It is one of the most important decisions who make or breaks your life.
You probably hear that more than 90 percent of retail Forex traders lose their money.
Despite having a good strategy and following the rules of money management.
Have you ever noticed that scammed or illegitimate broker adds fuel to fire?
They could temper your trades and alter in the price action. Therefore, ruined your planning ultimately swindled you.
it is, therefore, very important to have a good broker. Noteworthy, for this you should definitely avoid such brokers who offer:
Signs of Illegal Brokers.
Higher leverage like 1. 1000 or beyond.
No swap charges.
Exorbitant Bonus offering.
Reluctant while withdrawal with filmacy excuses.
Brokers tend to affiliate with a bigger group or annoyance place of existence of their registered country.
It is worth mentioning that such places outlaw for parking ill-gotten wealth.
Brokers who ffering limited ways for depositing money.
Recipe of a Good Broker
It has to inculcate that your broker is nothing but just a mediator between you and Liquidity Providers.
Commercial banks, often act as “liquidity providers” and get you paid in case of profit.
They also receive Swap charges if you hold the position for more than 24 hours.
Swap charges associate with interest rat.
You should choose brokers who, Regulate from the country where the broker’s principal office stands.
If a broker, for example, belongs to the UK it must be regulated from FCA.
If from Australia. It has to regulate from ASIC( Australian Securities and investment commission)
Regulatory bodies like. ASIC, FCA protects traders and their rights in case of any dispute arisen.
Brokers who are offering almost every channel to accept money in terms of deposits withdrawal.
I hope the above-said information is useful for choosing a legitimate broker.