It is possible to trade world currencies through brokerage accounts. It involves selling and buying currency pairs that respond to economic developments around the world. The foreign exchange market works round the clock for six days.
Brokers hold your funds in an account that changes value overnight in response to daily losses and profits. Besides, they handle charges such as commissions, access to professional advice, and payout requests.
Some brokers place their fee schedules in hidden locations within their website print. Therefore, potential customers have to research before they open an account. Here is a comprehensive guide on how to choose a reliable trading platform.
How to Choose a Forex Broker
When going for a Forex broker, the first thing is to examine the type of trader you are and what you aim for when trading currencies.
Each broker featuring Forex investments has pros and cons. I.e. Binomo India. The first thing to consider is regulation, transaction charges, and the security level that the companies provide. Security features differ amongst brokers. Some companies integrate security features such as two-step encryption to protect the accounts from hacking.
Most of the brokers run under the regulation of various recognized institutions. For example, in the United States, there is the National Futures Association (NFA). There is also the Commodity Futures Trading Commission (CFTC). You will find different regulators in other countries such as Austria, Germany, France, Canada, and Switzerland. However, it is essential to note that there are companies that transact without regulations. Traders need to be wary of them.
Besides, brokers have varying trading platforms. They have different minimum requirements and transaction charges. Before you choose a trading platform, you may wish to budget on your investment. Find out the amount you wish to invest, how much you are ready to pay charges, and finally, your objectives. There are many factors to consider when choosing a currency pair.
Forex Trading Platforms
Pricing of the currency pairs happens through the interbank market. It is a communication that big banks and financial institutions use in the absence of a central exchange. Brokerage companies take a hint from those transactions. However, it is not a must to provide clients with the best bid or ask as per interbank. They may show wider spreads whose prices are less favorable. Potential clients can look for conflicts of interest by reviewing trade execution procedures at the broker’s site.
Does the Forex Broker Offer Trading Education and Tools?
Reputable brokerage companies provide several resources. They assist customers to make smarter moves and enhance their trading skills. Check out for an education section on the broker’s website. It should provide guidelines on the trading platform, market order types, and currency pairs.
IQ Option
IQ option began its operations in 2013. It has a firm reputation as a leader in Forex and CFD trading. Over the period it has been in the market, this broker has increased its instruments to include cryptocurrency, ETFs, and stocks.
The platform is known for its flawless trading applications for both desktop and mobile devices. Besides, it has exceptional customer services. IQ Option has relatively lower spreads compared to other brokers. You also have access to numerous technical analysis tools.
- Regulation
IQ Option holds a CySEC license. It meets all the regulations of the countries where it is available.
- Account Types
IQ Option has two primary account types. One of them is the demo account, which comes with $10,000 in virtual funds. The account offers access to features similar to those of a live trading account, and the amount is replenishable. For a real account, you need to deposit at least $10. There is also a VIP account that requires at least $1900.
- Fees
IQ Option won’t charge your withdrawals or deposits.
- Deposits and Withdrawals
You can deposit using several debit cards, credit cards, and e-wallets such as Skrill and Neteller.
- Trading Platforms
You can trade using either a desktop or a mobile device. The performance is top-notch in all the platforms.
- Education
There are video tutorials that cover trading strategies. Besides, the brokers provide market news and have a blog that consists of helpful articles.
- Support
IQ Option has a committed support team that responds to all your concerns through email, chats, and calls.
Olymp Trade
Olymp Trade is among the top brokers in Fixed Time Trades. The trading platform supports ten languages. Since 2014, they have seen an increase in the number of their clients. The sharp rise could probably be due to affordable trading requirements and enhancements. The broker operates under the licensing of Finacom PLC. Besides, it is a category A member. Therefore, as you transact with the company, you have an assurance of safety for your money.
- Trading platform
The company has a very effective trading platform compared to other brokers that offer Fixed Time Trades. The exciting part is that it is an original development of an expert team through clients’ hint to the company.
The developers considered many factors and ended up with a smooth running and faultless trading platform. Even traders without experience find the interface clear and convenient.
- Broker quotations
The broker offers high trading efficiency. It displays quotations on the platform. Besides, the value of assets is equal to all traders and remains below the tab.
- Demo account
The broker allows you to use a demo account. You have a chance to familiarize yourself with the trading platform. That way, you can determine whether it is appropriate for you. Once you sign up, you get 10,000 dollars in virtual funds.
- Mobile applications
Olymp Trade provides a mobile application. Therefore, you can comfortably place your trades regardless of where you are using a smartphone.
Binary.com
Binary.com has been in the online trading industry for several years. Since 1999, the broker has seen an increase in its clients to more than a million. It’s licensing and regulations are in the UK, the Isle of Man, Ireland, and Malta. The broker operates for 24hrs throughout the seven days week. Besides, its average performance is 20 transactions every second.
- Commissions & Fees
It uses a patented pricing technique that allows customers to get similar return rates to investors within the interbank market. Binary.com has no additional hidden commissions or fees. Its minimum deposit is as low as $5. Besides, you can trade with a minimum of $1. Therefore, it happens to be so ideal for new traders on a tight budget.
- Platforms & Tools
The broker allows you to choose an impressive selection of platforms. There is the Binary WebTrader that comes with several tools for trading binary options. Besides, there is the Binary Mobile App for trading through mobile devices. Another platform is the Binary Bot for investors who wish to make automated trading. Forex and CFDs traders can use MetaTrader 5. Finally, there is the Binary Next-Gen that comes with several trading features.
- Customer Service
You can contact the support team through telephone and email. You can also get in touch with the company through Twitter, Reddit, Youtube, and Facebook. Unfortunately, there is no live chat option.
Conclusion
You should take your time when choosing a trading platform since a wrong decision comes with its expenses. Top brokerage companies offer solid resources and low trading costs. Besides, you access the global interbank system. They will handle your funds with care, even when you register with their smallest account. Our comprehensive review of IQ Option, Binary.com, and Olymp Trade will help you make an informed decision on the best trading platform.
