UK Forex Brokers.
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In many cases the fraudsters will use the name and the registration number of actual certified brokers in an attempt to convince potential traders. If you suspect anything contact the FCA immediately. That is the first step for every UK trader before they start trading forex — make sure that the company is registered with the FCA.
Checking the legal status of the forex broker is the essential and the very first thing that you should do when choosing a broker, but definitely not the only one. There are few other things that you should take into consideration, especially regarding the trading offer.
The more currency pairs a broker offers, the better. Even if you plan on sticking to the major currency pairs, or restrict yourself to pairs which include the UK pound, it is still good to have a choice if you decide to, so to say, broaden your trading horizons. Typically, better spreads are offered on major currencies as they are the most traded ones, but if you think you know and understand the movements of less influential currencies you can make a solid profit.
Unlike some other countries, most notably the US, where there is a limit on the leverage that the brokers can offer, in the UK, forex traders are allowed to offer pretty high leverage and for some pairs it can even reach Higher leverage allows you to increase your profits significantly, but you also may suffer severe losses.
Instead, they earn their profit through the spread, which, as you probably know is the difference between the buying and the selling price for a particular pair.
A tighter spread means that there is a bigger opportunity for traders to earn more money and minimise their losses. Leading forex brokers offer quite competitive spreads, as they are aware that traders can compare the spreads that are offered by different websites and always choose the ones that offer more competitive ones. As a trader, you are not prohibited from having accounts at more than one forex broker, therefore you can trade one currency pair with one broker and another with someone else, depending on the spreads that they offer.
In addition to the most important aspects which include the licencing, as well as the specifics of the trading offer, there are other things which every trader should consider before choosing the most suitable UK forex broker. These things may seem unimportant, and perhaps they are less important compared to the offered pairs and the licence which are quintessential, but the following are also significant.
Most brokers offer more than one trading platform. In addition to being able to trade on your mobile device, you may also have access to an advanced platform which includes more interesting trade features and options aimed at more experienced traders.
Many brokers offer a No Deposit, or a First Deposit Bonus to all new players, and some have few more regular bonuses which can be highly beneficial. A confirmed FCA authorisation is a sign that the broker offers secure financial transactions, but there are differences in terms of the number of accepted methods and the speed at which the transactions are processed. Some brokers charge fees on deposits made via some of the accepted methods. Traders want to know that should any problems arise they will be able to get all the necessary help and assistance.
Customer support is usually provided via phone, email and live chat. Last but not least, most reliable and respected brokers give you an opportunity to learn more and get better and trading, via a range of learning materials, including videos, e-books, webinars and other useful tools.
The Financial Conduct Authority is in charge of regulating various branches of the financial industry, including retail forex trading. This independent body has an official remit and a range of tools at its disposal. Am I only allowed to trade major pairs, or pairs that include the UK pound?
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Having the best stock broker to serve individual needs is very important for any investor. For example, cheap trades most often come at the expense of less research tools and a more simplified trade platform. Consider these 12 key factors to help compare all stock brokers and ultimately find the best broker to suite your needs.
Trade Commissions What does it cost to buy shares of stock? Does the fee change based on the type of order or size of order? To keep it simple, look for brokers that offer flat-fee trades, ie charging a flat rate regardless of the type, price of the stock, or size of the order. Customer Service When picking up the phone or emailing a broker, is a well trained customer service representative ready to assist?
How any investor is treated as a client is more important to some than others. Trading Tools Trading successfully is a lot easier when investors have great tools at their disposal.
A top stock broker should offer access to a wide variety of trade tools to help make the most of each and every trade. From real-time streaming quotes to last sale tickers, quality stock scanners, mobile trading apps, and level II quotes to name a few. Strong tools are essential for active investors. Account Minimums Some brokers allow you to open an account with no minimum deposit while others may require several thousand dollars.
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Banking Larger online brokers offer banking and other financial services. These courses are broken down into modules, which include progress tracking.