Whether you are a pro in the Forex market or a beginner, you will want to review the different Forex brokers from all over the world for you to decide where you want to invest your funds. You will, then, be required to compare the different brokers but the comparison process requires patience and due-diligence. What is the importance of comparing Forex brokers? First, you are probably participating in the Forex market with an aim of getting profits from your investment. It becomes important to find a tried and tested broker to avoid a situation in which you may lose all your capital.
This segment assesses the considerations in picking the best Forex trader and then reviews the top 3 English Forex brokers. We have come up with a list of three Forex companies that top of our recommendation list. Before we provide you with the list, let us first look at the criteria used in grouping the Forex brokers from the safest to the least safe.
How to differentiate the Forex traders
While investing, you always want to reap maximum profits from your capital. In Forex trading, your quest for getting a profitable trading experience will depend on your Forex trading broker.
What are the features that should be used to determine the reliability of a particular Forex broker?
Confirm the domicile of the Forex brokerage firm
Why is the domicile of a Forex company so important? Well, because you do not want to invest, lose money and get no possible legal redress, meaning you cannot recover your money if you are conned by a Forex brokerage firm. Look for a brokerage firm whose domicile has strict financial regulations. Avoid brokers from countries with less than average financial regulations.
Look at the regulators of the Forex brokerage firms
The reason why regulations exist is to help in checking the activities of the regulated companies to tailor them to acceptable market standards. If you are looking for the safest English Forex brokers, look at the regulatory agencies where they are registered.
It is worth noting that a regulated company does not necessarily translate to the automatic safety of a client’s cash nor does it guarantee the legitimacy of the company. Instead, regulatory bodies act as shields for the client as they oversee the trade practices of FX brokers. They also act as a client’s insurance to ensure their funds are somewhat in safe hands. Never forget to chose a regulated broker.
Satisfied clients who can vouch for the FX broker
A safe Forex broker will always have satisfied customers. And the thing with satisfied customers is that they offer a recommendation. So, always look out for reviews of different brokerage firms. Positive reviews indicate customer satisfaction. You should have a keen eye on reviews that involve customer service and ease of withdrawals. If there are negative reviews on how frustrating it is to withdraw your funds, do not even think of registering an account with that broker.
Safety of your funds
When looking for the safest Forex broker, always try and investigate the source of funding for the particular broker. The funding can be either sourced directly from the broker or come from the broker’s parent company. Try and look through the press releases or read more about the company from their websites. Look through the company’s regulatory body and find out the reports released by the regulatory body about the capital funding of the brokerage firm. The reason to inquire about the source of funding is because your money will be safer in the hands of a broker with a significantly large financial backing. Safety of your investment is paramount when dealing with Forex brokers.
Which are the 3 safest English Forex brokers?
With all the mentioned features being considered, Here are the three of the safest English Forex brokers.
It is registered in England by the Financial Conduct Authority with over four hundred thousand accounts registered. It is also regulated by the CySEC, FSB and the IFCS. A safe haven for individuals seeking to have a reliable Forex broker.
This brokerage firm was founded in 2008 and is regulated by the CySEC, DFSA, FCA, FSB and the SIA. This means it can accommodate clients from a number of countries especially those in Europe.
This Forex brokerage firm was founded in 2007 and is regulated by CySEC and the Financial Conduct Authority (FCA). It is commonly known for its social trading platform which allows investors to interact and invest together.