Since the emergence of the Forex market in the late 70s of the XX century, a huge number of companies have appeared in the world offering services of trading currencies, commodities and stocks for individuals with relatively small funds for investment.
As in any relatively young market, there are a large number of cases of fraud in the Forex market by unscrupulous brokers in the world. It should also be borne in mind that in the markets of some countries, for example, the United States and Malaysia, trading in over-the-counter financial markets, primarily in foreign exchange, is prohibited.
Therefore, any trader, especially a beginner, needs to carefully choose a broker who will become your reliable partner for trading.
In order to assess the reliability of a particular broker, you should pay close attention to the following criteria:
- Broker history and reputation. The longer a broker has been on the market, the more likely it is to fulfill its obligations and the more you can learn about its history. You should look for objective information about his activities in the media, at professional forums of traders.
- Availability of licenses. Brokerage is licensed by government agencies such as the UK Financial Conduct Authority (FSA), the Cyprus Securities and Exchange Commission (CySEC). Certain financial markets require such licenses.
- Payment history. A reliable broker allows you to withdraw funds without restrictions. Of course, there are technical restrictions on the timing of the withdrawal of funds. However, the timing should be reasonable. The broker must also provide a wide range of withdrawal methods and formats.
- Number of clients. A large number of clients speaks of trust in the broker on the part of traders.
- Availability of offices and support services. If you encounter problems with the software, deposit and withdrawal of funds, you need to be sure that they will be resolved as soon as possible. Therefore, it is worth paying attention to the quality of the customer support services.
There are many ratings of forex brokers. To name the top 10 in the Forex market, you can select those that appear in most of these ratings. This list of the 10 best on Forex is not a rating, but it takes into account both the reputation of brokers in the market, the convenience of trading through them, and the volume of transactions performed.
- Iron FX
Of the 10 Forex brokers represented, Teletrade Group, HotForex, AvaTrade and InstaForex have an extensive client base and support for traders around the world.