Honest Forex Brokers
Here at the Top 10 Forex website we only want to showcase to all of our Forex trading website visitors a range of the very best Forex Brokers, and to enable us to do this we rigorously put each one of them to the test to allow us to be more than confident every Broker we introduce you to is a honest Forex Broker and one at which you will never have any problems.
However, there are many things you can do as a Forex Trader to ensure you only ever become a client of the better run Brokers out there.
Below we have put in place a step by step type of checklist guide, which you should always use when you are considering opening an account at any online Forex Trading site.
Deposit: $5 Leverage: 888:1
Deposit: $100 Leverage: 1:294
Deposit: $50 Leverage: 1:1000
Deposit: $50 Leverage: 400:1
Deposit: $100 Leverage: 200:1
Deposit: $250 Leverage: 400:1
Forex Traders Checklist
Here is our step by step checklist that will enable you to locate and sign up to the most honest Forex Brokers, always use it to compare any two trading sites you come across and the one that ticks all of the right boxes should of course be the one you join up to!
Licensed Brokers – The first thing that you should always check is whether the Forex broker you are thinking of joining and becoming a customer of holds a full trading licence, and one that has been issued by a recognised jurisdiction.
Many of the poorly run and operated Brokers are not licensed, or if they are they are simply licensed as a business in the country where they are based, and this is something completely different to holding a full Forex trading license.
So any Forex Broker site you come across must be licensed, for when they are in the very unlikely event of you experiencing any problems at that site you will have help at hand through the licensing authority.
Fees and Charges – Your Forex trading budget is what you will be using to invest and place trades on many different currencies, and the more of that budget you can keep hold of the better. You do need to be aware that some Forex brokers have a high set of fees and charges when you use their Broking platforms, and these fees tend to kick in when you request a withdrawal of any trading profits from those sites.
There are more than enough Forex Brokers who do not have any charges what so every for either funding your account or making a withdrawal from that account, and as such always take not of the banking pages on any Brokers website and check to see if you are allowed to withdraw funds from your account completely free of charge.
Some sites will allow you to make a nominal number of free withdrawals each month. However, there are many who have done away with any and all processing fees.
Currency Pairings – The main aim of your trading any two currencies is of course to sport one currency that is going to move in value against another at any given time. With this in mind you need to ensure that any Forex Broker you sign up to offers you a very large range of currency pairings.
It may actually surprise you to learn that some Brokers only offer a limited number of currency pairings and the fewer any site has then the least likely you are to be able to place your trades on the currency pairings you are seeking.
So always avoid any Broker that only offers a limited number of Forex Pairings, as that could mean you will miss out repeatedly on potentially very profitable trades if you are a client of those sites.
Trading Platforms – There are Forex Trading platforms like in the UK that you can download onto your computer as well as there being web browser based trading platforms which will allow you to be able to trade no matter which computer you are near at the time you spot a potentially profitable trade.
However, we have seen a marked increase over the last year or so in traders who are now accessing mobile trading platforms, and there really are many additional benefits to be had of using such a platform.
The most obvious benefit of using a Mobile Trading Platform is that you are going to be able to place any currency pairing you are looking to trade at the exact moment in time you wish to trade them, for even if you are out and about and nowhere near your computer or lap top, which just a few taps of your mobile devices screen you can place the currency trades you wish to place which any fuss or hassle.
It should be noted that there are in fact several different types of mobile Forex trading platforms available, so utilize the mobile web browser on your device and these trading platforms are often known as HTML5 compatible platforms.
You will also find that more and more of the better run and operated Forex Brokers are going to allow you to download an App onto your mobile device which does away with you having to access a mobile web browser compatible trading platform.
The best piece of advice that we can pads onto you is to ensure that your mobile device is always fully charged, for there is nothing worth than spotting a potential profitable Forex trade only for your mobile to go flat at the point in time when you wish to place that trade!
Banking Options – One final thing we would like you to consider is to use just one type of bank account or web wallet type of account for all of your Forex Trading, by keeping your trading funds well away from your day to day bank accounts and funds you will never run the risk of over trading and spend more that you can afford.
There are of course risks involved in trading Forex, and as long as you stick to an honest Broker and follow the above checklist you should have not have to make any double gambles when trading.