Trusted forex brokers, a key to forex trading successMarch 30, 2021
As more individuals prefer the profession to maximize their passive profits, online trading has seen a spike in use in 2020. Coupled with the emergence of the digital era, the economic instability brought on by COVID-19 has seen an explosion of Africans beginning to exchange digitally as a way of supplementing their profits. Many do not, though, actually have the skills and support to trade successfully.
INFINOX, an internationally respected and award-winning FX and CFD broker, Regional Director Dany Mawas describes that although the forex industry has gained considerable momentum globally in the past few years, there is an increasing need for traders to obtain the right help and resources to thrive. As such, when selecting an online trading dealer, he highlights a few requirements traders should be mindful of.
Regulations and licensing are key
In the respective country where they reside, all respected and trustworthy financial service providers and brokers are allowed to operate. This defends traders from dealers and fraud that are unlawful. Being issued a license to work in a specific nation indicates that the broker must comply with the authority’s different laws.
Therefore, traders can only work with brokers recognized, licensed, and supervised by well-established authorities, such as the Financial Sector Conduct Authority of South Africa (FSCA) and the Financial Conduct Authority of the United Kingdom (FCA), in various global regions, among others.
Reputable and secure platforms for trading
MT4 and MT5 are two of the most common trading sites built to provide traders with the requisite resources to securely and securely take advantage of market opportunities.
Traders can look for brokers who provide extra functionality, such as a social trading network, to use trading platforms. Using these tools allows traders to be part of a trading group, learn from each other, copy trades from professionals, perform from a familiar spot, exchange strategies, and monetize their skills.
An offer of insurance and segregated customer fund
Partnering with brokers who segregate consumer funds from operating funds and other types of investment is critical. This offers traders the peace of mind to realize that their funds are safe and stable. Also, while regulators cover all traders up to a certain amount, if the brokerage were to go insolvent, brokers could have an insurance scheme in effect.
Although the brokerage functions digitally, businesses with a physical presence in their respective regions or countries show a dedication to their business, teams, and eventually their consumers. Local representation needs to provide merchants with the help they would need to thrive.
Dependable proactive customer service
To ensure their performance, traders expect the requisite premium assistance from their favorite broker departments, apart from getting a voice to chat on the phone. Proactive service, including prompt response to telephone and email questions, implies this. Also, leading brokers now provide additional contact networks via multi-lingual assistance, including online messaging platforms and mobile applications, thus maintaining readily interpreted communication lines.
An array of instruments
Not all merchants deal in the same markets. As such, traders can aim to collaborate with brokers providing a variety of resources to fit their needs, including Forex, CFD Equities (CFD), Indices, Stocks, ETFs, and CFD Futures.
INFINOX was founded in 2009 and is headquartered in London, and has offices in more than 15 countries worldwide. Registered with the likes of the FSCA, FCA, FSC, and SCB, the brokerage has a separated consumer fund scheme that gives peace of mind to traders in the confidence that their assets are in safe hands. Also, INFINOX delivers free deposits that are readily available within a day through its consumer portal.
When it comes to tools, INFINOX provides trading on the MT4 and MT5 platforms in FX, Stocks, Indices, Commodities, Futures, and ETFs as the IX Social Trading software of INFINOX.