Forex brokers are the people playing an important role in the foreign exchange market. Therefore, as soon as you make the first step in the career of a successful trader, you will come across the first task of choosing a broker that will not only suit you, but will be an honest and reliable partner.
Every month a new brokerage company with a wide variety of services, bonuses, services, and traders’ contests enters the financial market. The main task of the trader is to choose a reliable broker, which is trusted by a lot of people. Literally all Forex companies claim that only they are the best, and it’s not an easy task to make the right decision in this situation.
Choosing the best forex broker UK will provide the trader with a high level of trade security, fulfillment of obligations and comprehensive assistance from the client support which is crucial for Forex trading.
Make sure how the company of interest provides services in the financial market for quite some time. Reliable exchange intermediaries or Forex banks are companies with a positive history of at least three years. The longer the organization operates in the financial services market, the higher their level of professionalism, as well as the volume of tools and services provided to participants in financial markets.
A Forex company with experience is not always fair and transparent; you can also choose a new company that does its best for traders and earns a positive reputation and has an increasing flow of new customers.
Whether the company will remain at the same level depends on the business strategy it has built, whether it intends to continue working honestly or to instead directs its policy against the trader and starts making money using some shady methods.
Choose a Forex Broker Is Crucial
Licensed Forex brokers are certainly much more reliable and stable. After all, they work under the watchful eye of the regulator. Most of them are registered with the regulators of financial activities (hereinafter referred to as ROFD). However, not all ROFDs work to protect the interest of traders. In the summer of 2011 there was an unpleasant incident with a broker who did not have a license to provide brokerage services, and the company did not have registration in regulatory organizations.
When chatting, the employees said that the company was at the stage of reissuing the license, but as it turned out, FXCompany was deprived of the license of the Financial Services Commission (FSC) on May 25, 2010. This company’s actions inflicted serious damage to the financial reputation of Mauritius.
The handling of the claim in KROUFR also did not provide a positive result. The end of the activities of FXCompany, in addition to its license withdrawal, led to the re-branding in FXVan, the history is not much better due to the bankruptcy of Boston Prime and BT Prime which were regional brands of a major liquidity provider called Boston Technologies. In both of these cases, the re-branding of FXCompany in FXVan and the complete cessation of FXVan’s work, traders lost their deposits irrevocably.
Choosing a Forex Broker may be a pivotal step for any trader willing to try their strength on Forex market. Carefully consider all the options before making your decision!