Choose the right forex broker There are a few factors to consider when choosing a broker or provider, none of which are as important as making sure t
Choose the right forex broker
There are a few factors to consider when choosing a broker or provider, none of which are as important as making sure that the company you choose to trade through is correctly licensed to render the financial services offered in the jurisdictions in which they are offered.
Traders will also want to make sure that their money is protected and safe-guarded. This can be done by having your trading funds segregated into regulated bank accounts, separate from the providers balance sheet. Client funds are thereby separated from the company’s day-to-day business activities and ring-fenced from creditors.
IG is authorised and regulated by the FCA (UK) and the FSCA (SA). IG South Africa also carries a ODP (over the counter derivative product) license. The company also holds these funds in segregated bank accounts with regulated commercial banks.
Once you have short listed the brokers or providers that are regulated, traders might like to look at a few other key offerings from the forex broker such as:
– Are their costs i.e., commissions or spreads competitively priced?
– Is the forex trading platform reliable and stable (i.e., minimal downtime)?
– Does the forex provider have access to research and analysis tools for macro, fundamental and technical analysis?
– Does the provider have readily available support i.e., bricks and mortar business, direct call lines, online live chat etc
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