Trading with Forex is quite risky and requires special skills and knowledge. These risks become even higher if the broker you use stays not reliable as you might become a victim of several scams and law violations. The main problem is that one will never detect this by advertisements; they always want to attract more clients and try to appear as the safest on a market. Switching to STP brokers only is not a solution because dealing desk ones can still stay reliable. You should look at particular features, which you will never find on sites of fraudulent companies or those, who don’t respect your financial freedom.
4 Qualities One Will Never Find on Fraudulent Brokers Websites:
- Confirmation of license: In order to get access to financial markets, an intermediary should have rights to perform operations on them. If it does not have such a license, you can’t be sure that it will always play by the rules. If your intermediary does not respect laws, you can’t be certain that it will respect you;
- Presence of demo accounts: Demo accounts are never designed solely for beginner traders. Even if your broker is the best Forex broker UK, you may want to know its analytic capabilities, the set of assets, which are available for trade, etc. If an intermediary doesn’t allow traders to practice on a demo account – probably, they might not like it making deals with real assets;
- High range of trading instruments: Diversification always reduces variation and risks. Your intermediary should give access to a vast variety of currency pairs, shares, commodities, and other trading instruments so as to provide you with safe payout in any case. If a number of trading instruments is not high enough, the broker does not value your freedom of choice and your right to diversify;
- Warnings on risky investments: It is normal for the broker to inform you about lucrative opportunities of trading. But we should never forget that trading brings a lot of risks. If broker informs you about opportunities without telling about risks, it doesn’t show you a full picture. And if it doesn’t act transparently from the very start, how can you be sure about the transparency of its policies.
Service reliability is not only about abiding rules and showing transparency. Good broker always respects its clients. And if they have problems with a platform or some questions concerning the use of statistical instruments, customer support should always be ready to answer these questions. If you ask about some issue and the answer doesn’t come within the next ten minutes, you can’t be sure that if something more serious happens, they will respond quickly. Choose the broker who respects your time and financial freedom.