How to review a Forex broker
The Forex industry has developed dramatically in the past decade. The number of people involved in trading grew massively over recent years and it shows no signs of slowing down. While at first trading culture was massively prevalent in developed countries, now this trend is also visible in developing states as well.
While we are talking about trading and the largest financial market in the world we should not neglect a broker. The broker is a major part of the foreign exchange market, providing benefits and aiding traders. Therefore when it comes to choosing a broker in the Forex market it is essential to check them very carefully. This is the moment where a proper reviewing of the broker is needed. In this article, we will talk about a step-by-step guide of doing this in an effective way.
History and creation
History about the broker should start with its development. It should be noted that to occupy a niche in this business the company allowed customer orientation, impeccable reputation, and innovative approach. Of course, when it comes to a reliable broker, traders should have an understanding of how a particular broker was created.
Trading capital and bonuses
Next, the review should specify the minimum possible trading capital, the value of the minimum market position. Starting a deposit is of great importance for any trader, especially for a beginner. During the financial crisis, not every investor will decide to invest a large sum of money in the Forex business. It is worth listing all the bonuses provided by the company to its customers, the opportunity to participate in various competitions with a worthy prize fund.
This is probably the most important part when you are doing a review of a broker. Licenses are directly connected with the trustworthiness of a broker. CySEC and FCA are two of the most reliable licenses. IFSC is another very high-quality regulator. If a broker has one of them it is 99% reliable. One of the most notable examples of a broker that possesses IFSC is Axiory, which is one of the leading brokers in Forex. Asking a question – can Axiory be trusted if it has these licenses – the answer would be, yes, definitely because as time passes it is practically impossible to fake a license.
Never ignore the possibility of payment systems that a broker offers. It includes the availability of credit cards, banking transfer opportunities, electronic payment systems. Review them very thoroughly.
Types of accounts
Here’s what you need to know about the types of accounts, with a brief indication of their functionality. The fact of having a demo account is a significant factor because using it, a novice trader without financial losses can try out various trading strategies and choose the right assets for trading it. Then you can mention other types of accounts, such as a live account that a broker has to offer.
Some brokers also offer Islamic accounts. You should surely mention this one as well and generally any account that is available on a broker’s website.
An important factor in the review is the description of the broker’s analytics. You should focus on the possibilities of technical and fundamental analysis, the use of the economic calendar (trading on the news). To mention the expert analysis, in which leading analysts express an opinion on the possibilities of markets, predicting the movements of significant currency pairs.
The description of the trading platform should contain information about the ease of its use, the admissibility of installation on mobile devices. In addition, customers should be informed about the number of tools for trading, the convenience of using the schedule of quotes. The choice of leverage should also be a recommendation.
At the same time, you should also note the spread. Spread is the difference between the ask and bid price. You can explain it in more detail and what advantages it gives to a trader.
It is appropriate to note all the prizes and awards of the broker, which undoubtedly enhances its image. Highlight the advantages of the broker, possible fundamental differences from competitors. Tell about the safety of client funds and customer success stories.
The final step is a description of the technical support service. The information contained in the advertising text must be reliable, specific without any generalizations. In the process of creating the text should focus on the benefits to the investor. It is advisable to give an example of positive customer feedback.
The bottom line
You shouldn’t be guided by standard templates when writing. Individuality, like an advertising sign, should attract customers. It is important to know the purpose of writing this article. The author must clearly imagine what he wants to achieve, the needs of the target audience.
A powerful headline is very important for the article. It itself should already sell the proposed product and touch on the investor’s interest.
From a consumer perspective, it is better to use more specific headlines. For example:
“Trade with the “name of the broker”: we have created all conditions for your trading to be profitable!
The text should be written in simple words and expressions. There is no need to use complex structures that are rife with involved and de-involved movements. As a rule, reviews are not written too large, so it should be only specifics without any generalizations.
Be sure to break the article into paragraphs. A solid text canvas is not so well perceived by the reader. Numbered and labeled lists give the text a structure. Visually it looks much better. In addition, thematic illustrations will not be superfluous.