One of the most important things to do when entering the market is choosing a legit Forex broker who can help you streamline your trade. Whether opening an account, opening a trade, closing a position, managing risk or understanding the different Forex strategies – your broker is your number one guide in the Forex market.
But finding a Forex broker can seem like an incredibly challenging task, especially when you are new to trading. Let’s take a look at how to find out which Forex broker is legit and make the most from your trades.
What is a Forex broker?
A Forex broker is an independent authority or a company that buys and sells the Forex currency pairs on your behalf. They charge a commission for providing you with this service. These commissions can either be part of the spread or charged separately.
Also known as the middlemen, the foreign exchange broker guarantees that all trades are settled as per your choice. You can create a Forex trading account, deposit your initial trade money, and withdraw the profits you make from your trades, all with your Forex broker.
Characteristics of a legit Forex broker
1. Accepts popular payment methods for withdrawals and deposits
A legitimate Forex broker will provide you with multiple withdrawal and payment methods, including bank transfers, credit cards, and debit cards.
While selecting a broker, you must check the deposit process, how much time it takes for the deposited money to reflect in your account and how quickly the withdrawals are done. Ideally, it should only take about 24 hours for the money you withdraw to get into your account.
Apart from all the major payment methods, Blueberry Markets also supports Skrill, Neteller, Dragon Pay, Bitcoin, and more.
2. Globally regulated
While you can go for Forex brokers that are regulated by the respective authorities in your region, it is best advised to choose a broker that is globally regulated. They should follow the relevant regulations that allow you to trade with the majority of the countries and support international transactions. While choosing a broker, check how many countries the broker supports and the authorities it is regulated by. Of course, Forex brokers can’t support all of the countries in the world, given the international regulations, but they should support the majority of countries.
Blueberry Markets is a globally regulated broker that is regulated by ASIC and SCB to ensure seamless trading
3. A dedicated customer support system
Legit online Forex brokers always have a dedicated customer support team that is available round-the-clock to help you with any issues. When a support team is available for the clients at all times, it shows that the Forex broker is committed enough to serve you in all ways possible.
Having multiple contact avenues is a plus as it enables customers to reach out to the support team in more than one way. You can test their customer service before choosing them as your broker by either testing their live chat feature or emailing them to record the response time.
At Blueberry Markets, we make sure to support our clients in every way possible and we offer over seven different ways to reach out to our support team, including:
4. Robust security
When you trade foreign currencies, huge funds are involved. To ensure that your funds are protected, the foreign exchange brokerage must have a solid security system in place. Integrated security features like strong password protection and two-step authentication are a must to keep your Forex account safe from any fraudulent practices.
Brokers that actually care about the money you invest in the Forex market ensure that they take each and every measure required to safeguard your experience with them. The brokers should never use the money you deposit with them in any other way and should hold the funds separately (from the business) in segregated trust accounts with a trustworthy bank to ensure that your funds are not misused. Legit Forex brokers should mention in their terms that they are not going to use the client funds for their business in any way.
Blueberry Markets makes sure your money is always safe and secure by holding all of the client funds in segregated trust accounts with an Australian AA-rated bank.
5. Offers trading education and tools
Reputable and legit Forex brokers offer a pool of resources to help you take wiser trade decisions and enhance your trading skills. Educational material and tools like blogs, webinars, tips & tricks, tutorials help you learn more about the Forex market. The educational section on the broker’s website provides all information about their trading platform, services offered, types of orders, currency pairs supported, and more.
Blueberry Markets offers an extensive Forex trading program for beginner, intermediate, and advanced level traders. There are also video tutorials available for you to better understand trading concepts.
Experience the difference in trading with Blueberry Markets
Blueberry Markets is a leading legit Forex broker that is perfect to start your trading journey. We offer tight spreads and fast executions that make trading as simple as clicking a few buttons. Apart from seamless deposits and withdrawals, you also get access to MetaTrader to automate your trading strategies. We also have a Forex trading program to help you learn about all the concepts related to Forex.
You can open a live account today to get started with Forex trading or sign up for a risk-free demo account instead with $100,000 virtual funds to practise trading before you move on to the real world.