One of the biggest challenges faced by forex traders today is making decisions on the best broker to choose for trading. Of course the choice of one's broker has a lot to contribute in the total profits made in the end. Not all brokers today meet the demands of the financial markets. Some brokers also do not provide enough trading instruments for diversifying one's portfolio while others may charge higher spreads with limited means of deposit and withdrawals.
Features to look for when choosing a broker in forex trading
While selecting a broker for trading purposes, it is necessary to ensure that the broker satisfies the following demands. Doing so helps to boost the investors confidence in trading with such brokers. Below are the distinguishing features for a good Forex Broker.
- Regulation: The first mark of a good broker is that they are registered and regulated by the various regulatory bodies in the countries in which they operate. This is very important in safeguarding the investor's fund. The major bodies regulating brokers internationally are FCA, SEC, FSC, CYSEC, ASIC and FSCA.
- Financial instruments provided: The more the financial instruments available for trading; the higher the chances for making profits by the investors. It is therefore expected that a good forex broker should provide a variety of the following financial instruments: Forex Pairs, Commodities, Cryptos, Stocks and indices.
- Spreads/ Commissions charged; Spread is seen as the difference between the bid and ask price. The little difference found in these two serves as the brokers commission for services rendered. A good broker charges lower spreads for using their services.
- Educational tools and Contents provided: Good brokers are known for providing excellent educational materials and tools for analyzing the market. Also good brokers provide market news for making fundamental analysis.
- Customer's support services: Having 24/7 available customer support services to attend to clients is very crucial when choosing a broker to trade with.
- Years of experience: A lot of new brokers are coming out daily to compete in the Forex market for client's deposits. It is therefore very necessary for one to consider choosing only those brokers that have a minimum of 2 years experience in the Forex industry.
- Speed of execution: The rate of execution is very necessary when choosing a good broker for trading.
- Copy-trade: Copy-trading services are very important for new traders who have no information about the forex market today but still wish to profit from the market.
To reflect on today’s market whilst we consider the important areas mentioned above during the process of choosing a broker, ATFX seems to emerge as a good fit being a modern fintech broker.
ATFX is a globally regulated broker regulated by major financial bodies, FCA, CySec & FSC. ATFX offers more than 200 kinds of CFD products including currency pairs, indices, precious metals, stocks, crude oil, and other popular products in the financial market. The ATFX Group has established 12 offices in Europe, South America, Middle East and Asia. Recently, ATFX launched a new copy trade platform “ATFX CopyTrade” for Southeast Asia clients, that allows inexperienced traders to copy the trades of successful traders.
ATFX Group has been awarded over 80 prestigious international awards, covering multiple areas such as online trading, trading experience, customer service, and CSR activities. ATFX will continue exploring new technologies to maintain its position as an industry leader. In addition, we will keep enhancing our clients’ trading experience and environment
Outside of the trading room, ATFX fulfils its social responsibilities by participating in public service activities such as the coastal area cleaning and coral reef restoration campaign in the Philippines, donating protective suits and masks to hospitals in Thailand, offering essential materials for the child sponsorship programs organized by APAC, and sponsoring the Duke Edinburgh Cup for four consecutive years.
