A simple search engine search could bring you tons of forex broker scams. Forex market is now becoming regulated but still there are many brokers who are in the foreign exchange business only because they can get a chance to do fraud with their clients. Such brokers exist in the business but they should not be.
Is There A Most Trusted Forex Brokers List
No there is no most trusted forex brokers list but to have control on the brokers, there are forex regulatory authorities. Although the forex regulatory authorities are there to control the fraudulent activities by keeping the watch on the forex brokers but the responsible is not entirely of the fx regulatory authorities only. The traders should also take the responsibility of checking the status of a forex broker from the relevant regulatory authority. The traders can reach the best forex broker only if they take their responsibility seriously.
The frauds will continue unless the traders will not become aware of their rights and responsibilities. When it comes to depositing the money the traders should go through the series of steps of verifying the reliability and reputation of the Forex broker before giving them their hard earned money. Earning profit is difficult in foreign exchange market but it becomes nearly impossible when the Forex broker is not reliable and capable.
Do not base the research only on the forum posts, articles, reviews and comments Researching about the Forex Broker is important and to do so the traders should start by reading the forums posts, reviews etc. Forum posts, articles, reviews and comments are the good points to start researching but the traders should not base their research on these points only because the fiction may be different from fact. There are many traders who fail in the foreign exchange market because of their own wrong trading decisions and wrong strategies and such traders blame their broker for their failure but the reality is different. So the traders doing research to find the reliable and capable forex brokers should be able to separate truth from the fiction.
You may find many articles, reviews, forum posts and comments saying that the broker was trying to cheat the traders. The reason that they give for their statement are such as below.
Some Forex Brokers say that the direction of the market reversed as soon as I placed my trade and it happens every time so I think that the broker is playing some tricks. Some brokers say that they had slippage on the orders every time and none of their trades go in favor.
These types of statements are not uncommon by the unsuccessful forex traders. These traders fail not because their brokers have not done the job perfectly but they fail because they fail to understand the dynamics of the forex market. So the traders should also understand that some negative points about a forex broker are not sufficient to doubt the reputation and reliability of the forex broker. It rarely happens when the losses result from the broker’s fault. It happens when the broker tries to earn commissions without caring of their client’s expense. If these types of activities are reported about any broker then the new traders should not open their forex account with such forex brokers.
- What is the reason of slippage?
If a trader suffers slippage then it is always better to analyze the exact reason before raising a question against the honesty of a Forex Broker. The main reason of slippage can be the psychological phenomena. The beginners and inexperienced traders panic because they do want to miss a single move. In the race of becoming rich overnight, they hit the buy and sell key without exactly analyzing the market situation and this becomes the reason of their failure for which they blame the forex brokers.
If the market is highly volatile then a broker cannot guarantee that the order will be executed at the desired price of any currency pair. The price of currency pair can increase or decrease by 1 or 2% of difference between the time when the trader sees the price and the time when the trader hits the buy or sell button to execute the orders. Sometimes the speed of the internet connection in the system of trader can also play a role in the delay of the execution of an order. The traders who want to take benefit of these frequently occurring trading fluctuations in a trading session fail in their plans because of the highly volatile nature of the market.
So the traders and specially the beginner traders should not try to take benefits in the highly volatile market because the situation may slip at anytime from positive to negative. If the fx traders commit such mistakes and fail in their plans then they should not blame their brokers for their loss. The slippage may occur in the transparent market also but in the volatile trading session the possibility of slippage is the maximum. Continue reading if you still have question about which broker is in the Most Trusted Forex Brokers List
- Do not let your emotions rule over you
For a Forex Trading Broker to be successful, it is very important that they should not get emotional with any currency pair. Emotions can be the primary reason of the major losses in the fx trading. It happens many times that a trader earns profit when entering their forex trading career and the currency pair in which he or she earns profit, the trader starts considering that particular currency pair as lucky for future trading. If a trader does so then from this point the luck of the trader starts moving against him or her. The fact is if a currency pair can earn profit one time then the same currency pair can also suffer loss another time and the traders should not emotionally attach themselves with any particular currency pair.
The traders should not neither have emotional attachment with any particular currency pair nor they should have emotional attachment in the selection of the broker. It happens sometimes that while searching a good forex broker among thousands of brokers, if a trader meets with a broker having the same first or last name then the trader wants to start his or her trading journey with that forex broker but similarity in first or last name should not be criteria of selecting a forex broker. If a trader does so then he or she forgets to check all other factors important in selecting a forex broker and this becomes the point from where the trader starts moving in the wrong direction. Steps taken in the wrong direction can never bring the desired results. So if a trader wants to be successful then he or she should not give any place to the emotions.
- How to check whether the broker will work in the best interest of his client?
The Forex brokers who join the foreign exchange market as a broker only to earn profit for their own account may not be able to work in the best interest of their clients. Such brokers show some signs that they are not 100% honest to their clients and the traders should catch these signs to identify the nature of their brokers. These signs are explained below.
So Which Broker Is In The Best And Most Trusted Forex Brokers List
A broker may not be 100% justified if he fails to answer the phone calls. The best forex brokers never fail in attending the phone calls.
A broker should not be trusted if he or she does not publish the most accurate information on his or her own site. The best forex brokers regularly update their site with the most accurate information.
A broker should not be trusted if he or she does not provide specific answers the questions of his or clients and the answers provided are too vague to be understood. The Fxstay Best Forex Trading Broker give specific answers to every enquiry.
A broker may not be 100% justified if he or she does not give regular email responses to his or clients. The best forex brokers give regular email responses.
Understanding these signs will help the traders to understand that whether they should trust a broker or not.
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