When planning to invest in leveraged financial products, the first step is to allocate some of your time to researching the most suitable CFD and Forex brokers that you will use for your trading. Trading broker, UFX.com, is a leading firm in the industry that offers the world’s best platforms, suitable for all kinds of traders. Market participants can trade a wide range of financial assets, from stock indices and currency pairs to commodities and cryptocurrencies.
How Can You Be Sure You’re Using a Reliable Broker?
1 – Determine Whether the Broker Is Licensed and Regulated
Regulatory compliance and licensing are important in making sure that you can trust your broker. Before opening a trading account, make it a priority to go through the broker’s website to determine whether it is reputable and trustworthy. Find out if it is licensed by an official national government regulator and whether it has its certification clearly displayed on its website – this way, you can confirm that your new broker is safe and legit.
2 – Check if the Customer Service Is Available in Your Time Zone
Currency pairs are traded around the clock. For this reason, it’s vital that you can reach your broker’s customer service at any time. Customer support in the trading industry isn’t just about providing assistance with technical issues. The team needs to be dedicated, committed and ready to answer all queries regarding financial assets, how to use the different trading platforms, the implications of margin and trading conditions, as well as questions related to money management. Before you start trading with a broker, it’s a good idea to test the knowledge and efficiency of its customer service staff. Ask detailed questions about the financial products they offer or the associated spreads, margin, and leverage effect, for example. Bear in mind, however, that an online broker’s customer service team can’t offer you advice on specific trades – that’s your call!
3 – Test the Trading Platforms and Make Sure They Suit Your Needs
Before deciding to invest your funds with a broker, it’s important to confirm that you’ll have the right trading tools at your disposal. Make sure to thoroughly test the trading platforms and features offered by your selected broker to determine whether they suit your trading profile. You can do this by using the demo accounts most brokers offer, to work out if they are user-friendly and appropriate for you. Remember also that each broker provides individual trading conditions. If you are a short-term (e.g. day or swing) trader, it’s important that you check the leverage and margin offered as well as the spreads and rollover.