Choose Your Forex Broker Wisely
Protect yourself from fraud
To find the best forex broker in the market, you need to consider a host of factors: Transaction fees, trading limits, margin requirements, and others. Keep in mind the benefits of using regulated forex brokers before signing up for an international trading account.
There are thousands of international currency exchange brokers each standing strongly with their unique promises and customer support service. But not all are the same — some may not be official, legal, or licensed to work in your country; some may have unfair trading rates that could severely damage your portfolio; some might not offer a reliable online platform or account. We encourage you to do your research and choose the best broker for you.
You’re not likely to use a brokerage service that is non-compliant with your country’s laws. The penalties for violating financial regulations are severe, ranging from fines to imprisonment. International foreign exchange services are required by law to be regulated by authorities to safeguard clients’ money, protect their interests and prevent financial loss.
The professional traders who work for these companies abide by rules and regulations put in place by regulatory bodies. These rules ensure that traders have the necessary education and training for their profession, putting them on par with any similar professional in their field.
Working for a regulated forex broker means you have access to trading tools, market data, and other important information you need to make informed currency exchange decisions.
Another reason why it’s best to use a regulated forex service is that this way you can be sure you are working with a legally established entity. More importantly, your funds will be insured by the Financial Services compensation scheme provided by the broker. Claiming your recompense will be simple and fairly transparent due to strict controls imposed by the regulatory bodies.