White label forex products greatly increase the number of forex providers that traders have to choose from. However, recent legislation has helped strengthen the rules surrounding providing forex services and now it is not possible for just anyone to create a website and sell currency trades. That’s a good thing as there has always been a large amount of unscrupulous behaviour in this industry.
Having said that, traders still need to do their due diligence and choose the forex provider that best suits their needs.
To understand this, consider an example of holding a rapidly losing position during a fast market when suddenly your computer goes down. If you don’t have a stop loss in place you could get wiped out completely and if you can’t get hold of your broker during this time it’s very bad indeed.
Does the broker provide top of the range reporting tools, charts and technology? Does the provider respond quickly to platform based questions? The bar is continually being raised in the forex game so forex brokers should go the extra mile to secure your custom.
For example, some brokers refuse to tell their customers about ECN rebates, preferring to keep the rebates for themselves (and not pass them on to the customer). If your broker does this kind of thing, it could be time to seek out another provider.
Some brokers seem to do all they can to get customers to make trades, which, in the long run, can put their financial well-being at risk.
It’s far better to find a broker that is on your side and does not encourage overtrading or extreme short-term trading where the odds are heavily stacked against you.
Having said that, traders still need to do their due diligence and choose the forex provider that best suits their needs.
Support
Of course, any forex broker you choose needs to provide a good level of support and getting this right can put your mind at ease and help your trading experience. At a minimum, you should be able to contact the support service via several different methods whenever the market is open.To understand this, consider an example of holding a rapidly losing position during a fast market when suddenly your computer goes down. If you don’t have a stop loss in place you could get wiped out completely and if you can’t get hold of your broker during this time it’s very bad indeed.
Level of Service
Similarly, there is a certain level of service that you can come to expect from a good forex provider. Does the broker provide swift payouts? And low charges on those payouts too?Does the broker provide top of the range reporting tools, charts and technology? Does the provider respond quickly to platform based questions? The bar is continually being raised in the forex game so forex brokers should go the extra mile to secure your custom.
Industry Secrets
One potential thing to look out for is how transparent your forex provider is with its clients. Does it help you trade, with education or technology? Or, does it actually withhold useful information?For example, some brokers refuse to tell their customers about ECN rebates, preferring to keep the rebates for themselves (and not pass them on to the customer). If your broker does this kind of thing, it could be time to seek out another provider.
Healthy Attitude to Trading
Finally, it’s a good idea to look for a forex broker that maintains a healthy relationship with its customers and a healthy attitude towards risk.Some brokers seem to do all they can to get customers to make trades, which, in the long run, can put their financial well-being at risk.
It’s far better to find a broker that is on your side and does not encourage overtrading or extreme short-term trading where the odds are heavily stacked against you.
Editors’ Picks
EUR/USD meets initial support around 1.1800
EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.
GBP/USD bounces off lows, retargets 1.3550
After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.
USD/JPY is looking for direction around 153.00 with key US data in focus
USD/JPY reversal from 153.70 has been contained above 152.70 on Tuesday. Major currencies are trading within narrow ranges amid thin trading volumes. Investors await the release of the US GDP and PCE Inflation figures to make decisions.
Editors’ Picks
AUD/USD extends the bounce, focus back to 0.7100
AUD/USD adds to Monday’s optimism and approaches the key 0.7100 barrier ahead of the opening bell in Asia. The pair’s positive performance comes as investors keep assessing the hawkish tilt from the RBA Minutes and despite humble gains in the Greenback. Next in Oz will be the Westpac Leading Index and the Wage Price Index.
EUR/USD meets initial support around 1.1800
EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.
Gold remains offered below $5,000
Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.
Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive
Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.
UK jobs market weakens, bolstering rate cut hopes
In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.
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