Top 5 things to look for when choosing the best online Forex/Trading broker in the UK/USA for 2019/2020
So what makes a Forex Broker the best in the UK/USA? What does it take for them to rise above the rest of the Forex world and help new traders achieve their goals and profit alongside each and every one of them? There are plenty of UK Forex Brokers, many of which will never be a high enough standard for you top really earn top dollar on, luckily we're here to tell you exactly what to look for and avoid in this article, and are much more informative than other sites such as Forex Factory.
In this 5 part Ultimate Guide we reveal the fastest growing trends UK/USA Millenials and new traders are looking for and avoiding in their Forex/CFD Broker, and how these characteristics will ultimately determine your trading success.
Check that the Uk Forex Broker is regulated. In the UK, there are two regulatory organisations - the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA.) The logo for either of these should be displayed on the Forex Broker's website for your security. This will ensure that your money is secure with the UK CFD Broker. In other words, youíre dealing with a legit UK CFD broker as they have been approved by one of the regulatory bodies. This is a very important and fundamental aspect of choosing the best UK CFD broker, this can be the downfall of so many new traders who are scammed by trading brokers everywhere.
2. Customer Agreement Policy
Find the Uk CFD broker's customer agreement policy. This will outline the things that you are agreeing to when becoming a customer with that UK Forex broker. The UK broker will highlight various items that a customer should be aware of, for example: payment instructions, type of services and the UK Forex brokerís responsibilities to you as one of their clients. This may be a boring read and not as interesting but is also very crucial, some UK forex brokers include certain clauses you don't actually agree with and may affect you greatly in the future, one of the main issues we see time and time again with our clients at TradingCompared is that some Forex brokers withhold funds from the account of a clients that is rightfully theirs. These issues come up usually with unregulated brokers and with clients who don't read the customer agreement policy. Imagine losing all of your funds to a forex broker, where youíve spent weeks perfecting your trades, all for it to be taken away from you. Here at TradingCompared we only promote the best UK regulated and verified Forex/CFD brokers, so you know youíre always in safe hands.
3. Tools and education
Does the UK CFD broker offer a forex news service? They may also offer diagramming instruments which will give you an insight on forex trading. If a CFD broker offers these services, it is likely to help you in your forex journey. A UK broker that provides these services is a Forex broker that you should consider. Only some UK Forex and CFD brokers offer these tools, as a new trader most of them you won't use, however some of them may be crucial to your trading plan. Therefore you should consider which Forex UK broker you want to go with based on what analytic, fundamental and technical tools they offer to you. For example, if youíre a fundamental trader only, you're going to want a built-in news tool and fundamental data released from within the CFD UK broker at all times, to make sure your trading is fully optimised.
4. Customer Service
What is their customer service like? If there are several ways to contact the UK Forex broker, they are more likely to be a better CFD UK broker as they are easily accessible for support. If you have any questions about their service or need support with forex trading, they should be able to help you. If they have a live chat feature, this is the quickest way to get a response from them and is something that you should look for in a broker. Brokers that offer email support means that you will have to wait sometime for a response from them. The live chat feature or a telephone support line gives you access to support quicker. As a new trader having ongoing live support available 24/7 can be considered a must, only the best Forex and CFD brokers in the UK/USA will have these, such as Trading212.
5. Deposit and withdrawal procedure
Check the deposit and withdrawal procedure. The UK Forex broker will hold your funds for you and should allow you to withdraw them whenever you need to. This procedure should be smooth to encourage you to trade with them in the future. There should be no difficulties when withdrawing funds, check the procedure to ensure that the process will be easy. In each of our reviews, we uncover the withdrawal and deposit procedure/details of every one of our UK Forex and CFD brokers, check them out on our Broker page and see for yourself what withdrawal and deposit options work for you.
That comes to the end of our Top 5 Must-read tips when choosing your first Forex or CFD Broker in the UK/USA for 2019/2020.
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