The Forex market, although the largest financial market in the world, has no centralized exchange for conducting transactions. In other words, the Forex traders can only carry out their trading activities through an intermediary’s help. This intermediary is the Forex broker, and choosing a good broker would depend on how you can successfully carry out your daily or periodical trading process. There are thousands of brokers worldwide, and each one claiming to give their clients top-notch services.
It makes the average broker’s job difficult to identify the good and not-so-good brokers, thereby losing money while trading on such platforms. Hence, it would help if you located an authentic and experienced broker in foreign exchange for your dealings.
Adopting the Standards of Competent Regulatory Body
Your broker must have adopted the standards as laid down by a competent regulatory body to which the broker must comply. Your broker must therefore have a complete understanding of Forex and CFD Broker Regulations. Again, this also means you must have met the standard regulatory requirement. It includes adequate capitalization and maintenance of proper accounting records when dealing with funds from clients.
Regulatory authorities have the right to direct use of the fund for clients’ interest in case the broker becomes insolvent. The Forex broker must be able to execute reliable and speedy transactions without any hitches. Maintaining high liquidity is yet the strength of a trustworthy broker. Further, the online booking platform must be user-friendly with easy operate the account. Again, there must be quick and efficient withdrawals and deposits into a client account.
High-Quality Client Service
It is better to choose your reliable Forex broker by getting reliable information from other clients. Again, many authentic brokers offer demo account for their clients to give evidence of their exemplary services. Apart from all this, clients should also note the different rules and regulations in that particular broker office and commissions they receive from transactions. Again, the client’s minimum balances and other fees are to be ascertained before engaging on that platform.
Some Forex brokers offer high leverages while others do not for currency trading. To get higher leverage, the Forex broker must be a thorough professional. Only very few brokers can achieve this standard in foreign currency trading.
It is also important to ascertain your Forex broker’s high capacity, which is mainly through the information about the trading volume. Many brokers limit their trading to small orders, while others can handle both penny and standard large orders.
Clients may also look for additional features that only high-standard Forex brokers can offer. There may be a wide range of technical indicators to guide you and help you during your trading sessions. Risk management in the form of stop-loss orders and other stops can also help small traders indicate the broker’s service standard.
If you keenly look for the above positive points of a Forex broker, you may easily identify a good broker.
Reviewing Etoro and Its CFD Services
The Etoro is one of the most renowned and reliable names in the financial trading sector with more than 7 years of priceless experience. The Etoro provides one of the leading platforms for in the domain of contracts for difference, copy trading and social since the year 2007.
With Etoro you can invest in excess of 1500 various markets and assets. This range has been extended for the inclusion of the digital currencies like Bitcoin, Ethereum and other types of Cryptocurrencies. The objective of the Etoro brand is to establish itself as a unique trading platform by providing the best tools of trading for the customers. Here we will provide a comprehensive Etoro review for the traders and the customers.
Security of Customer Funds and Regulation
The security of the customer funds and CFD broker rules are two of the most important aspects of online trading. Before you decide to use a trading platform from any broker it is important to verify these two factors. The licensing and rules for brokers are subjected to strict conditions and criteria. If the broker indulges in breach of those rules then there is a potential of them losing the license. This is why fraud against traders is virtually impossible with European regulated brokers.
The has been licensed and regulated on several different instances. These CFD brokers face strict regulations in Australia (ASIC), United States (FinCEN), Europe (CySEC and FCA). These regulations provide a high degree and authority of reliability to the various CFD brokers including Etoro. In addition to this the money of the customer is protected and there is a specific guarantee of storage between company’s money and the client’s money. You also get a deposit protection of up to € 20,000 in case of the corporate insolvency.
Reviewing the Trader Conditions for the Etoro
Etoro allows you to trade with over 2000 different assets. Some of these assets include commodities, currencies (Forex), stocks, ETFs, metals and the Cryptocurrencies. These assets can either be traded as real value stocks or via contract differences (CFDs). The maximum leverage of 1:30 is available in EU and up to 1:400 internationally for the CFDs, which opens up the doors higher levels of profits or losses. It is crucial to understand the existence of negative balance protection which means that you can’t possibly lose more than what you have deposited in the Etoro.
The Features Provided by the Etoro Platform
The Etoro provides excellent features with a range of special functions for the customers. You get a detailed overview of the investments and the portfolio is extremely transparent which enables optimal management. Some of the salient features provided by Etoro includes availability on all devices, real money trading and the option of virtual trading, user friendly interface, productive solution chart and option of contacting other dealers.
The platform also provides 24/5 support through chats, phones and emails. There is an account manager and the support staff are professionally trained. You get support in various languages including English, Russian, Indian, German, Thai and other languages.