These days, the retail FX market is very competitive and choosing which Forex broker to trade with can be a very difficult task. In this article, we will discuss what are the main points for choosing the best FX providers.
Fees and exchange rates are key points from which FX brokers make money. Fees are usually a fixed amount of money you must pay for each transfer. The fee may vary depending on the amount of money you wish to transfer.
For example, you send $1,000 and the FX provider charges you a $15 fee for this transfer.
But what about providers that do not charge any fees? This means that they use exchange rates to earn money.
To understand how much you will be charged from the money you transfer, you need to look at the differences between the rate your broker is giving you, and the “interbank” rate. The “interbank” rate is the rate that the banks deal with themselves.
For example, you want to transfer $ 1,000 AUD to EUR and the broker gives you a rate of $ 0.8500 with zero fees. You can find out the current AUD / EUR rate on Google and let’s say it’s 0.8815.
This means that eventually, you will have to pay 0.0315 for every dollar you transfer, so you will lose AUD 31.50!
Customer support is important for every business. Now, you can find many low-cost FX providers popping out at google search, but not all of them have proper customer service. So, if something will go wrong you might run into big problems.And it is not only about solving the problems that customer service can help.
There are many reasons why you would like to talk with customer service such as:
Make sure you keep this is in mind when choosing an FX broker.
A good broker must have a high level of security. You do not want to risk and lose thousands of dollars by performing an insecure operation. To avoid unsafe websites and FX providers, you can check their reliability on the regulatory agency’s website. Before transferring money to any foreign exchange broker, make sure that the foreign exchange provider is a member of the regulatory bodies. Below is a list of websites of regulatory agencies in various countries.
Pay attention before you register, or an international money transfer service provider has a license to operate in the countries from where to where you make your money transfer.
Always look at the reviews of the FX provider and deal only with the reputable brokers.
Compare-currency-exchange.com can help you with finding a reliable foreign exchange provider. It is very important to be attentive to details to avoid any confusion that can be incurred while choosing fx providers. You will be able to fill in the form here and you will receive up to 4 quotes from the providers. In this way, you can avoid any extra costs.
DON'T SPEND YOUR TIME AND MONEY BY COMPARING LOCAL BANK FEES FOR CURRENCY EXCHANGE