With so much happening in the financial markets across the globe, the temptation to be a part of all the wealth that is created in the worldwide markets. Since as individuals we are restricted from participating directly in the foreign stock markets, we need a trustworthy forex broker to act as an intermediary between us and the foreign markets.
What is a forex broker?
A forex broker enables you to trade and hold foreign securities through your account with the forex broker. In exchange, the broker charges a nominal share of the traded value ss their commission. This is the reason you’ll see plenty of advertisements advocating some of the other forex brokers.
You see everything here comes down to the forex broker, which chooses the broker as an all-important one.
Thus choosing the right broker will phase out your forex trading journey.
Here are some tips for selecting the right forex broker:
Check regulatory compliance:
An unregulated broker will sooner or later invite troubles for you, no matter how attractive it appears. Thus always go for licensed brokers. For instance, reputed brokers in the USA must have a license from National Futures Association (NFA), and Commodity Futures Trading Commission (CFTC).
An unregulated broker might offer its services cheaply but don’t fall for them.
Features offered:
Forex brokers should be such that it helps you with your trading and doesn’t prove to be a stumbling block. Most brokers provide demo accounts these days. Apart from this look for leverage and margin facilities provided; commissions charged, minimum initial deposit requirements feasibility of deposits and withdrawals.
Currency pairs offered:
Liquidity comes out to be the point of concern when trading in foreign securities. To be on the safer side, always trade in currencies that attract maximum liquidity. Thus ensure that your broker offers currency pairs that amass the highest liquidity. EUR/USD, GBP/USD, USD/JPY and USD/CHF pairs are the most common pairs offered.
Interface:
Since forex trading is a 24-hour long gig, the interface should be such to aid the customers. The buy, sell, square-off options should be prominently visible and should work without any glitches. Because you don’t want your broker to sell you down the river when you are just about to book profits.
Apart from these must-have features, you can also expect your broker to facilitate customizable orders, order entry types selection module, automated trading options, automated strategy builders, backtesting options, and news alerts.
Top 5 Forex Brokers in 2022:
- RoboForex
- Admiral Markets
- XM Group
- Fx Pro
- AVATrade
The list of regulated forex brokers is quite long however in this article we’ll discover RoboForex in detail-
RoboForex Malaysia: an emerging forex broker
RoboForex group can be traced back as one of the most reputed names in the trading world.
It offers you a handy range of trading platforms including MT4, R-Trader, C-Trader, etc to cater to all your trading needs.
Its clients in Malaysia can trade across 8 asset classes and over 8700 trade instruments, making it one of the most successful brokers in Malaysia.
Forex, Stocks, Indices, ETFs, Groceries, Energy commodities, Metals are the 8 asset classes offered by RoboForex.
Exploring the exciting features of RoboForex:
Deposit and Withdrawal:
RoboForex Malaysia charges 0% commission on deposits! You won’t be charged a single penny for depositing money in your account.
Moreover, RoboForex will reimburse any amount charged by your payment service provider. The minimum deposit amount is kept at $10. In the beginning, you can even trade using a demo account to get yourself comfortable with the platform. Once you are comfortable, you can choose from the available account types.
For withdrawal also you are allowed to make 2 zero commission withdrawals per month. Beyond that, you’ll be charged a nominal fee.
Leverage:
Leverage increases the quantum of possible gains, and thus it’s a desired feature for many traders. With RoboForex you can enjoy maximum leverage of 1:12000, however, that’s only after you confirm your professional status.
Commission charged:
RoboForex offers several categories of accounts, with Pro-Standard and Pro-Cent accounts you won’t be charged any commission on your orders. However, the minimum spread will be on the higher side.
Deposit options available:
There are well over 20 payment options using which you can transact on RoboForex. These options include bank transfer, card payment, e-wallets like Skrill, Neteller, POLi, fasapay, etc.
Instruments:
You’ll have the luxury to choose from 34 instruments. RoboForex also offers 32 different currency pairs to choose from. These 32 pairs spread across three categories: major, exotic, and minor forex pairs. Seemingly the only drawback visible at the moment is the absence of the cryptocurrency forex pairs. With cryptocurrency amassing great hype worldwide, RoboForex must look forward to adding cryptocurrency forex pairs.
Conclusion:
Forex trading is attracting a lot of traction these days. For the same reason, the financial markets are flooded with forex brokers. Thus it’s critical to opt for regulated brokers only because regulated brokers will always work under the purview of strict guidelines that ensure customer security and safety.