Setting up a trading account? If so, make sure you find US regulated forex brokers.
They’re the most important part of your trading setup. After all, what use is it being a good trader, if the broker executing is incompetent?
Competence Matters – But So Does Regulation?
Because many “forex brokers” exist online. And the majority are shady, with unverifiable addresses, management identities, and histories( Forex brokers scams ).
And the result is the possibility of getting scammed.
For starters, you might end up losing money the guise of “transfer errors” or “unforeseen costs”.
Even worse, your account might get closed without notice. And with that disappears your money.
This leads us to the first point…
Registered Brokers are Secure
A good broker is someone you trust with money.
But what’s as important is a secure platform. While you don’t want scammers, you also don’t want platforms that are easy to hack.
Hacking is dangerous in the trading world. You risking losing your credit card information, trading account money, and possibly banking information.
How Do I Find a Secure Platform?
Many websites take the time to review USA regulated forex brokers. They’ll show you what’s blacklisted (ones to avoid) while recommending the best.
There are also regulatory agencies (per country) that list licensed brokers. Make sure you seek those and select only the listed services!
Security Isn’t Everything.
Beyond reputation, you need to check other factors. Including…
Smooth Deposit/Withdrawal Options
The process should be hassle-free. If you’ve experienced trouble with transfers, then you’re dealing with bad service.
Best us regulated Forex brokers have no reason to keep your money in the account. Only exceptions are if you have a margin call, or if your financial information is incorrect.
What to Avoid
Stay away from brokers that place “long time limits” for payment transfers.
Anything more than a few days is a sign of fraudulence. And if you see a “1-2 week transfer period,”.
then steer clear!
Excellent Customer Service
A best-regulated forex platform has fast-responders.
Customer service should be available 24/7 (or at least like the markets – 5 ½ days a week).
Also, you need multiple channels to reach out to.
You need a clear address that shows you the base of operations. And you need at least 1 email, and multiple phone numbers.
In fact, contact options usually show how popular a broker is. The more, the busier!
Excellent Market Execution
Smooth transfers aren’t enough. You need smooth execution of transactions…
Why? Because most forex traders are scalpers. They profit off minor price movements, with tight spreads and “strict” order requirements.
So a broker that fails to execute damages your odds of winning a trade.
Market conditions might force you to buy/sell at wide spreads and unstable price swings.
And this doesn’t occur often in Forex. After all, it’s a more liquid market than say stocks or cryptocurrencies…
But sometimes, news (political or financial) might cause currency swings.
You need to account for the effect of the news on Forex. And regulated forex brokers help you with that, by…
Supplying Daily Forex News Feeds.
A good broker is like a newspaper.
You log into their platform, and immediately you can view policy changes, and industry news relevant to your trading.
You need that. Nothing impacts currency trends more than bureaucracies and major corporations.
A broker will supply multiple channels, keeping you informed of the latest trends. They’ll have a “blog” for news updates, plus “constant email newsletters” that highlight what’s important.
Technical tools matter in Forex too. And US regulated forex brokers supply their own analysis.
Top regulated brokers usually have technical analysts that produce their predictions. And that’s not something you’ll find with an ineffective platform.
Obviously, a broker’s analysis won’t be your main strategy. But it can be a supplement. And it can show you situations and tools that help your trading!
A broker is important – but they’re not a crutch in trading.
Click here to learn how to become a successful forex broker
They’re like an advisor, helping you with execution, some advice while keeping your money safe.
But in the end, all responsibility falls on you. As a trader, do your due diligence and prepare a good strategy for the markets!