Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial advice.
The world of trading has never been more accessible than now. That’s thanks to an ever-growing number of online trading brokers. However, with so many brokers from which to choose, it can be challenging for traders to not only find the best one to suit their individual trading needs but one they feel they can also trust. And today, it’s critical to every trading career that the broker you’re working with is reputable and secure. It is, after all, your money we’re talking about.
So, how do you ensure a broker is trusted and secure? Here are some key things you’ll want to consider.
Trading Regulation & Licensing
By far, the most important factor when considering a broker is their regulation and licensing. Never work with an unregulated broker. In fact, the very first thing you should do when looking at any online broker is check whether they are regulated. A good broker is licensed and regulated by a reputable financial authority such as the Financial Conduct Authority (FCA) or Securities and Exchange Commission (SEC). That means your broker operates within strict financial boundaries and is obligated to have measures in place that protect your hard-earned money.
Trading Fund Protection
Many countries operate investor fund protection schemes. These offer an extra layer of security to traders and are similar to a bank’s deposit protection fund that guarantees bank deposits in case of a bank’s failure. These government set-up schemes instead protect trader funds kept in brokerage accounts. Notable protection schemes include the SIPC in the USA and FSCS in the UK and you should always look for a broker covered by one for that added peace of mind.
Trading Platform & Tools
The platform you use for trading is also important. That’s because it’s the interface you’ll be using to not only make trades but analyse and monitor assets and trade opportunities as well. So, you also want to choose a broker that can give you a trusted, easy-to-understand and intuitive platform and trading experience. It should deliver easy-to-understand charting tools, live market data and a wealth of trading insights to help you make more informed and confident trading decisions. Some of the most popular and trusted platforms include MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Trading Education
Traders are always in the process of learning, no matter their experience. To succeed, you have to constantly keep up with current and emerging trends in the markets, news, analysis and sentiment. A good broker and platform will provide users with a wide range of educational tools and resources to help them learn more about trading. They’ll offer videos, blogs and information designed to advance your trading skills and strategy. These types of resources show a broker wants their users to become better traders through education, and cares about their overall trading experience on their platform.
Trading Fees, Spreads & Funding Options
You’ll also need to consider trading fees, spreads and also how you can fund and withdraw from your trading account. A trusted broker will offer competitive and transparent pricing while not overwhelming you with unnecessary fees. It should also offer traders multiple methods to deposit and withdraw your funds just in case your preferred method fails, and you need to go another route. You also want a broker that offers secure and encrypted payment processing, so your personal and financial information is protected.
Customer Support
Customer support is another indication of a broker you can trust. With online trading, you can make your trades anywhere and any time. So, you want to find a broker that can offer you support whenever and wherever you need it. It’s no help if you are on one side of the world and customer support has already finished their day on the other side. And you want a support representative that can communicate with you in your language so there are no misunderstandings. So look for an online trading broker that offers global multi-lingual support across a variety of channels – email, phone, direct message, social – so you’re always covered.
Trading Demo Accounts
Finally, a demo account is a great tool for traders of all levels. It lets you try out a broker first – without risking any of your own money. These free accounts allow you to try out the platform and test drive all of the broker’s tools, resources and services using virtual funds. It’s an ideal way to assess whether a broker seems trusted and secure or not.
Want to try a demo account right now? Taurex is a safe and secure online broker, regulated with FSA in Seychelles, and with funds segregated in client money accounts. Open a Taurex demo account and try out its intuitive platform and robust suite of tools and educational resources. Discover how Taurex’s expert analysis, advanced charting features and ultra-fast execution can help make you trade with more confidence. Go to tradetaurex.com or download the app on Google Play or the Apple App Store.
Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial advice. It is not intended to be a recommendation to buy or sell any financial instrument or engage in any investment activity.
While we strive to provide accurate and up-to-date information, we do not guarantee its completeness or accuracy. We rely on various sources for the information presented, and we cannot guarantee the reliability or accuracy of these sources.
The information provided here does not necessarily reflect the products or services offered by our company. Any mention of financial products or services is for informational purposes only and should not be considered an endorsement.
All investments involve risk, including the potential for loss of principal.
This information should not be considered as financial advice. You should always seek professional financial advice from a qualified advisor before making any investment decisions.
