does the provider respond quickly to platform based questions? The bar is continually being raised in the forex game so forex brokers should go the extra mile to secure your custom.
Industry Secrets
One potential thing to look out for is how transparent your forex provider is with its clients. Does it help you trade, with education or technology? Or, does it actually withhold useful information?For example, some brokers refuse to tell their customers about ECN rebates, preferring to keep the rebates for themselves (and not pass them on to the customer). If your broker does this kind of thing, it could be time to seek out another provider.
Healthy Attitude to Trading
Finally, it’s a good idea to look for a forex broker that maintains a healthy relationship with its customers and a healthy attitude towards risk.Some brokers seem to do all they can to get customers to make trades, which, in the long run, can put their financial well-being at risk.
It’s far better to find a broker that is on your side and does not encourage overtrading or extreme short-term trading where the odds are heavily stacked against you.
Editors’ Picks
EUR/USD trades with negative bias around 1.1730 amid recovering USD; downside seems limited
The EUR/USD pair kicks off the new week on a softer note, though it remains within striking distance of the highest level since early October, touched last Thursday. Spot prices currently trade around the 1.1730 region, down less than 0.10% for the day.
GBP/USD holds steady above mid-1.3300s as traders await key data and BoE this week
The GBP/USD pair remains on the defensive during the Asian session on Monday, though it lacks bearish conviction and holds above the 200-day Simple Moving Average pivotal support. Spot prices currently trade around the 1.3360 region, nearly unchanged for the day.
USD/JPY extends losses below 155.50 amid Fed-BoJ monetary policy divergence
USD/JPY drops further below 155.50 in the Asian session on Monday. The pair remains offered as the Japanese Yen continues to draw support from the expectations of Fed-BoJ monetary policy divergence and a risk-off market profile. Fedspeak is next in focus.
Editors’ Picks
EUR/USD trades with negative bias around 1.1730 amid recovering USD; downside seems limited
The EUR/USD pair kicks off the new week on a softer note, though it remains within striking distance of the highest level since early October, touched last Thursday. Spot prices currently trade around the 1.1730 region, down less than 0.10% for the day.
GBP/USD holds steady above mid-1.3300s as traders await key data and BoE this week
The GBP/USD pair remains on the defensive during the Asian session on Monday, though it lacks bearish conviction and holds above the 200-day Simple Moving Average pivotal support. Spot prices currently trade around the 1.3360 region, nearly unchanged for the day.
Gold retains bullish bias ahead of this week’s key US macro releases
Gold attracts buyers for the fifth straight day and climbs to the $4,330 region during the Asian session on Monday. The commodity remains well within striking distance of its highest level since October 21, touched on Friday, and seems poised to appreciate further amid a supportive fundamental backdrop.
Solana consolidates as spot ETF inflows near $1 billion signal institutional dip-buying
Solana price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout. On the institutional side, demand for spot Solana Exchange-Traded Funds remained firm, pushing total assets under management to nearly $1 billion since launch.
Big week ends with big doubts
The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.
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