There are several forex brokers in the trading market but some have singled out themselves to be exceptionally unique thereby earning themselves an award. In this article, we will be looking at some attributes that earned them the positon as an award-winning broker.
1. THEY ARE REGULATED AND LICENCED:
Award winning brokers are regulated, licensed and supervised by the local or international authority. Without regulations, forex brokers can do as they please and this may result in some very unpleasant issues for the trader. Dealing with an unregulated forex broker is like keeping your money in an unlicensed banking institution. Deal with a broker that adheres to local and international forex regulations. Obeying the rules and standards is the only definite sign that a broker takes trading very seriously.
2. ACCOUNT FREEDOM:
They give access and unrestricted freedom to different accounts to choose which best suites your needs. When a forex broker gives freedom of the choice of account, it is signal that it can cater for different traders' financial abilities, needs and aspirations. The power of choice goes a long way in forex trading.
3. DEMO ACCOUNT:
Award winning brokers provides demo account with the aim of giving new comers the ability to familiarize themselves with the basics of the business. In forex trading, there are two available accounts which are: Demo and Real account. They offer a demo account for those who want to start trading to first of all; give it a try before they start putting in money into a real account. Forex trading, like every other business, involves risk. Therefore, a broker should offer you a free demo account before opening a Real or Live account. By trading with a demo account you can trade with real conditions but virtual money, so it is absolutely risk free. Demo account puts trading strategy to test, and allows a trader know their strengths and weaknesses before embarking on live trading when there is confidence.
4. WIDE RANGE OF TRADING INSTRUMENTS:
They create variety of trading instruments from which their client can choose from. The more trading instruments a forex broker offers, the more opportunities are unveiled. They do not offer major currency pairs alone but also the minors, the exotics, precious metals and other commodities.
5. LOW SPREADS:
If bid price is taken and the ask price of a currency pair or other asset and you calculate the difference between the two that is the spread. There is a red flag if the spreads offered by a forex broker are high. If a forex broker offered a high spread, it means it is going to make profit at your expense. One of the good attributes of an award winning forex broker is, if there is low spreads, In that situation it is You-win, I-win trading.
Award winning fore brokers are reliable. They offer exceptional customer services that are ready to assist at any point in time.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.