Are you excited to invest some of your hard-earned money in currency trading or forex so that you may earn some profits? Although it is a good move on your part since trading is a common trend globally and several companies have their stocks listed on different foreign exchanges which you can purchase, but it is a risky business as well. The common rule for trading is that someone’s loss is another’s gain so if you are inexperienced while purchasing any stock, you might end up losing all of your investment if you did not interpret the market signals correctly. This is why several investors hire a forex broker instead, who works as an intermediary and trade forex using his expertise so that you can gain some profits. Although several brokerage firms offer you their services; however, not all of them are reliable, and many either are inexperienced themselves or are engaging in illicit activities using your money. Hence you must approach the reliable forms to work for you, and some of those firms are mentioned below.
If you want to opt for a firm that provides you with the best services on an overall basis, then this is the brokerage that you should approach. This brokerage firm is regulated and traded across the globe while also allowing you to choose from a huge list of products that you can trade for. IG was founded in 1874 in the UK and is regulated through jurisdictions. It is considered a stable broker and has expertise in forex and CFDs trading. Aside from this aspect, IG is also famous for having the appropriate research tools and high industry education which makes it a reliable organization that you can trust if you want to trade securities while looking for reasonable rates.
2. Saxo Bank:
Another company that you can trust is Saxo Bank. Saxo Bank is a Danish Investment bank that was founded in 1992 and had been providing excellent services to its clients ever since. It specializes in providing online trading and investment services and is regulated by various financial authorities such as the Danish Financial Service Agency and the UK Financial Conduct Authority while conducting its operations. Although Saxo Bank operates globally but has its subsidiaries operating in different regions that operate as separate legal entities. Hence it is imperative to know beforehand that there are subtle differences in the services provided such as the fees that they charge and the products that are offered for trade. It is considered a safe trading company because it is backed by high ranking financial authorities while also maintaining a banking background. Although it offers excellent trading facilities, the downside is that the deposit fee is high and ranges from $600-10,000 depending upon the locality where you reside.
3. CMC Markets:
If you are looking for another brokerage firm, consider using the services of CMC markets which is a brokerage firm based in the UK. It was founded in 1989 and offered spreads which usually widen as you invest in large trades that come with huge bet size. It provides you with several trading opportunities such as bond listing and cryptocurrencies, which you can trade-in. CMC Markets is regulated mainly through the Financial Conduct Authority and provides standard coverage under the Financial Service Compensation Scheme, although they do not offer any private insurance. One thing that separates them from other brokerage firms is that it keeps the clients' funds separate from the company funds, which is held in different banks across the UK and Europe. Even though they offer reasonable fees but it can vary depending upon the products that you are purchasing, so make sure you are well informed before you approach them. CMC Markets provide you with high customer relations services since you can contact them with your query for any product that you are purchasing and the waiting time is also low averaging between 30-40 seconds.
4. Dukascopy:
Another entity that you can also rely on even today is Dukascopy. If you have not heard the name before, it is a Swiss bank based in Geneva. Along with offering its banking services, it also operates the Swiss FX Marketplace. It is licensed through the Swiss Financial Market Supervisory Authority and the Financial and Capital Market Commission of Latvia. Although they do not offer any additional layer of coverage for private insurers, ESMA rules help to protect negative balances. You do not need to worry about insights since the brokerage offers comprehensive materials which are written by analysts who have expertise in the field. The brokerage firm offers several video clips along with a comprehensive menu which ensures that you have the necessary information before you go for trading purposes. It also provides you with additional features since you can trade with algo strategies using JForex. Although there are no local VPS available, however, Meta Trader users can use their hosting program by paying a subscription fee.
5. City Index;
If you are a new trader who has less experience, it is recommended that you utilize the services of City Index. Although it is based in the UK, it’s parent company GAIN Capital Holdings Inc. which is based in the United States and is publicly traded. City Index has its expertise in CFDs, indexes, shares, and commodities while also providing you with expertise in cryptocurrency trading too. Its relation with GAIN is quite evident since this firm is highly organized, which allows it to compete with the top firms in the UK and Europe. It has an appealing product catalog that allows you to choose the products that you want to include in your portfolio and can discuss them with your broker at any time if you require any advice regarding it. As with many brokerage firms based in the UK, it is also licensed through the Financial Conduct Authority, which ensures that it complies with the regulations and makes it trustworthy for you to choose. It also offers you the feature of having stop-loss protection at a premium package.
Conclusion:
Forex trader plays an important role in your trading activity and your performance in the market. Although there are many traders who are present in the market, it is wise enough for you to do your research before you commit yourself to one broker. You should look at the regulations that all of these brokers follow before you decide to approach them so that you can have an idea of what to expect from them. The history of the company along with the products and the services that they offer will also help you to reach a decision which you will appreciate in the long run.
