Forex broker reviews are carried out based on some factors which are determined by the trader and the regulating bodies. The major aim behind every Forex broker reviews is to answer the following questions that may cause worry in the mind of the trader.
• HOW REGULATED IS THE FOREX BROKER?
This usually deals with the regulating body in charge of the Forex broker and its laws, licenses, customer protection facilities and other vital information concerning how the Forex broker is regulated. This is often the very first thing you will notice in Forex broker reviews.
• WHICH TYPE OF ACCOUNTS DOES THE FOREX BROKER OFFER?
The type of accounts offered by the Forex broker is the next in line. The accounts are considered in terms of spread, commission, deposits/withdrawals and other vital information that may be needed for the operation of such accounts.
• HOW MANY CURRENCY PAIRS CAN BE TRADED?
This includes the variety of the currency pairs which can be traded by each Forex company. In the Forex broker review, this also includes the quality of the currency pair traded. At the moment, there are over 60 currency pairs that can be traded in the market and some of them include GBP/USD, AUD/CAD, EUR/USD, GBP/JPY, NZD/USD, CAD/JPY, USD/CHF, EUR/JPY, and EUR/GBP
• HOW AVAILABLE IS THE CUSTOMER SERVICE?
Forex broker reviews seek to explain to the potential customer the nature and availability of the customer service(s) provided by the Forex brokers. The hours of availability, the platforms through which they can be contacted and the ease of access is other factors that are put under consideration.
• WHAT IS THE QUALITY OF THE TRADING PLATFORM?
The ease of use of the platform is also taken into due consideration in Forex broker reviews. This seeks to look out for how straightforward the trading platforms are. Which types of analytical and technical tools do they offer and how can they improve your trading experience while in the market?
• TRADING MARKET
This includes the total number of financial instruments that can be traded effectively by the Forex broker. The Forex broker review seeks to explain the trading market in terms of stocks, commodities, indices, Litecoin, Bitcoin, CFD and treasuries and bonds. The tradability of the Forex broker in other commodities such as gold, corn, platinum and silver are also discussed.
• DEPOSIT OPTIONS
In Forex broker reviews; this includes the ease at which deposits can be made into the account since “The Faster the deposits, the better the review.” This is because every trader wants a market which is easy to understand and operate.
How friendly is the firm in terms of offering bonuses to individuals. This is one of the factors used as a competitive advantage by the big Forex firms and hence the reason why they always receive a five star review from customers.
Will the Forex broker be able to guarantee the safety of the customer’s investment? This also includes how well the Forex firm has put laws in place to combat fraud and scams.
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.