Forex Broker Expert FBE has one thing in mind to educate traders on how the can ultimately make profits by using trustworthy and transparent Forex brokers in accordance with the strictest rules and regulations.
Many offshore Forex brokers are blacklisted by either; ASIC Australia, FCA United Kingdom or FSB South Africa. Offshore brokers market their services to residents where they don’t have proper licence.
Brokers can also be licensed by; CFTC or FINRA in the United States, AFM Netherlands, CONSOB Italy, BaFin Germany, Finanstilsynet Denmark, CNMV Spain, CNB in the European Union, CySEC Cyprus, and the list goes on and on.
Forex Broker Reviews
Different Forex brokers offer different account types which goes by different names like standard, classic, premium, VIP or gold. The most popular minimum deposit for a Forex basic account is $250. Leverages can go as high as 1:200. As for the pips charged on these accounts, the ideal thing is that each type of account is unique and will either have fixed or floating pips depending on which account portfolio you have chosen.
Regulatory side of things
Regulatory agencies have already unleashed their bombshell on many fraudulent brokers. Most of these financial services provider are owned and operated by company based outside regulatory jurisdictions. However, these brokers still illegally target residents which they do not have the authorization to do so. Countries like the US, Japan, Australia among others are the safest for retail Forex traders because they have a strict regulatory framework which protects traders from incurring losses in the hands of unregulated brokers. Even the FCA which regulates brokers in the UK are reliable and if you can find a broker who is regulated either in the UK, Australia, Japan or the US you can be sure that this broker will not involve themselves in dirty games to make you lose your funds. These brokers are highly supervised and cannot afford to have their licenses revoked for offenses related to mishandling their clients.
Forex Traders are being wooed by brokers incorporating a wide variety of trading instruments such as Forex, CFDs and Crypto currency trading instruments. You should ask your Forex broker for up to 100 Forex pairs including lots of exotic pairs which include Norwegian Krone, Danish Krone, Swedish Krona, Czech Krona, Hungarian Forint, Polish Zloty, Mexican Peso, Russian Ruble, Turkish Lira, South African Rand, Hong Kong Dollar, Singapore Dollar and Philippine Peso.
Definitely there is no limit to what you can trade on CFDs. Many brokers offer variety of stocks, indices, commodities, natural gas, oil, gold, silver, platinum, palladium including Crypto currencies. Crypto currencies include Bitcoin, Ethereum, Litecoin, Monero, Ripple, Zcash, Dash, IOTA and Stellar. Unless these brokers are regulated and are providing assurance that they will not scam traders, definitely many people would choose them for their trading.
Some Forex brokers offer generous leverage to traders but this is possibly as a result of not being regulated. Some brokers offer leverage as high as 1:200 but European Securities and Markets Authority (ESMA) restricted leverage to 1:30 for all brokers who are operating in the EU. A similar move was pulled by regulators in the US, Japan and South Korea. This basically means that find a broker who can offer 1:200 or high leverages in any of these jurisdictions is nearly abnormal. In the same note, spread of 0.1 pip on a demo account is actually too good to be true and we are sure that if you actually fund a trading account with such broker, the story will change completely.
You should keep in mind that if you are trading with high leverage, you are risking your account. You should only take this leverage if you know what you are doing and have significant experience trading with a highly leveraged account. Otherwise, we recommend that you trade with low leverage.
Australia is one of the main regulators where leverage is not restricted yet. Therefore, if you are still attracted with the idea of trading with high leverage, we recommend that you should look for brokers who are regulated by the ASIC. These brokers must be based in Australia and will guarantee you high leverage according to your needs.
In terms of the acceptable minimum deposit, we can say that $250 is acceptable for a basic account. This is not like a basic $500 or more which some brokers are notoriously asking even when they know that the nature of their operation is dubious. If you ever find a broker who accepts this amount, you can go ahead and sign up because it is generally a reasonable amount. Again, even if you are an experienced trader already, under funding your account will damage your trading account because it will not let you achieve your full potential in that trading account.
Most Forex brokers offer MT4, MT5 or both trading platforms. However, you should keep in mind that some brokers provide these services via a third party which could mean something else. There is no reason why a broker should let another company host a metatrader platform for them.
Many Forex broker support MT4 platform for trading. This is not a bad thing but you have to consider that this services is come nowadays including those who are properly regulated. So this should not be the reason as to why you are picking an offshore broker for purposes of trading. It won’t be viable in the long run.
Our best advise for you
Some brokers could have made a nice Forex broker but due to their short comings, it is only best to avoid such a broker. There are more competitive brokers out there who do whatever it takes to secure their clients.
The worst thing is that some Forex brokers are pure scams. Once you fund your account with them, there is no withdrawing funds whatsoever.
Any attempt to do so will be thwarted with silly terms and conditions which are clearly oppressive on the side of the client and favorable on the side of the broker.