Who are we and how do we know who the best brokers are?
Forex Trading Tips is operated by a group of Forex traders who have been in this game for the better part of a decade. Since 2005 to be exact.
Over the years we've signed up and traded with countless brokers for different reasons, some of them great, and some downright fraudulent.
There are so many Forex/CFD brokers out there, that anyone looking for a new broker will either have to do ALOT of homework, or choose a broker and hope things will turn out.
We're here to help with that and make choosing your broker easy and efficient, making sure you can put all your focus on trading, and not worrying about your broker and what they're up to now.
How do we review brokers and what what makes us decide who to recommend?
As long time forex traders, we have tried and tested every single one of the brokers mentioned on this site. We have signed up, deposited funds, and traded for at least a month (a few exceptions where the broker is absolutely terrible and we gave up early), so all the reviews are 100% genuine from our own personal experience. Some, but not all of the the important factors that we take into account are how easy it is to deposit and withdraw funds, the economic feasability of using that broker, and the various features they offer and if it suits our style. One thing for example is that we've developed and run our own trading robots (see here for details), and we need a broker that can facilitate this. You'd be surprised, but not all brokers do.
Why is it important to trade with a regulated broker?
The forex market is decentralized and inherently unregulated. This means that if a broker doesn't opt-in for regulation, they don't have to abide by any specific rules and there is noone monitoring them and making sure they're being fair to customers and handling their funds responsibly, with no conflict of interests.
Regulations exist for a reason: to ensure that the parties involved in a transaction conduct their business in a fair and ethical manner. Regulated forex brokers are required to operate within a set of rules as defined by the forex regulatory agencies.
Normally as part of the regulatory process, a forex broker must be registered and licensed by the regulatory agency that is in charge of regulating forex trading activities in the country that they are operating in. Apart from the need to be licensed, regulated forex brokers are also required to submit regular audits in order to ensure that they meet the regulatory requirements and industry standard. For example, most forex regulatory agencies will require that the broker hold sufficient liquid capital that will enable them to execute and complete the forex contracts initiated by their clients. In addition, the broker must also be able to return all its clients’ money in the event it becomes insolvent.