Start Trading Forex online today. At
Forex in Bangladesh you can find the top Forex trading websites online.
All Forex trading websites had there own special benefits our ranking is
based on the benefits, software, spreads, info and more. If you are a
new Forex trader that is not any problem they all offer a free practice
account, with this you easy can learn how it all works before you start
with real cash tradings.
A Guide to Choose the Best Broker
As a Forex newbie, choosing the platform
is crucial, as you might find a reliable one that would be yours to
trade for the next of your trading life, while others might find a
platform that they don’t understand, ruining their chances of becoming
professionals. Don’t worry, as we will tell you what brokers to choose
and what are the characteristics that you must look for while choosing
your favorite top Forex Broker.
The most respected regulatory organism
in the Forex world is the NFA (National Futures Association), which is
based in the USA. Another important organization is the Commodity
Futures Trading Commission (CFTC). The Online Forex trading brokers that
want recognition in this world and trust from investors would look to
be a part of those associations, even if they are not based in the USA,
and they are also registered in FCMs (Futures Commission Merchants).
 
There is also an UK association that
gathers trusted brokers, FSA (Financial Services Authority), and CySEC,
which gathers the brokers from Cyprus, one of the most important
financial countries in the world. other organizations of this type are
ARIF in Switzerland, ASIC in Australia, and SFC in Hong Kong. However,
keep in mind that some online Forex trading brokers state their
association to one of those organizations, without actually having this
statute. You will need to check the websites of the respective
organizations directly, to see if the Forex trading broker that you
would probably use is indeed approved by those organizations.
For some Forex Trading Online brokers,
it is important to have a good capitalization, especially for those
based in the US. the companies that have a good capitalization are
stable, and they also offer more trust to their clients. This is
important for the US brokers, as those are not obliged to keep the
capital of clients separated from their own operating capital, so
clients that use the services of those companies have increased chances
of insolvency. If you find a Forex Online trading broker in the CFTC
list, you can also check its capitalization.
A broker that keeps the capitals of
clients separated from its own operating capital offers an increased
stability, and those can be considered more reliable. The brokers
regulated by FSA are obliged to keep those funds separated. However, you
might ask where are the funds kept in this case? Are those kept in
sight, with a major US bank, or they are hidden in a bank in Caiman
Islands?
Our broker reviews section would tell
you everything about this, but you can also call Customer Support of the
respective Forex broker to check those aspects. Be careful if they
don’t want to answer this question, as it probably means that they are
hiding something, or the Customer Service Officer is simply incompetent.
Both those cases should raise some serious question marks at the
address of the respective broker.
One of the least used but effective
methods to check the legitimacy of one broker of the other is to use the
WHOIS function for the broker’s domain name. if you find something that
is not in order, such as a virtual office instead of a land based one,
or a Privacy Protection ensured by a third party such as
PrivacyProtection.org, it means that you should probably avoid the
respective broker. A reliable top Forex broker has nothing to hide. On
the contrary, they will strive to offer as many details to their clients
as possible, to convince those that they are a reliable Forex company.
You might want to search for a broker that allows you to start online
Forex trading with a small initial deposit.
You might have 20 000$ to invest in Forex, but this does not mean that
you should find a broker that only allows you to enter trading with this
sum. A Top Forex broker with an initial deposit requirement of 300-500$
is perfect, even if you want to start online Forex trading with some
more money in your account.
The best trading hours depend on the
markets that are opened at a certain period, or in a certain interval,
but the currencies that you want to trade are also important. it is
important to have Customer Service access 24 hours a day, as the Forex
market is opened 24 hours a day, right? The Forex market is hard to
predict sometimes, and if you have a question about the way an order is
executed, you must be able to call customer support for the entire
duration of the day. In this direction, you might consider the help of a
broker that has a live chat, which is the fastest and most reliable
method of communication.
The best method to check the reliability
and knowledge of a broker is to call their customer support and to ask
some random questions. see how responsive they are, what attitude they
have towards you and if they are answering with professionalism. After
all, you will give your money to those people, so you need to feel safe
about their business, whether we are talking about customer service,
traders, support, and even about the janitor that cleans their offices!
The professional traders offer a simple
and reliable platform for trading Forex online. You won’t need your
platform to fail on you while placing the most important order of your
life. Let’s not forget about the demo account, which must be available
with your broker, even if you are an experienced one that thinks he
would never need this facility. With the demo account, you will be able
