My broker recommendation
Trading CFD’s involves significant risk of loss
There are plenty of brokerage companies at the market today, about 300 in total. Trading conditions offered by all of them are pretty similar. Features like small spread, account top up bonuses, ECN trading, and MT4 terminal are all quite common and no surprise for customers. However there are some principles to follow when selecting your personal broker.
So, what exactly is important to know to make the right decision, and how to be secured from mistakes?
Presence of a top-tier license such as FCA, CySEC/MiFID
A reputable company must be regulated by independent specialized state authorities, which maintain control and audit over the company activities regarding customer service and general operation. Unfair, unregulated brokers are capable of implementing bad practices in their service, for example:
- make the spread significantly wider at the moment of deal being opened by a customer;
- keep a customer from opening a deal at the right moment with the market price, placing a deal with offset to the direction favorable for the broker, thus taking a share of customer's profit away;
- do not adhere to ECN procedure, ignoring the fact that a customer requested this exact type of account. On contrary to ECN procedure, which demands automatic execution of orders at market prices set by customer, the broker takes advantage of being in charge of operation and executes orders manually by means of a dealer;
- do not let customer’s account enter interbank market at all, which essentially means that customer losses instantly become profits of the broker. As such, the broker’s primary goal is to pose obstacles on customer’s way of profit making, and ultimately take the whole customer deposit away;
- do not let customers to trade upon news releases, such that a deal is suddenly opened way too many pips away from the price requested by customer;
- unregulated company without license, or with a low-tier license, can wind up any moment and just disappear, taking customers money along the way.
Simply put, any brokerage company without a license issued by the USA, the UK, or the EU, are in a risk zone for traders and do not offer security for customer accounts.
I'm Introducer of FxPro Financial Services Limited, with that customers open accounts with CySEC jurisdiction.
The FxPro company, that recommended by me, owns UK license (FCA Reg. No. 509956) and EU license (CySEC licence number 078/07 / MiFID), which means it falls under strong regulation, and as such customer accounts are strongly secured.
Trustworthy companies care for their reputation
Practice shows that, albeit rarely, even companies having USA license (NFA, CFTFC) and EU license (СySEC) become bankrupt, wind up closing customers’ accounts, and never return money from deposits. Not to mention companies working without license at all, only baiting customers with large bonuses upon signing up for an account – as soon as they think they've made enough money they just wind up and steal it.
That's why you want to make sure that your broker company has an elaborate marketing strategy and advertisement, instead of just being a hype project with a huge initial investment, which later fails to attract the amount of customers sufficient to retain profitability, inevitably closes and vanishes with your money.
But you want more from your broker than just to be present in media or have ample advertising on the web. You want it to be the part of trading community, its active participant. Such broker creates a solid foundation for trust, winning over numerous loyal customers who are certain about the service quality of company they've chosen.
The broker recommended by me takes an active part in the life of society by sponsoring sports events on a regular basis. You may see its advertisements on TV channels such as Bloomberg, Euronews, and alike.
All your trading instruments provided
I'm not trading currency exclusively, I also trade metal (gold and silver), oil and gas, dollar index. Sometimes I trade stock and associated indexes. It's important for me to work with a broker, which provides all instruments I use, so I don't have to switch between several trading terminals and pull of a challenging task of tracking my deals across them.
The broker I recommenced provides the entire variety of trading instruments currently available at the market.
Summary of all
Taking into consideration all of above, I recommend you the FxPro broker, which has the highest reliability as of now, and which I personally use for my trading, that's why also I'm Introducing Broker of FxPro. It has:
- all required trading instruments;
- low transaction fees;
- access to the real interbank market;
- and a set of options for convenient withdrawal of your equity including debit cards;
- and also because all of this I became their long-term introducer partner.
Trading CFD’s involves significant risk of loss
- My students are already making profit on their real trading accounts right now
- Profitability of trading system “Strategist” is proven with trading statements
- Forecasts based on this system are realized 80% of the time
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