How To Look At Foreign Exchange Brokers

The foreign exchange industry provides a variety of opportunities for brokers and traders. Because the industry is very profitable, especially for brokerage companies, many brokerage companies hope to gain profits from people’s trust rather than provide good services. They are mainly aimed at novice traders for three main reasons. Generally, novice traders do not know about foreign exchange trading and are easy to mislead them. Most of the new traders are looking for a beautiful but empty commitment, which is easy to attract them and has high return on investment opportunities. Last but not least. Junior traders often underestimate the need for accurate research. Judging from the most famous foreign exchange fraud and Ponzi fraud, all these frauds are relatively successful, targeting new vulnerable traders. Of course, this is not the reason why traders who have just entered the foreign exchange trading industry fear to quit before trying, but they should be more cautious.

This document provides some insights on how to choose an intermediary to keep your money safe. You will learn how to review foreign exchange brokers and distinguish between genuine and trustworthy brokers and frauds. Now go deep into the investigation.

Distinguish between good comments and bad comments

There are many comments from brokers on the Internet, and people do not need to directly see all the information of brokers. Because the comments provide all the necessary information. But not all comments are equal. Some comments provide objective information, while others try to convince you. As a reader, you should be aware of what comments you are reading in order to avoid making the wrong decision. Good and reliable comments should be provided at the beginning of providing detailed information about the mediation, such as KontoFX comments through Bessocialreading. Com reviewed all aspects of brokers, their regulations, characteristics, deposit and withdrawal information, etc. All intermediary reviews should provide you with the information you need to make a decision.

Are intermediaries supervised? Who?

When reading comments or directly investigating intermediaries, the first thing to notice is restrictions. If the broker accepts the supervision and management of the Party local supervision and management organization in your country, it means that the broker has legal and appropriate authorization and permission. Regulation creates a safe trading environment for traders. Even if the broker violates the rules or regulations, the trader can contact the regulatory authority at any time to ask for necessary measures. If the intermediary does not have a license, it is better to stay away from your investment.

It is also important to know who supervises intermediaries. Because the credit of some financial institutions is higher than that of other financial institutions. If the agent is restricted by FCA, ASIC and BAEN, you may think it is trustworthy. If the license is issued by the financial supervision and regulation authority in the Marshall Islands or Belize, the intermediary is less reliable.

When checking the rules, don’t just trust the information provided by the manager to your website, but check it yourself. Some intermediaries have been cancelled or have placed license numbers that do not belong to the company at all. The Financial Authority of the United Kingdom(FCA) warned local residents to pay attention to so-called copying companies that copy valid broker license numbers and other certificates. So please pay attention to the operation and always confirm the license number of the financial institution website.

executive director

Where did the money go?

This is a safe assumption. Foreign exchange trading wants to see profits rather than losses. Although losses are sometimes unavoidable, especially when you are a junior trader, you can still reduce losses by observing how intermediaries generate income. Generally speaking, intermediaries earn profits through profits or commissions. It is recommended that you choose a manager that uses the first option. At the same time, some brokers may receive withdrawal commissions. Imagine that you know you want to make money for recycling, but the broker wants to keep some of it. Doesn’t feel good? To avoid this situation, you must carefully check this part of the manager. Please ensure that the administrator charges for account maintenance, inactivity or other services. Ideally, intermediaries should not charge such fees.

To what extent does the agent support?

Customer support has always been an undervalued key factor. Many traders do not notice this until they need support. Disappointingly, there are several problems, and the company found that no one can give you proper help. To avoid this, contact customer support before opening an account with an intermediary. The inspection is simple. Not more than a few minutes. Most agents can chat online, ask simple questions of interest, and see how quickly and professionally they respond. Mediators also typically display email and phone numbers. If you want, you can also contact them via email and mobile phone.

Is the customer satisfied?

The first experience is the best. But as you have heard, smart people learn from the mistakes of others, not from their mistakes. Read comments posted by customers of a particular agent. They will tell you how good the service is. You know, you don’t have a 100% satisfaction index. Some traders may simply not like brokers. Because they will suffer from their mistakes. Therefore, you should read these comments to see if most people are positive.

main points

It is not easy to find a good intermediary. Especially today, when fraudsters disguise their services and products to become better and better. But if you know how to review the mediation, it is not difficult. First, read the reviews of brokerage firms you already know. Therefore, they will not be misled by subjective comments. Check whether the intermediary is subject to supervision, which regulatory authority issues the license, and whether the license number is valid. Let’s see if intermediaries charge fees through commissions and fees for various reasons. If there is a problem with your account, please contact customer support to ensure that your manager can help you resolve the problem. Finally, the least important thing is to observe the customer’s evaluation of the manager and satisfaction with the service. These tips will help you determine whether the intermediary is trustworthy, fraudulent, or poorly served.