This is the type of a question that's on every trader's mind. But how does one define reliability? What do you need to know in order to choose a reliable broker? What are the good and bad conditions of brokerage services? These questions are relevant not only for a newcomer but for every trader. And that's what we are going to talk about in this article.
First, let's establish our criteria to define a broker's reliability. As practice shows, the following moments are the most important:
â¢ Trading conditions
â¢ Adding and withdrawing funds
â¢ Client reviews
â¢ Quality of client support
I. Trading conditions
A broker is an intermediary between the trader and the market, that's why you should take a look at the spreads. If you pay too much for the spreads, you may be better off finding another broker. Swaps are also important. Too many negative swaps while holding open positions can be a warning signal.
You also need to pay attention to the account type. A Non-Dealing Desk (NDD) account means that the quotes are obtained directly from the market (STP broker technology), which is the golden standard of a reliable Forex broker. Lastly, all the information about the trading conditions must be explicitly stated on the company's website.
II. Adding and withdrawing funds
Good brokers offer only reliable ways of adding funds. Bank transfer and card payments are good examples of that. Also, there are a few electronic money transfer systems such as WebMoney and MoneyBookers. However, the former two options are the most reliable. It goes without mentioning that the quicker you can add funds into your account, the more reliable your broker is.
And if you're still unsure about your broker, don't be too eager to add large amounts of money to your account. Use demo account for training. Note how easy or difficult it is for you to conduct trade, and pay attention to what the leverage, lot, and spread are. If you're experiencing any lags when opening orders or have any other reasons for questioning your broker, remember: there are plenty of other broker companies on the market, you don't have to take any risks. And if you're happy with your broker, go ahead, add the money and start working.
III. Client reviews
It is quite normal even for the best companies to have a certain number of negative comments on the Internet. Unlucky novice traders, who could not stop their losses in time, blame brokers for their failure. Also, there are trolls who would defame anyone and everyone for no good reason. So, you must be cautious to trust online reviews. It is always better to base your opinion on independent sources where people explain their view regarding this or that company. This can be forums, rating sites, or blogs. There can be no doubt that the longer the broker has been in the market, the larger the number of reviews he will have collected. Thus, online comments can be tricky to trust. There is only one sure way, and that is to become a client of a broker and make up your own mind based on past experiences. But if you happen to see a flood of negative comments on a broker, it would only make sense to avoid them.
IV. Quality of client support
In order to rate the quality of client support, you don't need to look up information online. It is enough to find the broker's contact details and call them with your questions. If you receive a warm response, adequate answers, and feel no tension in the conversation, it means you have probably found your broker.
FXFINPRO CAPITAL is a relatively young company, but we take our reputation seriously and value every partner or client. We can confidently tell you that we have the best interbank market spreads, the highest standard of service, and reliable partners that you can learn more about on our official website FXFINPRO CAPITAL.
All of this is a result of the hard work we've put into our company and our clear-cut policies, the main purpose of which is to satisfy our clients' needs in trading, investments, and increasing their wealth.
Finally, we'd like to note that there are many companies, it is up to you to decide which one you should trust. However, we are certain that once you try our services, you won't need to look for any other broker.
Our doors are always open for the daring and confident people who want to grow their capital. We are sincerely interested in your success, and we strive to grow with you!