Choosing a Forex broker is never an easy task specially when looking for a broker that covers all the important aspects that a Forex trader seeks. The Forex market has witnessed enormous growth in recent years which resulted in hundreds of Forex brokers that raced to fulfill the market’s FX clearing needs. Before deciding which broker should be your future partner, you should take your time researching which broker suits your need best. The broker essential checklist below should be your guide to cover the most important aspects. Broker Essential Checklist
| Regulation |
| Support |
| Execution |
| Trading conditions |
| Trading Platform |
Regulation:
The Forex industry has witnessed in recent years the rise of hundreds of scam, dishonest and non- transparent brokers. You need to understand that there is no guarantee whatsoever when it comes to funds’ safety. It’s very common to come across brokers that delay or even withhold withdrawals for clients and some just disappear with the client’s funds by declaring bankruptcy since clients funds are not segregated from company funds. Any market price manipulation aimed at causing you loss can go unpunished as there is no official regulatory body to get back to with complaints. It’s highly recommended to choose a forex broker with a reputable regulatory body. ORBEX is regulated in the European Union by The Cyprus Securities and Exchange Commission CYSEC. This insures that your funds are segregated from corporate funds in separate account and are continually monitored for any suspicious activity. CYSEC also compels regulated firms to be members of the investor compensation fund which insures your’ accounts up to 20,000 euro per account. And if you have a complaint regarding unfair treatment from ORBEX, you can always make an official complaint to CYSEC who then starts an investigation and acts accordingly to insure your rights regardless of your nationality, country of residence or account size.
Support:
Support:
Our customer support is second to none. We provide you with a comprehensive system of resources and the professional team to guide you through all of your trades. Whether you are new to the financial instruments market or an experienced trader, our staff can give you the best tools and insights to be successful. You deserve and expect exceptional customer service and Orbex, unlike other brokers, makes that our priority for every trader, every day. In addition to our around-the clock support via telephone, live chat, and e-mail, here are some other benefits that Orbex offers you:
- One-hour response time and live chat
- Education in online trading on MetaTrader and the latest market research to further clients’ knowledge
We now offer service in 10 languages including:
- English
- Arabic
- Bengali
- Spanish
- Russian
- German
- Chinese
- Bulgarian
- Urdu
- Greek
Execution:
Execution speed and accuracy could mean the difference between making profits and enduring losses for you. There is no genuine way to test a broker’s execution ability without having a real account. Many scam brokers implement intentional delays, fake requotes, and fake slippage with no accuracy in execution howsoever. Additionally, it’s not uncommon for such scam brokers to not activate pending orders or stop orders when they should regardless of market volatility and condition. At Orbex, all client orders are routed using STP (Straight through Processing) with No Dealing Desk and the results are fast and accurate execution and average trade execution time of 0.43 seconds while Requotes are minimal and rarely occur. With Orbex, pending and stop order accurate execution is guaranteed except in the cases of very high volatility and hectic market conditions. pending and stop order accurate execution is guaranteed except in the cases of very high volatility and hectic market conditions
Trading Conditions:
It’s extremely important to check the trading conditions of a broker before opening an account with them. Trading conditions vary from one broker to the other and what may suit the trading strategies of one trader may not suite another at all. The most important aspects to look at in trading conditions are spreads, leverage, commission and minimum trade volume. Orbex offers excellent trading conditions with spreads starting from 0.6 pips, no commission, instant no dealing desk execution and much more. Orbex offers professional accounts with negotiable trading conditions and negotiable bonuses making it the preferred broker for professional traders.
