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 ticks higher to near 1.1800 ahead of German inflation data
EUR/USD trades marginally higher to near 1.1800 in the European session on Friday, helped by renewed US Dollar weakness. Attention now turns toward the release of the preliminary inflation data for February from Germany and its major states during the day.
GBP/USD struggles near 1.3500 amid UK political drama, BoE easing bias
GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band near 1.3500 in European trading on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound and the GBP/USD pair.
USD/JPY falls back below 156.00 as Tokyo CPI backs BoJ's hawkish outlook
USD/JPY attracts fresh sellers for the second straight day following the release of Tokyo CPI, which grew slightly more than expected in February. This comes on top of hawkish comments by BoJ officials and backs the case for further policy tightening, providing a modest lift to the Japanese Yen. Apart from this, sustained safe-haven buying, amid trade-related uncertainties and geopolitical tensions, benefits the JPY's safe-haven status. However, reduced Fed rate cut bets underpin the US Dollar and could help limit losses for the currency pair.
Editors’ Picks
EUR/USD ticks higher to near 1.1800 ahead of German inflation data
EUR/USD trades marginally higher to near 1.1800 in the European session on Friday, helped by renewed US Dollar weakness. Attention now turns toward the release of the preliminary inflation data for February from Germany and its major states during the day.
GBP/USD struggles near 1.3500 amid UK political drama, BoE easing bias
GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band near 1.3500 in European trading on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound and the GBP/USD pair.
Gold sticks to positive bias as safe-haven demand persists; $5,200 holds the key for bulls
Gold trades with positive bias for the third straight day on Friday, with bulls still awaiting sustained strength and acceptance above the $5,200 mark before positioning for any further gains. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.
Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias
Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.
Changing the game: International implications of recent tariff developments
The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.
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