to test the reliability of your trader and to be sure that you have
found the fastest platform around.
As said before, checking the legitimacy
and regulations for a Online broker is mandatory. The Forex market is
not regulated by a central organism, and this leaves the possibility for
schemes and interpretation. The problems with those Online brokers
could be diverse, from Ponzi schemes and scams to simply bad business
that are not managed right. The regulated brokers choose to be so
because they trust their businesses, and because they want to be
legitimate.
Don’t choose an unregulated broker in
any circumstances. Besides risking your money, you will also encourage
the phenomenon, and if we want those scammers and unprofessional
websites to disappear from the market, the simplest method to make them
disappear is not to encourage them by giving them our money.
Another difference is the spread.
Usually, the spread depends on the size of the account. The bigger the
account, the smaller the spread is. Besides the common trading features
that are offered with any package, the clients of Forex brokers might
benefit of some facilities, and this is why the accounts are called
Platinum, Premium of Gold. See if there are any differences between
those types of accounts before deciding to go for one broker or the
other.
There are two main types of brokers that
you can find in the market. Those based on a trading desk are called
market makers. Those would try to find you a match in the market,
meaning that they will try to offer you an opposite order from another
customer, but if such client is not found, they will become the other
side of the trade. Those brokers make their money from the spread.
For example, if you have won 4 pips on
the EUR/JPY pair, and the spread of the broker is 2 pips, you will only
get 2 pips as earnings. Generally, brokers that take their profits from
spreads don’t have any other type of commission, but you should check
this aspect also. in the past, the brokers using this method were able
to manipulate the market and the transactions of their clients in their
direction, but the regulations imposed on this matter where strict, so
such unfair practices are not common. This is another reason why you
should go for a regulated broker, preferably from a country with a high
level of life.
The other category of the top Forex
broker is actually the Forex intermediary that acts as a true broker.
The Electronic Communication Network (ECN) allows traders to match their
orders with opposite orders placed by other traders. In this case, the
broker would not become the other side of the trade in any case.
For example, if you bid EUR/USD at
1.3023, and you have no seller at this price, your order would remain
unfilled. However, this happens rarely, as the Forex market is the most
liquid in the world. some say that ECN is not interested about the
results of online Forex trading, but this is a false affirmation. ECN
has the interest for you to trade good, so they would continue to take
money from you as a commission. Because of this matter, the broker would
not apply any spread to earn profits. however, you will have a form of
commission added to your transactions in another way.
Some brokers offer the Islamic Accounts
in Forex, which would not pay rollover, interest of commission. The
traders that believe in the Islamic concepts are not allowed to take
interests, and some brokers might offer you the possibility to open
those types of accounts. Some have this possibility, while others don’t.
on the other hand, even brokers that offer such types of accounts might
offer you those only under certain conditions, such as extra fees.
Those types of accounts might be the subject of abuse, and since the
brokers are aware of this problem, they want to make sure that the
accounts opened under this form are legitimate.
Even if the Islamic accounts are
designed for people that believe in this religion, they might be offered
to non-Islamic believers, but you should be careful with those
accounts, as the majority of brokers offering such facilities are not
regulated.
The over-estimated feature that must be
assessed while choosing a broker is the leverage. The majority of
brokers have a margin requirement of 1%, meaning a leverage of maximum
1:100. this is more than enough for any trader, but some brokers insist
to have a 0.25% margin requirement, which brings the leverage to 1:400.
Remember: the leverage is an effective tool, as long as you are not
using it out of greed. Huge leverages ruined the accounts of many, as
the leverage multiplies wins, but also loses. You just need a few bad
transactions with a leverage of 1:400 to see your money disappearing.
However, this aspect is discussed in another article. For the moment,
all you need to know is that leverage is not a decisive factor while
choosing a broker and a leverage of 1:100 is more than enough.
Before
Opening an account on a Forex Trading Broker be noticed about the
quality given below. If the quality meet with the broker then Open
Account without any hesitation:
     Islamic swap-free accounts

     Spreads and Commissions Low or High

     Deposit withdraw options Instant and automatic or not.

     Customer service 24/7 and must in your language

     ECN forex broker is a must.

     Initial deposit should be lower.

     Most traded Currency Pairs availability

     Account types variations

     Regulations/ By whom it regulated

     Public Reputation

     The more Platforms, the more way of trading

     Leverage offering

So based on these quality EXNESS.COM is the best broker for Bangladeshi traders.
 
Looking for the best online forex
trading broker ? EXNESS.com’s is the best online brokerages in the
business and the list below provides a great starting point in your
search for the right broker.