独自空忆成欢 answered the question What do you think are the core competitiveness of a good broker?

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独自空忆成欢

The purpose of trading is to make money, and the way to make money can only be through intermediaries, which are what we often call currency dealers. Therefore, choosing a safe and suitable currency dealer is undoubtedly even more powerful for traders. Personally, I will measure the selection of traders through the following aspects.

First, account security. One of the sources of competitiveness for currency traders is the regulation of the platform. In principle, the higher the level of platform supervision, the safer the account funds. At present, the supervision of the global currency industry is mainly based on the supervision system of the United States and Britain. Regulations such as FCA, CFTC, and NFA have relatively high qualifications for traders. Moreover, it is more difficult to obtain this type of supervision, which means that black platforms will not choose platform operators with this type of supervision, and the cost of counterfeiting is too high. Of course, it should be noted that this does not mean that there will be no problems with this type of regulator, nor does it mean that there will be problems without this type of regulation. It's just a matter of probability. Basically, platform operators with supervision will not have too many problems. When choosing a platform, you must pay attention to the supervision of the platform provider. No regulation or licensed traders do not need to consider no matter how good the conditions are. They are always aiming at your principal.

Secondly, the transaction speed of transaction orders and the server. Generally speaking, the larger the current platform business is, the more servers there are, the faster the reaction speed of the market price and the faster the order transaction speed. Don't underestimate the transaction speed of the price, especially when there is a major data market, the speed of the transaction can directly affect the success or failure of the transaction, which is not an exaggeration at all. If the transaction speed is not good, it may cause a series of transaction problems and reduce the transaction experience.

Again, transaction costs. Transaction costs are mainly divided into two parts. One is the transaction spread and handling fee. Different traders currently have different spreads, and the handling fee also depends on the platform. At present, there are basically no handling fee platforms on the market. If there is a handling fee for the variety you trade, it depends on whether you have opened an account with an agent for trading. In principle, the lower the spread, the better. Basically, the current gold transaction cost is 30-50 US dollars per lot. Second, the overnight fee. Although it is a small part of the transaction cost, if the position is held for a long time or the position is heavy, it will be a very large cost in the long run.

Finally, other activities of platform providers. For example, the rebate policy, various trading activities, etc., the amount of rebate will directly affect your transaction cost, especially for high-frequency traders.

The above are the criteria for me to choose a platform provider. In terms of core competitiveness, I think it is fund security and transaction costs.

Last updated: 08/08/2023 00:12

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rhapsody

In reality, there is basically no foreign exchange broker in the market that has an advantage in any aspect, such as the trading environment and customer satisfaction. Therefore, in the impression of most people, large foreign exchange brokers are better than small foreign exchange brokers, because large brokers have more advantages, such as strong financial strength, better liquidity, and higher security.

From the user's point of view, the core competitiveness of the foreign exchange platform is safety and stability, trustworthiness and strict supervision are the foundation of a broker.

The Tokenist, a well-known financial industry consulting media platform, selects the best foreign exchange brokers in the world every year. They evaluate foreign exchange platforms based on low cost, trading tools, currency evaluation and real-time data.

In the latest selection released at the end of 2019, IG Group, TD Ameritrade, OANDA and others were on the list.

IG Group: London-based IG Group received the top ranking for Best Forex Broker. Trust is what this broker is all about. Also, IG Group is always on every trader's top pick list. Asset listing is one of its big names, offering foreign exchange trading, cryptocurrency trading, individual stocks, all stock sectors, bonds, commodities, and even interest rate trading. IG Group is also a leader in CFDs.

TD Ameritrade: TD is the only broker that only accepts US Forex traders. What sets TD apart is that it offers 80 currency pairs, complemented by top-tier tools, research and streaming data on its platform. TD's platform has 382 technical indicators, and it also offers 80 trading strategies that signal alerts when specific conditions are detected. Most recently, Charles Schwab proposed merging with TD Ameritrade, but its proposed merger is pending government approval.

OANDA: "Best for experienced active traders". OANDA has been around since the early days of retail foreign exchange trading in the 1990s and has always been regarded as an industry innovator. OANDA's technology is top-notch in the industry, and its customer service is also the best. Plus, it has no minimum funding requirements and its fees are completely transparent.

Last updated: 08/06/2023 17:11

姜还是你辣

I have worked in the foreign exchange platform for three years, and I think I am more qualified to answer this question. Let me briefly explain it from several angles.

a. safety

The most important feature any good broker must have is actually advanced security.

Obviously, you wouldn't give thousands of dollars to someone claiming to be legit, would you?

b. Transaction costs

No matter what kind of forex trader you are, believe it or not, you will always be subject to transaction costs.

Every time you trade, you either pay a commission or the spread, so it's only natural to look for the cheapest and most affordable spreads.

Sometimes, you may need to compromise between high leverage and being more trustworthy, but make sure your trade requires tight spreads and evaluate the options available.

It's all about finding the right balance between low transaction costs and security.

c. Withdrawal and deposit

A good forex broker will help you deposit and withdraw funds hassle-free.

Most of the time, there is no reason for a broker to make it difficult for you to withdraw your profits, because the only reason they hold your funds is to facilitate trading.

Brokers are holding your hard-earned money just to make your trading easier, so there is no reason why it should be difficult for you to reap the profits you have earned. Brokers need to ensure that the withdrawal process is smooth and fast.

d. Electronic trading platform

In online forex trading, most of the trading activity takes place through the broker's trading platform, which means that the broker's specific trading platform should be stable and user-friendly. When looking for a broker, be sure to determine what its trading platform has to offer.

Will it offer a newsletter subscription?

What about easy-to-use charts and technical tools?

Does it give you all the details you need to trade effectively?

e. Customer Support

We know that not all brokers are perfect, so it is very important to choose a brokerage service that you can easily communicate with when problems arise

just say so much

Last updated: 08/13/2023 21:26

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