With the last intervention of the Consob illegal online trading websites rise to 446, portals for which the Italian Authority has requested the blackout from July 2019 to today, a worrying phenomenon that also affects Forex trading. Yet this is just a part of the abuses detected in Europe, considering the dozens of reports made each month by other bodies such as the English FCA, the Luxembourg CSSF and the Swiss FINMA.
Obviously, not all operators are scammers, as evidenced by the hundreds of brokers included in the official Consob list of authorized financial companies with or without headquarters in Italy. However, to avoid falling into financial fraud it is essential to know how to recognize a trading scam, following the advice of the experts to understand how to find reliable brokers to invest online.
How to choose an authorized Forex broker suitable for your needs
To do trading Forex it is essential to choose a suitable broker, first of all checking the authorizations on the Consob portal to check if it is a licensed intermediary. To quickly find out the best operators it is advisable to contact specialized portals such as Miglioribrokerforex.com, where found this list of reputable Forex brokers, in order to choose the most authoritative ones that allow you to operate in the financial markets safely.
Once the best qualified intermediaries have been identified, it is necessary to evaluate the service through a demo account, a very important tool for testing the Forex trading platform, verifying each functionality directly and accurately. The demo account must be free, in this way you can experience all the services with calm and attention, to be able to take a more informed decision, taking into account their investment needs and the quality of the brokerage service.
A relevant factor is the presence of low spreadsIn fact, in trading on currency pairs it is essential that commissions are contained, to operate on currency crosses with CFDs efficiently. In particular, it is always necessary to analyze the section relating to spreads expressed in pips, to understand what the spreads are commissions applied on executed orders based on the asset. Typically, lower costs are offered for major and minor pairs, such as EUR / USD and EUR / GBP, while on exotic and some minor pairs with low trading volume the rates are higher.
Another aspect not to be underestimated is the quality of CFD trading platforms, both for desktop software and mobile trading apps. Applications must guarantee professional tools for technical analysis, customizable watchlists and dedicated features for risk management, such as take profit and stop loss. Furthermore, there must be no lack of useful resources for professional training and reliable Forex trading signals.
Forex broker: pay attention to the online reputation of the operator
The possession of the license by the intermediary is not an absolute guarantee of reliability, in fact the operator could in any case not offer a service of adequate quality, or show behavior that is not at the highest levels in terms of ethics and transparency. For this reason it is often referred to as check the reviews of other traders, in order to verify the online reputation of the broker and understand the opinion of other retail investors.
In this case, however, you have to pay close attention, consciously evaluating this information. It is not uncommon, in fact, that a trader releases a negative review after a non-positive performance with online trading, the reasons for which could be poor preparation, sub-optimal risk management, or errors in technical analysis or planning of the operational strategy. It is evident that the judgment in this circumstance is distorted, so it is necessary filter reviews analyzing them in a conscious way.
They can undoubtedly provide useful pointers when they are written sincerely, for example by showing how customer service is not very efficient, or by revealing the presence of hidden costs not reported at the time of registration. The best solution is to consider user reviews, expert opinions and try the platform with a demo account, an approach that allows you to obtain a more complete and accurate feedback on the real quality of the broker’s Forex trading service.
Source: RSS DiariodelWeb.it Innovazione by www.diariodelweb.it.
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