Are you expecting the US Dollar to go down in value against the Lebanese Pound and want to take advantage of this shift? Trading in the most liquid and leading market in the world requires the assistance of a trusted broker as a means to ensure the continuation of the currency markets and the lucrativeness of your targets.
A single google search can uncover a congregate of trading platforms and websites, parading brokers vowing high returns with competitive packages with the aim of enticing uninformed traders. This overwhelming number of results is bewildering for a rooky trader. Coupled with a barely regulated forex market, these unscrupulous brokers impose an undesirable risk for your investment.
It is vital to identify reliable and credible forex brokers when searching online. Reputable platforms will guarantee the application of the top trading tools in the industry allowing safe and secure transactions. Dodging scammers is imperative and challenging. Vetting and inspecting will take time, therefore implementing the undermentioned points will save you time and effort significantly.
First thing to establish with a potential broker is a clear line of communication, this will allow smooth transmission of information and requests bilaterally. Brokers that offer vague answers, dodgy service or don’t reply at all is a distinct red flag, signifying poor client service and lack of familiarity on critical forex operations and processes. This is detrimental to a trader’s fiscal success.
Step two is research. Becoming a clever trader means having strong emotional intelligence and analytical skills. Inspecting reviews from fellow traders pertaining to certain brokers and platforms might help you purge out the scammers. A review might save you thousands of dollars.
While checking online reviews, make sure to check for withdrawal complaints. If a broker is not allowing the trader to withdraw money, it reveals the unwillingness to cooperate and the lack of respect to the ethics of the business.
If you are satisfied with a certain broker, it is a logical strategy to open a small account first with minimal capital. Accordingly, you can use it as a trial account, confirming everything is operating efficaciously with the withdrawal process and communication with the broker. If all goes according to your standards, you may proceed to inject additional capital to your account. If the service is less than satisfactory, it is preferable to discontinue your contract and look for an alternative broker.
Going with licensed brokers is always a safer approach. They will be regulated and governed by strict rules that safeguard the trader while offering the best trading services and tools like FxGrow’s negative balance protection, encrypted payment system. Many platforms including FxGrow are CySEC CIF licensed with a Financial Conduct Authority license and directives set out by MiFID, Markets in Financial Instruments Directive.