Trillions of dollars are moving across the globe 24 hours a day, five days a week, making the foreign exchange (commonly known as forex or fx) markets the most active in the world. Because brokers often let traders borrow extensively to support their speculations, fortunes may be earned and lost swiftly.
If you want to join in on the activity, you'll need a broker that deals in currencies, something many of the top names in stock trading don't. Because the markets are so diverse, you'll need to examine a forex broker using different criteria than you would a stockbroker.
Forex trading has become a popular way for people to generate money. There are several online trading brokers on the market today, all are competing with one another across the internet. To trade forex, you must first choose a reliable online broker. Trading with a reputable forex broker is critical to success in the international currency markets. Because the markets are so diverse, you'll need to examine a forex broker using different criteria and with the help of the WikiFX App to see if the broker is right for you. Understanding your investing style requirements might you in determining which forex broker is appropriate for you.
The WikiFX App was created specifically for this purpose, to assist the traders in finding the best broker before putting their money in online trading. WikiFX has several features that you can utilize. WikiFX collaborates with over 30 financial authorities and has over 36,000+ listed brokers, both regulated and unregistered. The WikiFX search bar, as seen in the picture below, is the primary tool for starting the search for the correct broker.
When you input the broker's name, it will appear all the same names that have been listed. IC Markets, for example.
This is the most thrilling aspect of browsing for the correct broker's page. Many of the identical names may surface as evidence that cloned brokers are legitimate and are a scam imitation of the original broker. How do you know whether you're on the appropriate broker's website？ You will notice a tag in the thumbnail or at the broker's logo indicating if the broker is regulated, unregulated, cloned, etc (shown in the image below).
When you arrive at the correct page for the broker you are searching for, it will display the broker's rating, license, and documentations by click on the each of the license, proving that the broker is regulated.
Unregulated Broker
In the center of the page, you will see what a certain broker has to offer traders in terms of leverage, minimum deposit, trading instruments, and so on.
On the benchmark, you will know what is the right speed you should have to be able to acquire a good trading environment.
The broker's information is shown below, and you can access the review summary by clicking on the “Information Abstracts” link
You will also notice the “Expose” button, which allows you to make a complaint if you believe a broker is engaging in illegal activity or if you have had an odd experience, such as extreme slippage. This is also an important role for the WikiFX investigative team when they get a major occurrence. Cases such as these, such as being unable to withdraw, fraudsters, or not being able to withdraw the money after deposit. As part of WikiFX's objective, the WikiFX Right Protection Center was able to oversee and settle these situations.
For example, if you want to report IC Markets for poor customer support. Once you go to the exposure form the involved broker will be added accordingly, otherwise, you need to input the involved broker you want to report for.
All incident reports may be found on the WikiFX Exposure page.
Brokers Comparison
WikiFX has a feature that allows you to compare your broker to other brokers and observe the differences (refer to the image below). This allows consumers to choose the best broker based on their interests.
View it on Brokers Comparison Page
For a better way of looking for a reliable broker, WikiFX ranks the best brokers according to their ratings and exposures. You can check it out on the WikiFX Brokers Ranking Page.
All functionalities are also available via a smartphone. Simply go to the App Store or Google Play Store and get the WikiFX App for free.
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