AMarkets Analyst Team
AMarkets
Choosing a reliable forex broker can be overwhelming, especially with so many brokerages out there luring you in with their enticing offers. In this article, we will outline 3 criteria we consider the most essential when selecting the right forex broker. After all, you're entrusting your well-earned money to a company, expecting it to provide you with honest and transparent financial services. So, let's get into it.
1. Regulatory compliance
Regulation is the first thing you should look into. The broker must have a license to provide financial and brokerage services and be regulated by a supervisory authority. If your broker's activity isn't regulated, it can basically do as it pleases with your funds. The activity of a reliable broker should be governed by an official regulator responsible for handling any disputes and trade claims that may arise between a trader and the brokerage.
A flashy website does not guarantee that your broker is trustworthy. Check out the broker's "About us" section and make sure that your broker is duly regulated. To cut it short, if you want your interests to be protected and your money to be safe - a regulated broker, such as AMarkets, is your first choice. AMarkets is an international forex broker that has been providing trading and investment services for over 15 years. Its reliability is confirmed by dozens of international awards and an excellent rating on TrustPilot - 4.7 out of 5.
2. Deposit and withdrawal
Speedy and hassle-free deposits and withdrawals are the next essential criteria. The more payment methods your broker offers, the better. A reliable broker has no reason to make it hard for you to withdraw your profit. A wide range of payment options - via bank cards, wire transfers, e-payment systems, and withdrawals in local currency - means that the broker is dedicated to making the withdrawal process as smooth and convenient as possible.
3. Trading conditions
Consider a broker that offers the best execution speed. Narrow spreads and a trading platform that works seamlessly without interruptions are also crucial. And last but not least - a wide selection of financial instruments to trade. Ideally, your broker should offer all types of assets, including currency pairs, indices, stocks, bonds, commodities, such as oil and gold, and cryptocurrency.
Final thoughts
Choosing a trustworthy forex broker is by far the most important decision as you embark on your trading journey. Apart from the three most important criteria we've mentioned above, you should also consider things like a demo account to backtest your trading strategies, a user-friendly mobile app that lets you trade on the go, round-the-clock customer service, high-quality educational materials, trading recommendations and analysis from market experts, attractive bonus offers, promotions and contests for clients. If your broker has all that, you can be confident that interested in your trading success. Pick a broker that meets all these criteria, and you'll be in good hands.
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss of some or all of your investment. Before deciding to trade you should carefully consider your investment objectives, level of experience, and risk appetite. Please note that AMarkets does not provide services to citizens and residents . AMarkets Ltd and its affiliate do not target EU/EEA/UK clients.
Editors’ Picks
EUR/USD flirts with daily highs, retargets 1.1900
EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.
GBP/USD remains well bid around 1.3650
GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.
USD/JPY edges up above 153.50 with all eyes on US CPI figures
USD/JPY appreciates above 153.00 but remains on track for a 2.4% weekly loss. Trading volumes remain subdued on Friday, ahead of the IS CPI release. The Yen remains supported by hopes of a stable government and calls for further BoJ tightening.
Editors’ Picks
EUR/USD: Yes, the US economy is resilient – No, that won’t save the US Dollar Premium
Some impressive US data should have resulted in a much stronger USD. Well, it didn’t happen. The EUR/USD pair closed a third consecutive week little changed, a handful of pips above the 1.1800 mark.
Gold: Metals remain vulnerable to broad market mood Premium
Gold (XAU/USD) started the week on a bullish note and climbed above $5,000 before declining sharply and erasing its weekly gains on Thursday, only to recover heading into the weekend.
GBP/USD: Pound Sterling remains below 1.3700 ahead of UK inflation test Premium
The Pound Sterling (GBP) failed to resist at higher levels against the US Dollar (USD), but buyers held their ground amid a US data-busy blockbuster week.
Bitcoin: BTC bears aren’t done yet
Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.
US Dollar: Big in Japan Premium
The US Dollar (USD) resumed its yearly downtrend this week, slipping back to two-week troughs just to bounce back a tad in the second half of the week.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
I’m often mystified in my educational forex articles why so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market.
5 Forex News Events You Need To Know
In the fast moving world of currency markets where huge moves can seemingly come from nowhere, it is extremely important for new traders to learn about the various economic indicators and forex news events and releases that shape the markets. Indeed, quickly getting a handle on which data to look out for, what it means, and how to trade it can see new traders quickly become far more profitable and sets up the road to long term success.
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and selling pressure. Chart patterns have a proven track-record, and traders use them to identify continuation or reversal signals, to open positions and identify price targets.
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.