Table of Contents
- Who is a Forex Broker?
- Best Forex Broker – XM Forex Broker Review
Who is a Forex Broker?
Forex Brokers are people who “cut the deal” on behalf of a trader. Unlike other brokers who are paid a commission based on a predetermined percentage of the sale, a Forex Broker gets paid with the difference between a bid placed by the trader and the seller’s asking price for the same currency. This difference is known in the financial circle as a spread, and is measured in pips. Pips are also known as points, just to make it understandable to anyone.
Theoretically, a spread equals an approximate 0.1% of the trade, which in pips is equivalent to 10. But in practice, it is generally less than that. On major pairs the common spread is around 1-2 pips. When the spread is low, the trader pays less to the FOREX broker. A spread specified by a Forex Broker could be either fixed or variable. A Fixed spread is predictable and safe, while a variable spread means you only make a profit if your risks and earnings are higher.
Not surprisingly, investing money to earn money is the most lucrative business. So, if you want to earn a good profit, it’s always wiser to invest your savings or bonuses in FOREX currency trading. One great advantage in FOREX trading is shown through it’s lack of regulatory commissioning by any authority. This little fact gives you enough leverage to become a highly profitable FOREX trader. Also, if you have the time to monitor the markets and have a knack for recognizing market trends, you can even make a handsome income by becoming a Forex Broker yourself.
In the UK, the Financial Services Authority (FSA) is responsible for monitoring all the money market institutions, and so the Forex Brokers are required to register with the FSA. Following a slightly different approach, the USA requires all FOREX brokers to register with the Futures Commission Merchant, regulated by the Commodities Futures Trading Commission. Each country has its own financial regulatory boards and FOREX brokers must comply with every clause they present as a requirement.
Although global currency trading is not regulated, the Forex Brokers definitely are. This is to avoid unethical practices by some self-proclaimed FOREX brokers, who are more likely to book a cruise with your hard-earned money than to make a profit out of it on your behalf. A FOREX broker cannot accept a deposit from a trader unless he’s a registered broker. The registration proof can be obtained from the FOREX broker’s registration identification number.
If you are trying to secure a Best Forex Broker to handle your trading matters, you should first seek out a comprehensive Forex Broker register. These FOREX broker registers make it a point to list the crème de la crème in the currency trading world. Commercial banks with treasury operations, investment banks with dealer rooms and online brokerages with a big market are included in this register.
The latest trend in the financial trade market is the rise of online Forex Brokers. With many FOREX brokers also preferring to publish trading prices and spreads on their own websites, it’s only a matter of time before everything will simply switch to online FOREX brokering. This may take a while though, because no matter what trends may show, we all know how volatile the money market can be. Currently, an online FOREX broker website is excellent for the retail trader, who’ll be able to monitor their trades by just sitting at home.
Best Forex Broker – XM Forex Broker Review
As a currency trader for many years, I’ve been with plenty of Forex Broker done a lot of research in finding the best tools and brokers to trade with. 2022 Best Forex Broker will be solely based on the performance of 2021-22, and my personal experience trading with the broker.
Overview
Quick Link: Setup Forex Demo Account
Safe Banking – Barclays Bank Plc.
Privacy Guarded by – Secure Socket Layer (SSL) technology
Number of traders open account since 1 Jan 2013: 30,192,642
Minimum Fund Required to Start – $ 5 (Minimum or No Risk)
Registered With – Financial Conduct Authority (UK), (Bundesanstalt für Finanzdienstleistungsaufsicht), Germany, (Comisión Nacional del Mercado de Valore’s), Spain, (Autoriteit Financiële Markten), Netherlands, (Finansinspektionen), Sweden, (Finanssivalvonta Finansinspektionen), Finland, (Pénzügyi Szervezetek Állami Felügyelete), Hungary, (Commissione Nazionale per la Società e la Borsa), Italy, (Autorité de Contró Prudentiel), France, (Komisja Nadzoru Finansowego), Poland.
Reasons Why I Choose XM as the Best Forex Broker For 2022
Bear in mind the result of 2021-22 is based on the most recent performance of forex brokers in 2022, And the opinion is solely based on all the experience I and other Top Traders have after searching frantically over the past year and staying with all the brokers.
So here’re the 6 Reason I choose to trade with XM.
Safe and Secure
XM is secured by SSL
This is must be the number one reason Traders sticks to which choosing a trader. You do not what to have the benefit that sounds too good, them appears to be a scam or worse hack your bank account. The Transaction Instrument that XM use is one of the most famous company “Secure Socket Layer” which prevents identity theft, or end up with a scam company. This broker is also registered with tones of government authority who prevent traders to end up in scam. (Trust me it’s a bad feeling when you find out that even your deposit is never coming back)
No Risk Trading
The top Forex Broker shouldn’t have risk trading
If you’re weary of putting you money anywhere which you should, Starting with a low deposit is necessary as you won’t lose anything beyond lunch money. Therefore I advise any trader to start their account with only $5, (for beginner) and It’s also applicable for “hard core” Traders to start with $5 and be involved in high volume trading.
Variety of currency pair (Mathematical way to avoid wrong decision)
A broker should know more variety of currency pair allows them more choices in choosing their table to involve with, also better trade option to choose mathematically. One of my favorite reasons for choosing XM as my broker is that they offer more than 60 currency pairs. This means if I compare all of them at once. That means every time I trade if I make those comparison I’ll have 98.33% of winning for every trade.
Besides that XM is also one of the brokers that offer tones of trading instruments and trading platform, like MT4, Web Trader 4, and ETC.
Efficiency Customer Support
This is one of the criteria that brokers must have, and through my own experience, It’s the best that I have, as you can discover from the my articles grammar error, that I’m not primarily an English speaker and thanks to Multi-Lingual support by XM Forex Broker. I am able to use their service efficiently with Live Chat, E-mail and sometimes call them when I’m desperate J
Customer Driven
People ask me why customer driven what does it mean? Well I think that XM has force me to put them No. 1 this year because of the things they do for FX Traders. They offer Trading Signals, Welcome bonus 50% and also several Loyalty bonuses that most brokers don’t bother about.
Effort Less and Beneficial Transaction.
Hassle Free Transaction for Traders
This is one of the factors plenty of traders over look, and get stabbed in the back while transferring money out from the account. That when I urge people to stick to XM because I’ve first-hand experiences the system’s efficiency and no upper limit deposits.
Socially approved
I have to admit the reason that I found this broker is through one of my distant learning mentor, and finally my search for better broker is over. And I’m still convinced by my decision today. Because there’re over 50 million people who’ve opened account with them too.
Final Word
Well, everything you heard about XM Forex broker might sound bias, but I all come to my own personal experience and doing research with my own money. Partly, I wanted to find an awesome broker of stick with and I rank XM my Top 1. Plus my friend asks me to provide an honest review on the brokers. (From a trader)
Don’t just take my word for it goes to the page and check it out for yourself.
Real Account – Click here
Cryptocurrencies account – Click here
Check out Account Types – Click here
XM Live Education – Click here
Zero Account – Click here
MT4 / MT5 Trading Platforms – Click here
Open a Demo Account – Click here
Promotions and Bonuses – Click here
Android MT4 – Click here
Metatrader 5 (MT5) – Click here
Forex Islamic Accounts – Click here
Forex Seminar – Click here
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