What Makes a Good Forex Broker?

What Makes a Good Forex Broker?

By typing on Google for the “best forex broker”, you will find dozens of candidates to choose from. The competition between brokers is fierce, and oftentimes new traders can drown in all the promotional noise – features, platform technology, bonuses. All these gimmicks try to sway your attention away from what truly matters. So what makes a good forex broker? Here are two things to consider.

The forex broker unhides “hidden fees”

Imagine this, you took a great capital risk and earned a few hundred pips after a long trading session. You earn an equivalent of $1000, but this is just the value that you get in your margin account. In reality, this is your gross income, not profit. There are still small costs that are often unseen, such as overnight trading fees, withdrawal fees, and your own bank’s bad conversion rate.

A good forex broker doesn’t necessarily have lower trading fees, but it tries to fairly let you know what to expect. With FBS, you can use a swap-free trading tactic, meaning you can even avoid overnight fees (which is interest set by central banks, not the FBS forex trading platform). 

You also need not worry about bad conversion rates as you can choose to transfer your earnings either in US dollars or your local currency into your personal bank account. Low spread and zero commission is guaranteed for most FBS trading accounts.  

Instrument variety and forex broker reputation 

Variety in trading instruments offered is also another signal that the forex broker is safe and legitimate. If the forex broker only offers the most popular pairs, be careful.

One possible case is that a forex broker may be too small and even half-baked, but the broker and app developers insist on releasing the forex trading platform in an attempt to make quick money for further development. This kind of forex broker is already disorganized at the beginning, so would you trust your money to such brokerage? 

FBS has 48 instruments: 37 forex pairs, 7 Contract For Differences (CFDs) for a variety of futures and commodities, and 4 CFDs for cryptocurrencies. Since 2009, FBS has been patiently earning a reputation while its user base grew to 13 million traders. FBS first received a license from their Belizean government agency (IFSC Belize No. IFSC/60/230/TS/18), and then set foot to reach southeast Asia. 

FBS now partners with 370 forex trading community leaders and receives a few rewards in the process. In 2016, FBS received the Best Forex Broker Service award, and in 2019, it received the Most Progressive Forex Broker award in Europe.

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