If you want to trade or invest in Forex, cryptocurrencies or CFDs, you should choose the right broker. There are thousands of companies providing their services on the market. It is important that you choose the right one that meets your needs and proves reliable in the long term. So how do you find a Trusted Brokers Site?
Consider the following factors when evaluating all the different companies.
1. Type of Company
The first factor to consider when choosing a broker is to learn about the type of company they are. The different options are:
- Dealers
- Brokers
- ECN Brokerages
It is recommended to choose a company that is classified as a broker. They act as intermediaries between Forex traders and market makers. They implement Straight Through Processing for sending orders to another party for execution.
2. Transaction Fees
Whether you want to invest and trade in Forex or Bitcoin, you should consider the transaction costs charged by the broker. Whenever you trade, you will have to pay certain fees. It is natural that you choose the one with the most affordable rates. However, you should also take other factors into account. Market reputation and reliability can be more important factors than transaction fees.
3. Trading Account Types
Next, you should consider the type of accounts provided by the broker. The more the account options offered, the more flexibility you can have as a trader or investor in the long term. An ideal broker should offer the following options:
- Micro Account
- Mini Account
- Standard Account
Some brokers can even allow you to create a customized account.
4. Bitcoin Trading Considerations
If you also want to trade or invest in cryptocurrencies like Bitcoin and Ethereum, you should consider the following factors:
- Purchase Mode: Do they support cash, wire transfer, ewallet, credit cards and other options available to you?
- Country: Where is the broker registered and licensed?
- Order Book Volume: Do they publish their order book to indicate trust by more users?
- Transparency: Do they publish audit information or cold storage addresses for verifying bitcoin reserves?
- Transaction Speed: How quickly can your account show the bitcoins after purchasing?
Also consider the level of security and privacy provided by the broker. So consider all these factors when choosing a Trusted Brokers Site.