Honest Forex Brokers

Trusted Forex BrokersOur sole intention is to ensure the fact that the visitors of our site benefit from the information we provide them with. So when we try to show you the best forex trading sites, we make sure they deserve to be portrayed as one. We put all the brokers to test, checking each and every feature they provide out before we even consider featuring them in our lists. Once we are done with the checks and experimenting and feel confident about the fact that you as a trader are not going to face any problems or inconvenience with the broker, we proceed to feature them.

However, you need to play a part as well, and there is much that you can do in order to judge a broker and distinguish one from another, in order to choose the best and an ideal one out of all. Therefore, this guide concentrates on the steps you will need to follow before you choose a forex broker and open an online forex trading account with one.

Forex Traders Checklist

The following step by step checklist is going to help you determine the best forex trading site for you, and it features only the most honest brokers out there. You can use this guide to compare various trading sites and figure out which one has got the upper hand. If you come across a broker that fulfils all the requirements you will find in the checklist below, you can be sure that it is an ideal broker for you.

Licensed Brokers: Before you check anything else, the first thing you should ensure is that the forex broker you are looking at and thinking of registering with is a licensed one or not. The broker must be recognised by an authorised or recognised jurisdiction for it to be considered as a safe one. A number of brokers out there do not fulfil this requirement and are badly run and operated. They do not hold any licenses whatsoever. A simple business license is just not enough for a company to start providing forex trading services, so do not let that deceive you. Owning a forex trading license is a completely different ball game. Hence, make sure that the broker you are looking at holds a complete forex trading license, so that if in the future, if unfortunately, you face issues with the broker, you will have the licensing authority backing you up.

Fees and Charges: The budget you take with you to your forex trading account is what matters the most, as it is just what you will be using to invest and place trades on a number of currencies out there. The greater your budget is, the easier it will be for you to trade. However, there are a number of brokers out there who charge a lot of fees just for providing the basic services and these are not even fair at times. Moreover, they also charge unfair amounts of fees when you proceed to withdraw your profits from your trading account. However, there are also brokers who charge really less fee and even if they do charge certain fees, it is justified and understandable. Some charge no fees for providing services or withdrawals. These brokers mention this information pretty clearly in their terms and conditions page so you might want to go through that particular section of a broker before you actually commit. You should choose a broker that charges minimum fees or allows you to withdraw totally free of charge.

There are also a few sites that allow you to make a certain number of free withdrawals every month. Once that limit is crossed, a fee is charged for every withdrawal for the rest of the month. But then again, always look for the sites that charge no fees whatsoever.

Currency Pairings: Your primary objective as a forex trader is basically to choose a currency pair, keep an eye on one currency and predict whether the value of the currency is going to move up or down against the other one in a given time. That said, it is important that the forex trader you choose offers you a really wide range of currency pairings to choose from so that you can choose whichever pair you think is best for you and make the right predictions. However, you will be a bit surprised to know that there are a lot of brokers out there who offer a very limited amount of currency pairings, and the fewer the currency pairings, the lesser the chances of you finding the ideal currency pairing to trade with. Therefore, you should always try to avoid the brokers who offer such limited pairings as this would simply mean you are going to miss a number of profitable opportunities to make profits.

Trading Platforms: Brokers from the UK and all around the world offer a different online trading platforms which you can simply use through your internet browser online or download and install on your computer or device. However, the browser based platforms are preferred over the installable ones as they allow you to trade from wherever you wish to regardless of the location. So whenever you feel there is a profitable opportunity, you can grab the chance.

Yet another thing we have noticed in the recent times is a rapid increase in the number of traders preferring the mobile trading platforms, as mobile trading platforms offer even more advantages to traders, allowing them to trade on the go.

Possessing a trading platform on your phone, you get the ability to place your trades from wherever you wish to, at any point of time, right through your handheld device. You do not have to be anywhere near your desktop or laptop or in your home in order to place your trades. You could be anywhere and still be able to place your trades instantly and efficiently just by tapping your phone screen a few times. This is a really convenient and hassle-free way to trade online. However, there is a wide range of different mobile forex trading platforms available to choose from out there but the browser based ones are always better, as they eliminate the device type requirement. All you will need is an internet connection and you’ll be good to go, and such platforms are often known as HTML5 compatible platforms.

You are going to notice that the best Forex trading brokers who are known for providing excellent services grant their traders an exclusive mobile application which the trader is supposed to install on their mobile phones. This way, you will not need to use the web browser to place your trades and you can do it all right through the mobile application granted by the broker.

That said, the final thing you need to make sure of is to always keep your phone charged so you never miss an opportunity to make a profit using a forex trade. Whenever you see a chance, slide your phone out and place your trade at that very moment!

Banking Options: We have now arrived at the final section of our checklist. It is recommended and very important for you to choose just one bank account or web wallet account type for all your forex trading purposes. If you try to keep all your trading funds isolated and separated from your everyday bank accounts, overtrading or spending more than what you can afford will be issues you will never have to worry about. Hence, keep your day to day account and the account associated with forex trading separate to avoid risks.

Everything mentioned above was merely a few risks that are involved in forex trading, and definitely, something you should be careful from. However, if the broker you choose is an honest one and you always keep all the points mentioned above in mind, your trading career is more than safe and risk-free.