MOST RELIABLE BROKERS – HOW TO CHOOSE?

 Read this article if you are Asian traders because this time I only focus on traders from Asia. I know you have to get many bad sides in this complicated forex trading world, right? I even know Asian traders like you contribute 30% forex trading volume to that of the world, but no one will protect you when problems occur. Thus, you of course want to find a trusty broker to trade with. However, choosing a good one is not very easy as there are hundreds of traders in the world. That’s why I write this article to help you get knowledge of ways to select most reliable brokers.

Usually, there are many criteria making a broker reliable. But in this article, I just mention 5 factors that I think most important.

First, reliable brokers should be the regulated ones

Which countries do you think their regulations are most reliable? Usually, when being asked this question, most people will think US and UK regulations are the best ones as their financial management systems are very good. To me, I also agree with them. However, this doesn’t mean that others without US and UK regulations are not trustworthy. Just because they have business in other countries, not in US or UK, they hence needn’t have those regulations.

Lately, by serving Asia market – the second largest forex market in the world, many retail forex brokers have become big international forex brokers. For instance, Exness has become the largest retail forex broker. It last month got about $400 billion of forex trading volume, most of which was from Asia. So you can see that Exness needn’t have US or UK licenses, but it still can be a good and reliable forex broker.

Trading with US or OK brokers is good, but that’s only for traders in those countries. For Asian and African traders, don’t trade with such brokers as they will offer higher spread and commission. (You can read Disadvantages of US regulation to know why)

Second, reliable brokers have to support by local offices

With regional offices, traders can be supported more quickly, and even can be protected by their countries’ law if brokers cheat them. However, opening offices in most Asian countries is very difficult as brokers must register many documents and licenses.

Mentioning those things doesn’t mean that brokers who don’t have local offices are less reliable. As I mentioned, the ones in top biggest forex brokers with the above regulations are trusty enough. If they have offices in your country, they are even better.

Tìm hiểu thêm về Tài khoản Cent Exness

Third, to become reliable brokers, they ought to have good ranking and no scam

Usually, the age of brokers can reflect their reliability, which means the older they are, the trustier they will be. So I tend to choose those over 10 years old with no scam reported. But sometimes this can be wrong. Thus, to make sure whether a broker is reliable, we based on not only its age but also the ways it recover after crisis or difficulties. Let look at the following example for more details.

In 2015, when Swiss Central Bank floated its CHF, the CHF/USD was changed over 3000 pips, which made most brokers lost. Some brokers even lost hundreds of millions of dollars. You can find details about these events and see how these brokers treated their clients’ loss here.

Fourth, reliable brokers must be in top biggest brokers

As usual, before buying or choosing something we have to test it. We tend to choose the one that is more crowded because the more people trust it, the more crowded it will be.

Similarly, we must test a broker from 1 to 2 weeks before trading with it. But problems seldom happen at the beginning. Therefore, we not only test by ourselves but also take advantage of the results which hundreds of thousands of other traders have tested.

Sometimes, best forex brokers may not be suitable for you because suitable or not depends on your trading strategies. Let me explain more clearly. If you are a long-term trader, you will keep your positions open for some months. Then you should choose a broker who is reliable and offer low swap. But if you are scalpers, you ought to select brokers who are trusty and have low spread or commission and high quality executions. If you are gamblers, you’d better choose high leverage brokers. In case your country has problems with the payment system, I suggest that you should choose those letting you deposit or withdraw by local payment systems.

Here are 5 biggest forex brokers for your reference.

1. Exness.com: $400 billion/month
2. Forex.com: $300 billion/month
3. XM.com: $290 billion/month
4. Saxobank: $265 billion/month
5. Hotforex.com: $209 billion/month

Fifth, the final criterion is about payment system/ method

Best payment system must be quick and unlimited. Sometimes, brokers will reject traders’ withdrawal if at that time they don’t have enough available money. But if they keep it too long, traders may lose all their money. So it’s a great idea not to trade with such brokers.

So how can we know whether the payment systems are good or not?

Simply, they have to meet these following factors:

• Fast deposit and withdrawal systems.
• High minimum withdrawal limitations.
• Low or no fee for deposit and withdrawal.
• Local payments.

My experience and research show that Exness’s payment system is the number one because all of its transactions are instant, which means that your withdrawal will be within minutes or seconds.

You can learn more about Exness’s payment system here.

That’s all for my overview. Hope it be useful for you. Now, before ending, I’ll show you a list of top 5 most reliable forex brokers for Asian traders.

1. Exness.com >> check more here
2. XM.com >> check more here
3. Forex.com
4. Saxobank
5. IG Group

Read more : EXNESS CENT ACCOUNT IS THE BEST CHOICE FOR BEGINNERS